BitDAO is voting on a proposal to replace the BIT token as part of the rebrand. After approval from the altcoin community, BIT holders will go through a token conversion process for the new Mantle token. However, governance and treasury management will remain unchanged.
“One brand, one token” move from BitDAO
A proposal aimed at implementing this principle has been put to vote on BitDAO’s Snapshot. This proposal envisions the replacement of BitDAO’s token (BIT) with a new management token. Snapshot serves as an off-chain governance voting platform for decentralized autonomous organizations (DAOs) and other Blockchain projects.
According to the BIP-21 proposal, the BitDAO ecosystem (governance (BitDAO) and product (Mantle)) will be merged into Mantle. However, governance processes and treasury management will remain unchanged. However, after community approval, BIT holders will go through a token conversion process for the new Mantle token.
This move preceded the main-net launch of Mantle, a scaling layer-2 protocol built on top of Ethereum. As Cryptokoin.com reported, the altcoin plans to launch its main-net in the coming weeks. BitDAO is backed by crypto exchange Bybit, along with Pantera Capital, Dragonfly, and venture capitalist Peter Thiel.
According to the BIP-21 statement, Token conversions will protect all management rights and other interests. Thus, it is possible to bring a fixed exchange rate for all users. Meanwhile, a gradual transformation process will be available in different channels. Also, holders will have a timeline for converting tokens.
BIP-21 recommendation by BitDAO / Source: Mantle on TwitterAlmost everyone supports the proposal of the altcoin project!
According to the proposal, token conversion rules and rates will be equal for all token holders. Also, holders will not need to take any prior action. Details on token conversion plans will be addressed once BIP-21 is approved. BitDAO claims that “brand optimization” aims to reduce complexity around the BIT ecosystem. “There is complexity as to whether ICT should be valued for the governance component, the product component, or some combination,” the proposal says.
Alongside the token exchange, BitDAO aims to improve its tokenomics by accelerating contributions and remaining vesting programs from its launch in 2021. So no vesting programs from the original BitDAO launch will be inherited. Meanwhile, voting on the proposal will continue until May 19. At the time of this writing, the proposal has received almost 100% support, with over 25 million BIT votes. On BitDAO’s governance forum, community members raised their voices in support of brand unification. In this context, one DAO member said:
Unifying brands prior to the Mantle main-net release is a strategic move that will help create a unified identity for the ecosystem. This will allow users, developers and token holders to associate the token and its value proposition with the Mantle brand.
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