A proposal seeking to apply the “one brand, one token” principle has been pushed to a vote on BitDAO's snapshot and calls for an alternative to BitDAO's Token (BIT) under a new governance token. Snapshot is an off-chain governance voting platform for decentralized autonomous organizations (DAOs) and other blockchain projects.
According to proposal BIP-21, the BitDAO ecosystem - governance (BitDAO) and product (Mantle) - will be unified into Mantle. The governance process and treasury management will remain the same, but subject to community approval, BIT holders will undergo a token swap process for new Mantle tokens.
The move comes ahead of the mainnet launch of Mantle, a scalable layer 2 protocol based on ethereum. The mainnet launch is expected in the next few weeks. BitDAO is backed by cryptocurrency exchange Bybit, as well as Pantera Capital, Dragonfly and venture capitalist Peter Thiel. According to the description of bip-21, token conventions may intropuce a fixed exchange rate for all users, theReby reTaining all governments and other Benefits. Different Channels Will PROVIDE A Gradual Conversion PROCESS, and Holders Will Have A Timetable for Converting tokens .
The proposal states that the token exchange rules and ratios should apply equally to all token holders, without the holders needing to take any action in advance. If BIP-21 is approved, the details of the token conversion plan will be discussed. BitDAO claims that "Brand optimization" aims to reduce the complexity of the BIT ecosystem. "There are complexities as to whether BIT should be valued for its governance components or product components, or some combination," the proposal said.
In addition to token replacement, BitDAO seeks to improve its token economics through accelerated contributions and a vesting plan remaining since its launch in 2021, meaning no unfinished vesting plans will be inherited from the original BitDAO launch.
The deadline for voting on the proposal is May 19. At the time of writing, the proposal has received 100% support from more than 25 million BIT votes. On BitDAO's governance forum, community members voiced support for brand unification. “Merging the brand ahead of the Mantle mainnet launch is a strategic move that will help create a unified identity for the ecosystem. This will ensure that users, developers and token holders will be able to identify the token and its value proposition Connect with the Mantle brand," wrote one DAO member.
