The world’s largest DAO by treasury size, BitDAO, has joined forces with Mantle, a high-performance modular L2 blockchain built on Ethereum, to establish a DAO-led web3 ecosystem called the Mantle Ecosystem.
The merger combines BitDAO’s existing ecosystem, products, governance, and BIT tokenomics, all under a single brand, Mantle.xyz. The announcement was made following the success of an on-chain proposition labeled BIP-21.
“The BitDAO community voted in favor of the BIP-21 proposal titled ‘Optimization of Brand, Token and Tokenomics,’ authorizing the merger of BitDAO’s governance and treasury with the Mantle Network Ethereum modular roll-up product under a unified and product-focused ecosystem known as ‘Mantle’.”
Refocusing on product development
The passing of BIP-21 is said to have amassed tremendous backing from the BitDAO community, as BIT tokens will now eventually be converted to Mantle (MNT.)
The Mantle Ecosystem aims to simplify branding and structural components to pursue long-term success. The Mantle Network, the ecosystem’s initial product offering, is a high-performance Ethereum L2 solution. Future expansion possibilities, such as the liquid staking derivative “Mantle LSD,” have also been hinted at.
Following the completion, the Mantle Ecosystem components are rebranded as follows:
- $BIT Ecosystem transits to Mantle
- The L2 Rollup segment transforms into the Mantle Network
- BitDAO changes, becoming Mantle Governance
- BitDAO Treasury is renamed Mantle Treasury
- $BIT Token evolves into $MNT Mantle Token
- Through democratic governance processes, this merger conserves existing governance and financial rights for token holders.
- Treasury Management and Token Economy
Mantle launch and integration
Inheriting BitDAO’s substantial treasury, the Mantle Ecosystem receives almost $300 million in USDC/USDT and approximately 270k ETH, with the total BitDAO treasury valued at over $2.5 billion. Token holders will govern treasury use and allocation through Mantle Governance, promoting the expansion and adoption of product lines.
Flexible and user-friendly token conversion from BitDAO (BIT) to Mantle Token (MNT) will take place according to a plan designed to maintain existing token holders’ current rights and interests. The token’s official name, ticker symbol, design, conversion mechanisms, and channels will be announced and shared with the public upon audit completion.
“A flexible conversion period will be employed to enable the smoothest user experience, minimize preparatory actions on token holders’ part, and afford new buyers the convenience to acquire $BIT in anticipation of the conversion.”
Mantle’s mainnet launch is scheduled for early Q3 2023, with Testnet Phase Two, also known as “Ringwood,” anticipated by May-end. It brings a series of crucial updates, including the successful integration of EigenDA, leading to a reduction in gas fees.
In addition, further security enhancements will be made using the introduction of fraud proofs integration, and the inclusion of multi-party computation (MPC) validator nodes and data availability (DA) nodes will bolster decentralization.
Arjun Kalsy, head of the Mantle ecosystem, 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.”