BitDAO, an open platform for ideas, community initiatives and experiments in subDAO type initiatives is addressing the need for a unified, simplified and well-organized ecosystem by proposing to unify the entire ecosystem into the existing L2 network, Mantle. In this regard, they have announced a community proposal comprising changes to branding and organization that promote long-term value of token holders and enhance the success of core products (such as the Mantle Network). This proposal involves the revamping of the BIT token to the Mantle token, a new token design, exchange action, and trade channels. The governance, economic and DAO structure of the BIT ecosystem will be known as Mantle Governance.
BitDAO’s principal strategy is based around user and developer participation, Web3 adoption and prosperity of $BIT over time. Due to the split of the communities between Governance (BitDAO) and Product (Mantle), it has become complicated to determine the value of $BIT for its governance aspect, product component or for both. To address these issues, BitDAO released the changes designed to maximize token holder welfare, guarantee the success of core products and protect governance and economic rights of token holders.
The two primary components of the proposal are:
1️⃣ The new Mantle token will incorporate the latest design principles and highlights, such as additional attributes that support Mantle products and governance.
2️⃣ There will be an official token conversion process where holders will be able to convert their tokens at any time during the transition.
The existing initiatives such as Game7 and EduDAO will have the right to decide their brand, mission, governance process and strategy. The overall ecosystem will be referred to as Mantle, while the Rollup project will be referred to as Mantle Network. The website will be https://www.mantle.xyz/.
These changes proposed by BitDAO will streamline the ecosystem and help strengthen its position in the Web3 space. A unified and well-structured ecosystem is essential for sustained growth and BitDAO’s step towards stabilization is certainly a positive one. Furthermore, the changes proposed here seeks to protect the economic, governance and design aspects of the existing token holders which is a great step towards decentralization.
Lydia Thomas
- 2023-05-05
BitDAO Unifying Ecosystem Into Mantle Token
BitDAO announces a community proposal to unify the entire ecosystem into the existing L2 network, Mantle. This proposed revamp involves changes to branding, organization, token design and trade channels. It will promote long-term value of token holders and enhance the success of core products.
