Reading 2 minutes Views 4 Published Updated
A proposal aimed at applying the “One brand, one token” principle was put to a vote on the BitDAO snapshot, calling for the replacement of the BitDAO token (BIT) with a new governance token. Snapshot serves as an off-chain voting platform for decentralized autonomous organizations (DAOs) and other blockchain projects.
Under the BIP-21 proposal, the BitDAO ecosystem – governance (BitDAO) and product (Mantle) – will be merged into Mantle. The governance and financial management processes will remain unchanged, but once approved by the community, BIT holders will go through a token conversion process into the new Mantle token.
The move precedes the mainnet launch of Mantle, a scalable Layer 2 protocol built on Ethereum. The launch of the main network is expected in the coming weeks. BitDAO is backed by cryptocurrency exchange Bybit, as well as Pantera Capital, Dragonfly, and venture capitalist Peter Thiel.
The token transformation may introduce a fixed exchange rate for all users, retaining all management rights and other interests, as described by BIP-21. A gradual conversion process will be available on different channels and holders will have a token conversion schedule.
The rules and token conversion rates apply equally to all token holders, and holders are not required to take any action in advance, the proposal states. Details of token conversion plans will be discussed if BIP-21 is approved.
Related: Researchers in Singapore develop new ‘better’ DAO scheme
BitDAO claims that “brand optimization” aims to reduce the complexity of the BIT ecosystem. “There is a complication as to whether $BIT should be valued for its management component, product component, or some combination,” the proposal says.
Along with the token swap, BitDAO aims to improve its tokenomics by accelerating contributions and remaining vesting schedules from its 2021 launch, which means that no outstanding vesting schedules will be inherited from BitDAO’s initial launch.
Voting on the proposal is open until May 19. At the time of writing, the proposal received 100% support from over 25 million BIT votes. On the BitDAO Governance Forum, community members voiced their support for the branding.
“Bringing brands together ahead of the mainnet release of Mantle is a strategic move that will help create a unified identity for the ecosystem. This ensures that users, developers, and token holders can associate the token and its value proposition with the Mantle brand. ,” the DAO member wrote.
