BitDAO, a decentralized autonomous organization (DAO) with a treasury of over $2 billion in assets, has passed BIP-21. The proposal, which seeks to optimize the project’s brand, token, and tokenomics was approved on Friday with massive backing from the community.
“BIP-21: Optimization of Brand, Token, and Tokenomics” was submitted by BitDAO contributor Cateatpeanut in collaboration with the Mantle Network team about two weeks ago. According to the proposal, there are numerous fragmentations between the governance component (BitDAO) and product component (Mantle) of the BIT ecosystem. As a result, there is confusion on whether the ecosystem’s native $BIT token should be valued for its “governance component or product component or some combination.”
The recently approved proposal intends to tackle this problem by adopting a “one brand, one token” principle for both components. Moving forward, BitDAO’s existing ecosystem, governance, products, and BIT tokenomics, will all come under a single brand, Mantle.xyz.
It is worth clarifying that the rebrand will not have any effect on existing governance processes. The DAO’s treasury holdings and exposure will remain under the governance of token holders. However, the treasury will be renamed to Mantle Treasury.
In general, BIP-21 will introduce the following changes:
- BitDAO Treasury will be renamed to Mantle Treasury
- $BIT Token will be converted into $MNT Mantle Token
- $BIT ecosystem evolves into Mantle
- The L2 Rollup segment changes into the Mantle Network
- BitDAO will become Mantle Governance
Commenting on the merger, the head of the Mantle ecosystem Arjun Kalsy said:
By embracing BitDAO’s legacy, we will launch the Mantle Network Testnet Phase Two in May and chart a future filled with an energizing product suite, powerful governance, enormous treasury, and unparalleled financial transparency of operations.