BitDAO proposes to replace BIT token in branding revamp

A proposition looking for to apply a “One Brand, One token” concept has actually been pressed to a vote on BitDAOs Snapshot, requiring replacing BitDAOs token (BIT) under a new governance token. Picture serves as an off-chain governance ballot platform for decentralized autonomous companies (DAOs) and other blockchain projects.According to proposal BIP-21, the BitDAO ecosystem– governance (BitDAO) and product (Mantle)– will be combined as Mantle. Governance procedures and treasury management will remain the same, however after community approval, BIT holders will undergo a token conversion procedure for the brand-new Mantle token.The move comes ahead of the mainnet launch of Mantle, a scaling layer-2 procedure built on Ethereum. The mainnet launch is anticipated in the coming weeks. BitDAO is backed by crypto exchange Bybit, along with Pantera Capital, Dragonfly and investor Peter Thiel.Token conversions may present a set currency exchange rate for all users, protecting all governance rights and other interests, according to the BIP-21 description. A steady conversion process will be offered on various channels, and holders will have a timeline for converting tokens. BIP-21 proposal by BitDAO. Source: Mantle on Twitter Token conversion guidelines and ratios will use to all token holders equally, and holders are not required to take any action ahead of time, states the proposition. Details on token conversion strategies will be discussed if the BIP-21 is approved.Related: Researchers in Singapore style new more efficient DAO schemeBitDAO claims the “brand optimization” aims to lower the intricacy around the BIT ecosystem. “There is intricacy regarding whether $BIT should be valued for its governance part or item component or some combination,” declares the proposition. In addition to its token replacement, BitDAO seeks to enhance its tokenomics by accelerating contributions and remaining vesting schedules from its launch in 2021, indicating no exceptional vesting schedules will be acquired from the initial BitDAO launch. Voting on the proposal is open up until May 19. At the time of writing, the proposal had gotten 100% assistance from over 25 million BIT votes. On BitDAOs governance forum, community members raised their voices to support the branding marriage.” [M] erging the brand names before the Mantle mainnet release is a strategic relocation that will help produce a merged identity for the ecosystem. This will ensure that users, designers, and token holders can associate the token and its worth proposal with the Mantle brand,” wrote a DAO member.Magazine: The legal dangers of getting included with DAOs

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A proposal seeking to apply a “One Brand, One token” principle has been pushed to a vote on BitDAOs Snapshot, calling for substituting BitDAOs token (BIT) under a new governance token. Source: Mantle on Twitter Token conversion guidelines and ratios shall apply to all token holders equally, and holders are not required to take any action in advance, says the proposal. Along with its token replacement, BitDAO looks for to enhance its tokenomics by staying and accelerating contributions vesting schedules from its launch in 2021, implying no impressive vesting schedules will be acquired from the initial BitDAO launch.