- May 14, 2023
- Posted by: [email protected]
- Category:
A proposal has been put forth for a vote on BitDAO’s Snapshot platform that would apply the “one brand, one token” principle. This proposal seeks to substitute BitDAO’s current governance token, BIT, for a new governance token for the unified BitDAO ecosystem. According to the proposal, the BitDAO ecosystem, which includes governance (BitDAO) and product (Mantle), will be unified under the new governance token, Mantle. Governance processes and treasury management will remain unchanged. After community approval, BIT holders will undergo a token-conversion process for the new Mantle token.
BitDAO’s goal with this proposal is to reduce the complexity of the BIT ecosystem. The proposal claims that there is complexity as to whether BIT should be valued for its governance component, product component, or some combination thereof. BitDAO seeks to improve its tokenomics by accelerating contributions and remaining vesting schedules from its launch in 2021. This means that no outstanding vesting schedules will be inherited from the original BitDAO launch.
The move to unify the ecosystem comes ahead of the mainnet launch of Mantle, a scaling layer-2 protocol built on Ethereum, expected in the coming weeks. BitDAO is backed by crypto exchange Bybit, as well as Pantera Capital, Dragonfly, and venture capitalist Peter Thiel.
If approved, token conversions may introduce a fixed exchange rate for all users, preserving all governance rights and other interests. The conversion process will be available on different channels, and holders will have a timeline for converting tokens. Token-conversion rules and ratios shall apply to all tokenholders equally, and holders are not required to take any action in advance.
Voting on the proposal is open until May 19, and at the time of writing, the proposal has received 100% support from over 25 million BIT votes. BitDAO community members have voiced their support for the branding unification. Merging the brands before the Mantle mainnet release is a strategic move that will help create a unified identity for the ecosystem. According to a DAO member on BitDAO’s governance forum, this will ensure that users, developers, and token holders can link the token and its value proposition with the Mantle brand.
