The BIT token is scheduled to undergo a rebranding process and will be renamed as Mantle. This decision was made to enhance the token’s efficiency before the launch of a new layer-2 mainnet. The majority of the voters approved this measure on May 19.
As per the report by Cointelegraph on May 12, the aim of the BIP-21 proposal was to consolidate the BitDAO ecosystem in accordance with the “One brand, One token” principle. As per the reported vote tally, the BIT token has been approved with 235 million votes in favor and 988 votes against. Consequently, it will be renamed as MANTLE in due course.
As per a Mantle blog post that referred to an AMA (ask me anything), it was observed that several individuals were anticipating a separate gas token and were not cognizant of the fact that the utility of $BIT was broadening. The alterations made will enable Mantle to function as the linking element of the ecosystem.
As per the blog post, the conversion process will occur before the Mantle L2 mainnet launch, thereby exempting holders from paying any gas fees linked to the conversion. As per the reports, the proposed modifications are unlikely to impact the governance. As per the BIP-21 summary, the alterations made are solely superficial in nature. As per the proposal, it is mandatory for them to minimize ambiguity, unify branding, and enhance the BitDAO ecosystem before the mainnet launch.
In 2021, BitDAO was established following a successful funding round of $230 million, spearheaded by Peter Thiel, a billionaire investor with notable involvements in ventures such as Facebook (now Meta), Airbnb, LinkedIn, and Stripe, among others. Part of its financing is derived from contributions made by Bybit, a cryptocurrency exchange based in Dubai.
Following the conclusion of the BIP-21 proposal, Mantle’s upcoming mainnet launch seems to be the next logical progression. As per the aforementioned AMA, it has been stated that the proposal and its execution will not cause any significant delay in the launch of Mantle’s mainnet.
As of the time of writing, it seems that the launch of the Mantle L2 mainnet is scheduled for the second quarter of 2023. As per the American Medical Association (AMA), the team and members of the community will persist in their research of a probable token conversion procedure.