1/2 Important PSA ⚠️

We'd like to notify the $BIT community that the majority of LPs for BIT-USDT and BIT-ETH pairs have been removed from major on-chain and decentralized exchanges in anticipation of the BIT to MNT migration happening on July 17.

2/2 Due to the potential for increased slippage, we urge caution trading BIT while liquidity is low. The BIT to MNT migration app and MNT-USDT and MNT-ETH pairs will be available later today.

Important PSA: BIT Liquidity Update

MIP-23: $MNT Supply Optimization in Preparation for Launch

Vote here: https://snapshot.org/#/bitdao.eth/proposal/0x8446404bd2dbd6a0b6b3a70dd2db64bd5b4a5408684aa93b263623fa0fdc0e85

This proposal is triggered by the upcoming deployment of $MNT token as authorized by BIP-21 and MIP-22. We received a lot of community feedback regarding the high fully diluted supply of $BIT and $MNT. This is an opportunity to optimize numbers before the $MNT token launch.

By voting "Yes", you endorse the following terms:

1️⃣ Non-conversion of 3 billion $BIT tokens: 3bln $BIT currently held in Mantle Treasury will not be converted to $MNT. This will effectively reduce the fully diluted supply of $MNT at launch by 3bln tokens when compared to $BIT.

2️⃣ Non-converted $BIT tokens will be sent to the nominated burn address. For additional details on this address please refer to the following research article: https://github.com/windranger-io/public-docs/blob/main/research/R003.md#alternative-to-burn-function.

🗳️ Get involved with with #Mantle Governance (prev. #BitDAO) by casting your vote now.

Voting period: Now until July 7, 2023

To vote on Mantle proposals, you must delegate your votes.

➡️ Learn how: https://docs.mantle.xyz/governance/parameters/delegation

MIP-23: $MNT Supply Optimization Proposal

✅ [PASSED] MIP-22: Mantle Token Design, Conversion Parameters, and Asset Handling

➡️ Full proposal:
https://forum.mantle.xyz/t/passed-mip-22-mantle-token-design-conversion-parameters-and-asset-handling/6352

➡️ Snapshot:
https://snapshot.org/#/bitdao.eth/proposal/0x950dac4d5715b8aa8eab29c484b1c9dd0eed161141262b0425874f65be4d9f8e

With the passing of MIP-22, the following actions will be taken:

1️⃣ The Mantle token, $MNT, shall incorporate functions analogous to the "Upgradability" and "Mint" functions of $ARB and $OP.

2️⃣ The one-way token conversion ratio shall be set at 1 $BIT token to 1 $MNT token.

3️⃣ The Mantle core contributor team shall be authorized to determine the optimal timing and sequence for the delisting of $BIT tokens, listing of $MNT tokens, opening of conversion channels, and the Mantle Network Mainnet.

4️⃣ A DEX liquidity pool for $MNT-ETH may be created, utilizing the proceeds from the deconstructed $BIT-ETH pool, and with reference to the intent of BIP-10.

5️⃣ A temporary conversion treasury may be established to provide support for the token creation and conversion process.

The intended result will be changes to branding and structuring that lead to the greatest long-term token holder prosperity, provide the greatest chances of success for core protocols (e.g., Mantle Network), and preserve the governance and economic rights of token holders.

MIP-22 Passed: Mantle Token Design and Asset Handling

Following BIP-21, #BitDAO will gradually merge with #Mantle Ecosystem. You can check the status of key items, and any required user actions, here: https://bitdao.to/merger

✅ Delegation Tool
✅ Forum
🗳️ Token Conversion
🚧 Treasury Monitor
🚧 Snapshot
🚧 Documentation
🚧 Blog

MIP-22: Mantle Token Design, Conversion Parameters, and Asset Handling

Vote here: https://snapshot.org/#/bitdao.eth/proposal/0x950dac4d5715b8aa8eab29c484b1c9dd0eed161141262b0425874f65be4d9f8e

The following actions are proposed:

1️⃣ The Mantle token, $MNT, shall incorporate functions analogous to the "Upgradability" and "Mint" functions of the $ARB and $OP tokens.

