The BIT token will soon undergo a branding transformation to become Mantle, after a measure was approved through a high majority vote on May 19 to optimize the token ahead of the launch of a new layer-2 mainnet.
As Cointelegraph reported on May 12, the BIP-21 proposal sought to unify the BitDAO ecosystem under a “One brand, One token” principle. Now that it’s passed, with a reported vote tally of 235 million BIT voting yes and 988 BIT voting no, the BIT token will eventually become MANTLE. As per an AMA (ask me anything) cited in a Mantle blog post:
“Many people were anticipating a separate gas token and didn’t understand that the utility of $BIT was growing. With the changes, Mantle will act as the common binding thread across the ecosystem.”
While no specific date for conversion has been given, the blog post states that the conversion will occur before the implementation of the Mantle L2 mainnet in order to save holders from having to pay gas fees associated with the conversion.
With the passing of BIP-21, the following actions will be taken:— BitDAO (@BitDAO_Official) May 19, 2023
✅ 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.
The proposed changes will reportedly have no effect on governance. Per the text of the BIP-21 snapshot, these changes are “a cosmetic rebranding” only. According to the proposal, they’re necessary to minimize confusion, unify branding and optimize the BitDAO ecosystem ahead of the mainnet launch.
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BitDAO was formed in 2021 after closing a $230 million funding round led by billionaire investor Peter Thiel, whose other high-profile ventures include, among others, Facebook (now Meta), Airbnb, LinkedIn and Stripe. It’s supported in part through contributions from Bybit, a cryptocurrency exchange located in Dubai.
With the BIP-21 proposal in the rearview, it would appear that Mantle’s next step will be the implementation of its mainnet. According to the aforementioned AMA, “The proposal and its implementation will not significantly slow down Mantle’s mainnet launch.”
At the time of publication, it appears as though the Mantle L2 mainnet is slated for launch in “quarter two, 2023.” In the meantime, per the AMA, “the team and community members will continue researching a potential token conversion process.”