The Big Switch: BIT Becomes Mantle

In a dramatic turn of events, the BIT token is gearing up for a makeover, transforming into Mantle! This transformation is a product of the BIP-21 proposal, which just went through a vote on May 19, getting an overwhelming nod of approval. With a staggering 235 million BIT in favor, it’s clear that the community is on board with this change. The token might be getting a new name, but fear not, the governance remains intact—it’s mainly cosmetic!

Understanding the “One Brand, One Token” Concept

The BIP-21 proposal aims to streamline things under the motto: “One brand, One token.” So, what does that mean? Essentially, Mantle will serve as the glue that holds the BitDAO ecosystem together. An AMA (Ask Me Anything) shed light on the idea that many folks expected a new gas token but didn’t grasp that the utility of BIT was evolving. Spoiler alert: it’s becoming much more convenient!

Conversion Timeline: When Will It Happen?

While no clear timeline has been established for the conversion, it’s promised to occur before the launch of the Mantle L2 mainnet. This move is swooping in just in time to rescue BI-holder wallets from pesky gas fees—who doesn’t love saving a little cash?

BIP-21: What’s in Store?

With the BIP-21 proposal sailing smoothly through the voting process, here’s what’s on the agenda:

• Position @0xMantle as the overarching ecosystem brand.
• Authorize a plan for token conversion.
• Simplify tokenomics for a refreshing kickstart for the Mantle Network Mainnet and its token listings.

All of this jazz is designed to cut through confusion and unify branding, especially with the mainnet launch on the horizon.

Where Did BitDAO Come From?

Established in 2021, BitDAO creamed a hefty $230 million during its funding round, courtesy of billionaire Peter Thiel. With solid backing from firms like Bybit, this DAO is navigating the crypto waters with finesse. And while the renaming and rebranding come into play, the path ahead for the Mantle L2 mainnet seems clear and steady.

The Countdown to Mantle’s Mainnet

The latest word from the compliant crystal ball suggests that the Mantle L2 mainnet is looking to make its grand entrance in the second quarter of 2023. The team remains dedicated to exploring the token conversion process, so stay tuned for updates that might just be around the corner!