BitDAO Approved Proposal MIP-22, $BIT will be converted to $MNT at 1:1

BitDAO Approved Proposal MIP-22,  $BIT will be converted to $MNT at 1:1

BitDAO's MIP-22 proposal has been successfully passed, with approximately 170 million $BIT tokens voting in favor and 655 BIT tokens voting against.

With the passing of MIP-22, the following actions will be taken:

  • The Mantle token, $MNT, shall incorporate functions analogous to the “Upgradability” and “Mint” functions of $ARB and $OP.
  • The one-way token conversion ratio shall be set at 1 $BIT token to 1 $MNT token.
  • The Mantle core contributor team shall be authorized to determine the optimal timing and sequence for the delisting of $BIT tokens, listing of $MNT tokens, opening of conversion channels, and the Mantle Network Mainnet.
  • A DEX liquidity pool for $MNT-ETH may be created, utilizing the proceeds from the deconstructed $BIT-ETH pool.
  • A temporary conversion treasury may be established to provide support for the token creation and conversion process.

In May, BitDAO approved the proposal BIP-21 to unify BitDAO and Mantle. While governance processes and treasury management will remain unchanged, BIT holders will undergo a token conversion process for the new Mantle token. Mantle is an Optimistic Rollup developed by BitDAO.

 

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Source

DAO

Layer 2

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