As the blockchain industry continues to grow, the need for a unified, simplified, and well-structured ecosystem is becoming more evident. BitDAO, an open platform for ideas, experiments in subDAO-type initiatives, and community initiatives, is taking a decisive step to address this need by proposing to unify the entire ecosystem into the current L2 network, Mantle.
BitDAO’s Unification With ‘One Brand, One Token’ Principle
In a recent tweet, BitDAO announced its plans to unification the Mantle network by publishing a community proposal with an objective to bring modifications to branding and organization that maximize long-term value for token holders, enhance the likelihood of success for key products (such as Mantle Network), and safeguard the governance and financial privileges of token holders.
This move will bring about a significant transformation of the BitDAO ecosystem, with the BIT token being changed to the Mantle token and the adoption of a new token design, exchange mechanism, and exchange channel. The existing governance and DAO will be called Mantle Governance.
The primary strategy of BitDAO revolves around user and developer engagement, Web3 adoption, and long-term $BIT prosperity. However, communities have been fragmented between the Governance (BitDAO) and Product (Mantle) components of the existing BIT ecosystem. There has also been complexity in determining whether $BIT should be valued for its governance component, product component, or a combination of both.
To address these challenges, BitDAO has proposed a series of changes aimed at maximizing long-term token holder prosperity, increasing the chances of success for core products like Mantle Network, and preserving the governance and economic rights of token holders. This proposal consists of two main components:
- Apply a “One brand, One token” principle: BitDAO seeks to position mantle.xyz as the unified ecosystem brand with a product focus. This will involve rebranding the product components under the Mantle brand and adopting the Mantle brand for governance components. All existing governance processes will be preserved, including proposals, budgeting, and treasury resource management. The existing BitDAO Treasury holdings and exposure will remain under the governance of token holders and will be referred to as the Mantle Treasury.
- Simplify tokenomics for a fresh start for the Mantle Network mainnet and token listings: BitDAO plans to accelerate all BIP-20 contributions and BitDAO launch vesting schedules. This will simplify the token circulating supply and make it more predictable, with no outstanding vesting schedules inherited from the original BitDAO launch. Tokenomics aggregators and media companies will no longer report large amounts of monthly vesting.
- Approve token conversion strategy: Token conversion guidelines and proportions will uniformly apply to all token holders. A versatile conversion time frame, rather than a “balance snapshot,” will be implemented to enhance user convenience. As a result, current token holders won’t need to make any preliminary preparations, and new purchasers can acquire $BIT in anticipation of the conversion. Following the audit, details on the new token design, conversion methods, and conversion channels will be disclosed.
BitDAO Sets The Stage For Mantle Network
The new Mantle token will incorporate the latest design principles and features, including additional features to support Mantle products and Mantle governance. Preliminary research and design will be shared for community feedback. The token conversion will be a gradual process with various official conversion channels for holders to choose from. Existing holders will have the option to convert their tokens at any time during the transition.
This proposal will not result in material changes to the existing governance process or resource management. Ideas and discussions are welcome on a permissionless forum, and proposals require ratification by the token holder vote on Snapshot.
Existing initiatives, such as Game7 and EduDAO, will maintain their rights to determine their brand, governance processes, mission, and strategy. The overall ecosystem will be called Mantle, and the website will be https://www.mantle.xyz/. The existing Rollup project will be referred to as Mantle Network, and new product lines powered by the Mantle token will use the naming convention Mantle [Name] as a default.
The proposed changes by BitDAO will not only streamline the ecosystem but also strengthen its position in the Web3 space. As the blockchain industry moves forward, a unified and well-structured ecosystem is essential for long-term success, and BitDAO’s bold move to unify its ecosystem is a step in the right direction.
