4. June 2023

• BitDAO passes BIP-21 token optimization and branding proposal
• The vote tally of 235 million BIT voting yes and 988 BIT voting no to unify the BitDAO ecosystem under a “One brand, One token” principle
• The proposed changes will reportedly have no effect on governance

BitDAO Passes BIP-21 Token Optimization and Branding Proposal

The BitDAO network recently passed a measure to unify its branding under a “One brand, One token” principle. On May 19, a high majority voted in favor of BIP-21, which sought to optimize the token ahead of the launch of the Mantle layer-2 mainnet. This will result in the eventual conversion of BIT tokens into MANTLE tokens before mainnet launch.

What is BIP-21?

BIP-21 is a proposal that seeks to simplify tokenomics for a fresh start for the Mantle Network Mainnet and manage token listings. It also positions @0xMantle as the unified ecosystem brand with a product focus. Additionally, it authorizes a token conversion plan.

Who Supports this Proposal?

The proposal was supported by 1570 views and 21 shares on social media platforms. It was also backed by an $230 million funding round led by billionaire investor Peter Thiel whose other investments include Facebook (now Meta), Airbnb, LinkedIn and Stripe as well as contributions from Bybit cryptocurrency exchange located in Dubai.

What are the Benefits?

The proposed changes will help minimize confusion between brands, unify branding across the entire ecosystem and optimize it ahead of mainnet launch. Furthermore, holders will save gas fees associated with conversion since it will happen prior to mainnet implementation.

Will Governance be Affected?

According to the text of the BIP-21 snapshot, these changes are strictly cosmetic rebranding measures that won’t affect governance in any way.