The world’s largest DAO by treasury dimension, BitDAO, has joined forces with Mantle, a high-performance modular L2 blockchain constructed on Ethereum, to ascertain a DAO-led web3 ecosystem referred to as the Mantle Ecosystem.
The merger combines BitDAO’s present ecosystem, merchandise, governance, and BIT tokenomics, all beneath a single model, Mantle.xyz. The announcement was made following the success of an on-chain proposition labeled BIP-21.
“The BitDAO group voted in favor of the BIP-21 proposal titled ‘Optimization of Model, Token and Tokenomics,’ authorizing the merger of BitDAO’s governance and treasury with the Mantle Community Ethereum modular roll-up product beneath a unified and product-focused ecosystem often known as ‘Mantle’.”
Refocusing on product improvement
The passing of BIP-21 is alleged to have amassed super backing from the BitDAO group, as BIT tokens will now finally be transformed to Mantle (MNT.)
The Mantle Ecosystem goals to simplify branding and structural parts to pursue long-term success. The Mantle Community, the ecosystem’s preliminary product providing, is a high-performance Ethereum L2 answer. Future enlargement prospects, such because the liquid staking by-product “Mantle LSD,” have additionally been hinted at.
Following the completion, the Mantle Ecosystem parts are rebranded as follows:
- $BIT Ecosystem transits to Mantle
- The L2 Rollup section transforms into the Mantle Community
- BitDAO modifications, changing into Mantle Governance
- BitDAO Treasury is renamed Mantle Treasury
- $BIT Token evolves into $MNT Mantle Token
- By means of democratic governance processes, this merger conserves present governance and monetary rights for token holders.
- Treasury Administration and Token Financial system
Mantle launch and integration
Inheriting BitDAO’s substantial treasury, the Mantle Ecosystem receives virtually $300 million in USDC/USDT and roughly 270k ETH, with the overall BitDAO treasury valued at over $2.5 billion. Token holders will govern treasury use and allocation via Mantle Governance, selling the enlargement and adoption of product strains.
Versatile and user-friendly token conversion from BitDAO (BIT) to Mantle Token (MNT) will happen in response to a plan designed to keep up present token holders’ present rights and pursuits. The token’s official identify, ticker image, design, conversion mechanisms, and channels shall be introduced and shared with the general public upon audit completion.
“A versatile conversion interval shall be employed to allow the smoothest person expertise, reduce preparatory actions on token holders’ half, and afford new consumers the comfort to accumulate $BIT in anticipation of the conversion.”
Mantle’s mainnet launch is scheduled for early Q3 2023, with Testnet Section Two, also referred to as “Ringwood,” anticipated by Might-end. It brings a sequence of essential updates, together with the profitable integration of EigenDA, resulting in a discount in fuel charges.
As well as, additional safety enhancements shall be made utilizing the introduction of fraud proofs integration, and the inclusion of multi-party computation (MPC) validator nodes and information availability (DA) nodes will bolster decentralization.
Arjun Kalsy, head of the Mantle ecosystem, mentioned, “By embracing BitDAO’s legacy, we’ll launch the Mantle Community Testnet Section Two in Might and chart a future crammed with an energizing product suite, highly effective governance, huge treasury, and unparalleled monetary transparency of operations.”