BitDAO-Mantle merger creates $2.5B DAO-led web3 ecosystem

World’s largest DAO Treasury sizeBitDAO has partnered with Mantle, a high-performance modular L2 blockchain built on Ethereum, to establish a DAO-driven web3 ecosystem called the Mantle Ecosystem.

The merger will bring together BitDAO’s existing ecosystem, products, governance, and BIT tokennomics all under a single brand, The announcement follows the success of an on-chain proposal dubbed BIP-21.

“The BitDAO community voted in favor of the BIP-21 proposal titled ‘Optimization of Brands, Tokens and Tokennomics’ to ensure BitDAO’s governance and finances and the Mantle Network Ethereum under a unified product-centric ecosystem. Approved a merger with Modular Rollup Products ” known as “Mantle”.

Focusing again on product development

The passage of BIP-21 is said to have garnered significant support from the BitDAO community, as the BIT token will eventually convert to Mantle (MNT).

The Mantle ecosystem aims to simplify branding and structural components in pursuit of long-term success. An early product in the ecosystem, Mantle Network is a high-performance Ethereum L2 solution. Potential future expansion is also hinted at, such as the liquid staking derivative Mantle LSD.

Upon completion, the Mantle Ecosystem components were rebranded as follows:

  • $BIT Ecosystem Moves to Mantle
  • L2 rollup segments are transformed into mantle networks
  • BitDAO changes and becomes Mantle Governance
  • BitDAO Treasury renamed to Mantle Treasury
  • $BIT Token evolves into $MNT Mantle Token
  • This merger will protect the existing governance and financial rights of token holders through a democratic governance process.
  • Financial management and token economy

Activation and integration of the mantle

The Mantle ecosystem, which took over BitDAO’s large amount of funds, received approximately $300 million in USDC/USDT and approximately 270,000 ETH, bringing the total amount of BitDAO’s funds to over $2.5 billion. Token holders control the use and allocation of their treasury through Mantle Governance to drive product line expansion and adoption.

A flexible and user-friendly token conversion from BitDAO (BIT) to Mantle Token (MNT) follows a plan designed to preserve the current rights and interests of existing token holders. The token’s official name, ticker symbol, design, conversion mechanism and channel will be announced and shared with the public upon completion of the audit.

“The flexible conversion period was adopted to ensure the smoothest user experience, minimize preparatory actions on the part of token holders, and provide the convenience for new purchasers to acquire $BIT in anticipation of the conversion. will be

Mantle’s mainnet launch is scheduled for early Q3 2023, and Testnet Phase 2, also known as ‘Ringwood’, is expected to launch by the end of May. This brings a series of important updates, including the successful integration of EigenDA, leading to lower gas bills.

In addition, the introduction of rogue proof integration further enhances security, and the inclusion of multi-party computation (MPC) verification and data availability (DA) nodes enhances decentralization.

Arjun Kalsy, Head of Mantle Ecosystem, said: “By embracing BitDAO’s heritage, we launched Mantle Network Testnet Phase 2 in May with a vibrant product suite, strong governance, massive financials, and unmatched financial transparency. Draw a fulfilled future. Operation.”

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