BitDAO Announces Merger with Layer-2 Solution Mantle

BitDAO has announced its merger with Mantle, a layer-2 scaling solution on Ethereum.

BitDAO Announces Merger with Layer-2 Solution Mantle

On May 19th, BitDAO, the decentralized autonomous organization backed by Bybit, revealed its merger with layer-2 solution Mantle, following the approval of the BIP-21 proposal.

Under the agreement, BitDAO’s governance model and treasury will be combined with the technical capabilities of Mantle Network to create a unified new ecosystem.

The focus of the merger will be on rebranding, tokenomics adjustments, and building out core products, according to the press release. As part of this transition, BitDAO’s governance token BIT will be rebranded to MNT.

With this merger, the Mantle Network team will inherit nearly $300 million in stablecoin reserves and over 270,000 ETH (approximately $485 million) from BitDAO. This capital will play a crucial role in expanding and developing the Mantle Network.

Arjun Kalsy, Head of Ecosystem at Mantle, commented:

“We are excited about this milestone. Building on BitDAO, we will launch the second phase of the Mantle Network testnet in May.”

Mantle Network will soon enter its second testnet phase, named "Ringwood." This phase will introduce several enhancements, including fraud proofs to boost security, multi-party computation (MPC) validator nodes, data availability (DA) nodes, and the start of codebase testing.

BitDAO is a well-known name in the DAO space, currently holding billions of dollars in its asset reserves. On November 30th last year, BitDAO launched the Mantle network in a modular blockchain model. Unlike traditional blockchains, which operate on a single protocol layer where all activities occur, modular blockchains separate consensus layers, transaction execution, and data storage.

• See Also: Mantle – Modular Blockchain Layer 2 on Ethereum Developed by BitDAO

The price of BIT has seen positive movement over the past 24 hours and is currently trading around $0.51.

BIT Price Fluctuations (1-hour chart)
Screenshot from TradingView at 10:05 AM on 20/05/2023