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