BIT token set to transform into mantle following majority vote for optimization

In a significant move to enhance the token ahead of a new layer-2 mainnet launch, the BIT token is undergoing a rebranding transformation to become Mantle. This measure was approved by a substantial majority vote on May 19, following the previously reported BIP-21 proposal, which aimed to unify the BitDAO ecosystem under a “One brand, One token” principle. The final vote count saw 235 million BIT voting yes and 988 BIT voting no, solidifying the transition to Mantle.

According to an Ask Me Anything (AMA) session mentioned in a Mantle blog post, the intention behind the rebranding is to emphasize the growing utility of the Bit token and to establish Mantle as a common binding thread across the ecosystem. The specific date for the conversion has not been announced yet, but the blog post states that it will occur before the implementation of the Mantle L2 mainnet to spare token holders from incurring gas fees associated with the conversion process.

Impacts of the proposed changes on the BIT token

It is important to note that the proposed changes will have no impact on governance, as clarified in the BIP-21 snapshot. The modifications are primarily cosmetic, aimed at minimizing confusion, unifying branding, and optimizing the BitDAO ecosystem in preparation for the mainnet launch. 

With the passing of BIP-21, the following actions will be taken:

✅ Position @0xMantle as the unified ecosystem brand with a product focus.

✅ Authorize a token conversion plan.

✅ Simplify tokenomics for a fresh start for the Mantle Network Mainnet, and token listings.

— BitDAO (@BitDAO_Official) May 19, 2023

BitDAO was established in 2021 after a successful $230 million funding round led by prominent investor Peter Thiel, known for his involvement in major ventures such as Facebook (now Meta), Airbnb, LinkedIn, and Stripe. Bybit, a Dubai-based cryptocurrency exchange, contributes to BitDAO’s support through its contributions.

With the BIP-21 proposal now behind them, Mantle’s focus will shift towards the implementation of its mainnet. The AMA indicated that the proposal and its execution will not significantly delay Mantle’s mainnet launch. As of the publication, the anticipated launch of the Mantle L2 mainnet is scheduled for the second quarter of 2023. Meanwhile, the Bit token team and community members will continue researching potential processes for the token conversion.