EnvA proposed merging BitDAO, the world’s largest decentralized autonomous organization, with Mantle, an Ethereum-based layer-2 scaling protocol. The approval, which took place on May 19, paves the way for BitDAO’s existing products, ecosystem, and native token, BIT, to undergo rebranding to Mantle (MNT). The majority of the BitDAO community supported this measure, known as the BitDAO improvement proposal (BIP)-21, with the aim of consolidating the broader BitDAO ecosystem under a single brand and token.
The changes outlined in the BIP-21 snapshot shared on Twitter by BitDAO are primarily cosmetic, aimed at reducing confusion, unifying branding, and enhancing the BitDAO ecosystem in preparation for the launch of Mantle’s Mainnet. The final results of the BIP-21 vote showed that over 235 million BIT tokens were cast in favor of rebranding, while 988 voted against it, securing the transition to Mantle.
The governance and treasury management of BitDAO remain unaffected by this transition. However, BIT token holders will need to convert their tokens into new MNT tokens. While there is no specific data set for the transition, it will occur prior to the launch of Mantle’s layer-2 Mainnet to avoid conversion fees for BIT holders.
Mantle has planned a phase two test net called “Ringwood” at the end of May 2023, which will bring significant improvements. These upgrades include the integration of EigenDA to reduce gas fees and enhance security and decentralization through the integration of fraud proofs, multi-party computation (MPC) validator nodes, and data availability (DA) nodes.
BitDAO, established in 2021 after a $230 million fundraising round led by billionaire investor Peter Thiel, has received partial funding from Bybit, a cryptocurrency exchange based in Dubai. The new Mantle ecosystem will receive around $300 million in USDC and USDT stablecoins, as well as approximately 270,000 ETH from BitDAO’s treasury, which is valued at over $2.5 billion. Token holders oversee the use and allocation of the treasury through Mantle governance, facilitating the expansion and adoption of the product line.