2️⃣ The one-way token conversion ratio shall be set at 1 $BIT token to 1 $MNT token.

🗳️ Get involved with with #Mantle Governance (prev. #BitDAO) by casting your vote now.

Voting period: Now until June 6, 2023, 7:57AM UTC

To vote on Mantle proposals, you must delegate your votes.

➡️ Learn how: https://docs.mantle.xyz/governance/delegation

MIP-22: Mantle Token Proposal & Vote Link

[DISCUSSION] Mantle Token Design, Conversion Parameters, and Asset Handling

A new soft proposal has been posted to the #BitDAO forum for discussion 🧵

Context: BIP-21 has approved the brand and token merger, with pre-authorization for a token conversion plan. It is recommended to hold a formal discussion and vote on key issues concerning the token conversion plan.

The following actions are proposed:

1️⃣ The Mantle token, $MNT, shall incorporate functions analogous to the “Upgradability” and “Mint” functions of the $ARB and $OP tokens.

2️⃣ The one-way token conversion ratio shall be set at 1 $BIT token to 3.14 $MNT tokens.

Join the discussion here: https://discourse.bitdao.io/t/discussion-mantle-token-design-conversion-parameters-and-asset-handling/6352

Discussion on Mantle Token Design and Conversion Plan

We would like to inform the BIT community about an upcoming migration of the BitDAO forum in accordance with BIP-21: https://bitdao.to/BIP-21

Please take note of the important migration details that have been posted in the forum: https://bitdao.to/forum-migration

✅ [PASSED] BIP-21: Optimization of Brand, Token, and Tokenomics

➡️ Full proposal:
https://discourse.bitdao.io/t/passed-bip-21-optimization-of-brand-token-and-tokenomics/5327/305

➡️ Snapshot:
https://snapshot.org/#/bitdao.eth/proposal/0xe81f852d90ba80929b1f19683da14b334d63b31cb94e53249b8caed715475693

With the passing of BIP-21, the following actions will be taken:

✅ Position @0xMantle as the unified ecosystem brand with a product focus.

✅ Authorize a token conversion plan.

✅ Simplify tokenomics for a fresh start for the Mantle Network Mainnet, and token listings.

We encourage all $BIT holders to participate in the upcoming discussion on the token conversion plan. A link to the conversation will be provided through official BitDAO channels.

BIP-21 Passed for Mantle Network Optimization

[BIP-21] Optimization of Brand, Token, and Tokenomics

Vote here: https://snapshot.org/#/bitdao.eth/proposal/0xe81f852d90ba80929b1f19683da14b334d63b31cb94e53249b8caed715475693

The following actions are proposed:

✅ Position @0xMantle as the unified ecosystem brand with a product focus.

✅ Authorize a token conversion plan.

✅ Simplify tokenomics for a fresh start for the Mantle Network mainnet, and token listings.

🗳️ Get involved with #BitDAO governance by casting your vote now.

Voting period: Now until May 19, 2023, 11AM UTC

To vote on BitDAO proposals, you must delegate your votes.

➡️ Learn how: https://docs.bitdao.io/litepaper-1/delegation

Proposal for BitDAO Governance: Optimization of Brand, Token, and Tokenomics

[DISCUSSION] Optimization of Brand, Token, and Tokenomics

A new soft proposal has been posted to the #BitDAO forum for discussion 🧵

This proposal aims to recommend changes to branding and structuring that lead to the greatest long-term token holder prosperity, provide the greatest chances of success for core protocols (e.g., Mantle Network), and preserve the governance and economic rights of token holders.

The following actions are proposed:

1️⃣ Apply a "one-brand, one token" principle to position mantle.xyz as the unified ecosystem brand with a product focus and authorize a token conversion plan.

2️⃣ Simplify tokenomics for a clean start to the Mantle Network mainnet.

Join the discussion here: https://discourse.bitdao.io/t/discussion-optimization-of-brand-token-and-tokenomics/5327