In a major move, BitDAO, a prominent cryptocurrency project, has announced the rebranding of its native token, BIT, to Mantle. This decision was made after a majority vote on May 19th and is seen as a strategic move to optimize the token in preparation for the launch of a new layer-2 mainnet.
Key Changes
- @0xMantle will become the unified ecosystem brand with a focus on products.
- A token conversion plan will be authorized.
- Tokenomics will be simplified for a fresh start for the Mantle Network Mainnet and token listings.
The rebranding is part of a broader proposal (BIP-21) aimed at unifying the BitDAO ecosystem under the principle of “one brand, one token.” With an overwhelming majority of votes in favor, the rebranding to Mantle is a clear indication of community support.
Benefits of Rebranding
- Streamlined branding
- Reduced confusion
- Optimization for the upcoming mainnet launch
Implementation and Timeline
The conversion of BIT tokens to Mantle will take place before the launch of the Mantle L2 mainnet, which is scheduled for the second quarter of 2023. This is to avoid gas fees for holders. The proposed changes are cosmetic and will not impact governance.
The team and community members are actively researching a token conversion process. The rebranding demonstrates the community’s commitment to enhancing the BitDAO ecosystem and sets the stage for the successful launch of the Mantle L2 mainnet.
About BitDAO
BitDAO was established in 2021 following a $230 million funding round led by prominent investor Peter Thiel. Bybit, a Dubai-based cryptocurrency exchange, contributes to its support. BitDAO aims to support the growth and development of the decentralized finance (DeFi) ecosystem.
Conclusion
The rebranding of BitDAO’s BIT token to Mantle is a significant step in the project’s evolution. By optimizing and unifying its brand, the project is positioning itself for success in the competitive cryptocurrency market. With the upcoming launch of the Mantle L2 mainnet, the future looks bright for BitDAO and its community.
FAQs
Q: What is the difference between BIP-21 and BIP-22?
BIP-21 focuses on rebranding the token and simplifying tokenomics, while BIP-22 is a separate proposal that addresses governance and treasury management.
Q: Why is the token being rebranded?
The rebranding is part of a strategic move to optimize the token and unify the BitDAO ecosystem under a single brand.
Q: When will the token conversion take place?
The token conversion will take place before the launch of the Mantle L2 mainnet, which is scheduled for the second quarter of 2023.
Credit:
This article was written and published by BITboosters. All rights reserved.