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.
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.
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.
Following BIP-21, #BitDAO will gradually merge with #Mantle Ecosystem. You can check the status of key items, and any required user actions, here: bitdao.to/merger
✅ Delegation Tool
✅ Forum
🗳️ Token Conversion
🚧 Treasury Monitor
🚧 Snapshot
🚧 Documentation
🚧 Blog
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.
[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.
We would like to inform the BIT community about an upcoming migration of the BitDAO forum in accordance with BIP-21: bitdao.to/BIP-21
Please take note of the important migration details that have been posted in the forum: bitdao.to/forum-migration
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.
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.
[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.