In a significant development within the decentralized autonomous organization (DAO) ecosystem, BitDAO’s community has rallied behind a proposal seeking to implement the “One Brand, One Token” principle.
The proposal, known as BIP-21, aims to unify BitDAO’s ecosystem, including its governance arm (BitDAO) and product (Mantle), under the single banner of Mantle. The decision to merge the brands comes as BitDAO prepares for the imminent launch of its scaling layer-2 protocol, Mantle, built on the Ethereum blockchain.
BitDAO, a DAO backed by prominent entities such as crypto exchange Bybit, Pantera Capital, Dragonfly, and venture capitalist Peter Thiel, has chosen Snapshot as the platform to conduct the off-chain governance voting for this crucial decision. Snapshot is a widely-used voting platform that serves various blockchain projects and DAOs.
Under the proposed changes, the current BitDAO token (BIT) will be substituted with a new governance token associated with Mantle. The governance processes and treasury management of BitDAO will remain intact, ensuring continuity and stability.
Token conversions will be facilitated to ensure a smooth transition from BIT to the new Mantle token. The proposal emphasizes that token conversion rules and ratios will apply uniformly to all token holders, preserving their governance rights and other interests.
To simplify the BIT ecosystem and address the complexities surrounding its valuation, BitDAO plans to introduce a fixed exchange rate for all users during the token conversion process. This strategic move aims to streamline the brand’s identity and eliminate confusion arising from distinguishing between the governance and product components of the BIT token.
Furthermore, BitDAO intends to enhance its tokenomics by expediting contributions and vesting schedules from its launch in 2021. This means that no outstanding vesting schedules will be inherited from the original BitDAO launch, which is expected to bolster the attractiveness of the revamped token ecosystem.
At the time of writing, the voting period for the proposal is underway, and it has garnered unanimous support from BIT token holders, amassing over 25 million votes in favor of the merger.
Community members have expressed their enthusiasm for the unification, recognizing it as a strategic maneuver that will create a cohesive identity for the ecosystem. By associating the token and its value proposition with the Mantle brand, users, developers, and token holders can expect greater clarity and a stronger sense of unity moving forward.
The voting will remain open until May 19, giving BIT token holders ample time to express their views on the proposal. If approved, further discussions will be held to determine the precise details of the token conversion process.
With BitDAO at the forefront of DAO governance and innovation, this move toward consolidation marks a significant milestone for the organization and the broader DAO community, fostering a more streamlined and coherent ecosystem for all stakeholders involved.
