BitDAO-Mantle merger creates $2.5B DAO-led web3 ecosystem

The world’s largest DAO by treasury size, BitDAO, has joined forces with Mantle, a high-performance modular L2 blockchain built on Ethereum, to establish a DAO-led web3 ecosystem called the Mantle Ecosystem.

The merger combines BitDAO’s existing ecosystem, products, governance, and BIT tokenomics, all under a single brand, Mantle.xyz. The announcement was made following the success of an on-chain proposition labeled BIP-21.

“The BitDAO community voted in favor of the BIP-21 proposal titled ‘Optimization of Brand, Token and Tokenomics,’ authorizing the merger of BitDAO’s governance and treasury with the Mantle Network Ethereum modular roll-up product under a unified and product-focused ecosystem known as ‘Mantle’.”

Refocusing on product development

The passing of BIP-21 is said to have amassed tremendous backing from the BitDAO community, as BIT tokens will now eventually be converted to Mantle (MNT.)

The Mantle Ecosystem aims to simplify branding and structural components to pursue long-term success. The Mantle Network, the ecosystem’s initial product offering, is a high-performance Ethereum L2 solution. Future expansion possibilities, such as the liquid staking derivative “Mantle LSD,” have also been hinted at.

Following the completion, the Mantle Ecosystem components are rebranded as follows:

$BIT Ecosystem transits to Mantle
The L2 Rollup segment transforms into the Mantle Network
BitDAO changes, becoming Mantle Governance
BitDAO Treasury is renamed Mantle Treasury
$BIT Token evolves into $MNT Mantle Token
Through democratic governance processes, this merger conserves existing governance and financial rights for token holders.
Treasury Management and Token Economy

Mantle launch and integration

Inheriting BitDAO’s substantial treasury, the Mantle Ecosystem receives almost $300 million in USDC/USDT and approximately 270k ETH, with the total BitDAO treasury valued at over $2.5 billion. Token holders will govern treasury use and allocation through Mantle Governance, promoting the expansion and adoption of product lines.

Flexible and user-friendly token conversion from BitDAO (BIT) to Mantle Token (MNT) will take place according to a plan designed to maintain existing token holders’ current rights and i

Go to Source to See Full Article
Author: Liam ‘Akiba’ Wright

Did you like this?
Tip BTC Newswire with Cryptocurrency