BitDAO Proposes Making BIT the Main Token for Layer-2 Mantle

BitDAO Proposes Integrating BIT as the Main Token for Mantle Layer-2 Solution

On May 5, 2023, BitDAO, the decentralized autonomous organization backed by Bybit, presented a proposal to consolidate its entire ecosystem into Mantle Network, its newly launched Layer-2 solution.

The proposal suggests transforming BIT into the primary token for Mantle. This change will involve adjusting the token's design, transaction mechanisms, and trading channels to align with Mantle.

Additionally, BitDAO will be rebranded as Mantle DAO.

The proposal emphasizes the "One Brand, One Token" principle, aiming to simplify its ecosystem by consolidating all tokens and governance into a single entity, Mantle. This move is intended to streamline operations and eliminate the need for separate DAOs and tokens for each product.

Key Details of the Proposal

The proposed changes are designed to be seamless, ensuring that existing BIT holders will be automatically transitioned to the new system without requiring any additional actions.

Mantle Network, introduced by BitDAO at the end of 2022, is a modular Layer-2 scaling solution on Ethereum. It separates consensus, transaction execution, payment processing, and data storage layers. This modular approach is expected to enhance scalability and operational efficiency for the blockchain.

See also: Understanding Monolithic vs. Modular Blockchains

BIT Token Price Action

The price of BIT has seen a slight 5% increase in the past 24 hours, trading at $0.50 at the time of writing.

7-day price chart of BIT token, screenshot from CoinMarketCap at 12:50 PM, May 6, 2023