BitDAO Set to Replace BIT Tokens?
Within the BitDAO community, there is a proposal to undergo a rebranding of the governance and treasury structure in favor of the Mantle project, while keeping the underlying processes intact. This entails the replacement of the primary token as well.
On this page
Although initially geared towards product creation and fostering a community around BIT, upon developing the second-tier solution Mantle, uncertainty arose concerning its application within the new network. Given the community's desire to launch a unique token for Mantle, a quest for a solution that would inform a long-term strategy capable of enhancing their cryptocurrency's value ensued, culminating in the proposition of BIP-21.
What does BIP-21 entail?
1. To act under the axiom “one brand, one token”. This implies the consolidation of all products under the Mantle project, employing the corresponding token. This, however, does not affect existing processes pertaining to management, budget allocation, and treasury resources. Essentially, these are cosmetic alterations aiming for a complete BitDAO rebranding.
2. The new token and conversion mechanisms should undergo stringent audits, with the exchange process adhering to a precise plan: all holders are obliged to receive a replacement on equal terms, with a flexible timeframe instead of an instantaneous balance snapshot.
3. Simplify the tokenomics: efforts should be directed towards accelerating contributions accepted in the previous proposition (BIP-20), simplifying coin circulation, and executing a schedule for the BitDAO members' rights allotment.
Additionally, the proposal's author has provided a personal vision for each point, serving as a basis for future propositions:
1. The token should encompass functions to support the Mantle network, akin to alternative projects (Arbitrum, Optimism). Before voting for the final version, all data should be provided to the community for comprehensive feedback.
2. The conversion should be performed via several channels with a fixed exchange rate, allowing all BIT holders to choose the time and place for the exchange during the transition period. This assists DAO members in retaining their rights.
3. Simplifying the tokenomics, besides optimizing main processes, should block the possibility of treasury fund distribution without DAO approval and prohibit media companies from publishing information about substantial monthly investments.
How to participate?
The vote takes place on the Snapshot platform and will last until May 19th. Therefore, if you hold BIT tokens in a non-custodial wallet, you can vote at your discretion. At the time of writing, users almost unanimously support the initiative, surpassing the quorum of 100 million votes. This generally aligns with sentiments on the official BitDAO forum, where many endorse this proposition.
The content on The Coinomist is for informational purposes only and should not be interpreted as financial advice. While we strive to provide accurate and up-to-date information, we do not guarantee the accuracy, completeness, or reliability of any content. Neither we accept liability for any errors or omissions in the information provided or for any financial losses incurred as a result of relying on this information. Actions based on this content are at your own risk. Always do your own research and consult a professional. See our Terms, Privacy Policy, and Disclaimers for more details.
Articles by this author
