On May 5th, BitDAO, the decentralized autonomous organization, submitted a proposal to unify its entire ecosystem into its layer-2 solution, Mantle Network. The proposal includes the conversion of BIT into Mantle, along with other features such as token design, transaction mechanics, and channels that will be adjusted to integrate into Mantle.
Additionally, BitDAO will be rebranded as Mantle DAO. The proposal emphasizes the criterion of “One brand, One token” to simplify its ecosystem. Rather than issuing tokens for each product, they will be consolidated into Mantle, from tokens to treasury and DAO.
The proposal will not lead to significant changes in the management of the current system. BIT holders will also have the flexibility to convert to the new mechanism without any additional steps, as per the proposal.
Introduced by BitDAO in late 2022, Mantle Network is a modular layer-2 expansion solution on Ethereum. It has a separation of consensus, transaction execution and settlement layers, as well as data storage. Therefore, Mantle is expected to increase the scalability and operational efficiency of the blockchain.
BitDAO’s move to unify its ecosystem into Mantle shows a strong commitment to simplifying its system and increasing efficiency. It is expected to create a more streamlined ecosystem, enhancing user experience and reducing complexity. This is a significant development for BitDAO and a step forward in the evolution of blockchain technology.
Read more:
- Mantle Network Receives $200M Funding From BitDAO
- BitDAO’s Mantle Budget Proposal Approved For Testnet And Mainnet Phases
- BitDAO Proposes $200M Mantle EcoFund To Support Early-Stage Web3 Startups