{"id":79035,"date":"2023-05-19T17:53:58","date_gmt":"2023-05-19T14:53:58","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=79035"},"modified":"2025-09-11T08:40:35","modified_gmt":"2025-09-11T05:40:35","slug":"bitdao-announces-merger-with-mantle-network-and-rebranding","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/bitdao-announces-merger-with-mantle-network-and-rebranding\/","title":{"rendered":"BitDAO Announces Merger with Mantle Network and Rebranding"},"content":{"rendered":"<p>The decentralised autonomous organisation (<a href=\"https:\/\/forklog.com\/en\/news\/what-is-a-dao-decentralised-autonomous-organisation\">DAO<\/a>) BitDAO announced a merger with the L2 project Mantle Network to create a single ecosystem under its brand.<\/p>\n<blockquote class=\"twitter-tweet\" data-lang=\"en\">\n<p lang=\"en\" dir=\"ltr\">With the passing of BIP-21, the following actions will be taken:<\/p>\n<p>\u2705 Position <a href=\"https:\/\/twitter.com\/0xMantle?ref_src=twsrc%5Etfw\">@0xMantle<\/a> as the unified ecosystem brand with a product focus.<\/p>\n<p>\u2705 Authorize a token conversion plan.<\/p>\n<p>\u2705 Simplify tokenomics for a fresh start for the Mantle Network Mainnet, and token listings.<\/p>\n<p>\u2014 BitDAO (@BitDAO_Official) <a href=\"https:\/\/twitter.com\/BitDAO_Official\/status\/1659521040534638592?ref_src=twsrc%5Etfw\">May 19, 2023<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The merger became possible after the community approved the BIP-21 proposal &#8220;Brand, Token and Tokenomics Optimisation&#8221;.<\/p>\n<p>According to the statement, Mantle will inherit the decentralised governance processes and the DAO treasury of about $300 million in USDC\/USDT stablecoins and about 270 000 ETH worth more than $486 million.<\/p>\n<p>From these funds, the project\u2019s product development will be financed. The first of them is the <a href=\"https:\/\/forklog.com\/en\/news\/what-is-a-layer%e2%80%912-solution-in-blockchain\">layer-2 network<\/a> for scaling Ethereum based on the <a href=\"https:\/\/forklog.com\/en\/news\/what-are-rollups-and-how-do-they-scale-ethereum\">Rollups<\/a> technology. The BitDAO-supported team <a href=\"https:\/\/forklog.com\/en\/news\/bitdao-unveils-mantle-a-modular-l2-solution\">presented the solution<\/a> in November 2022. In January <a href=\"https:\/\/forklog.com\/en\/news\/bitdao-launches-mantle-l2-testnet\">the first testnet<\/a> Wadsle began operation; in May the second \u2014 Ringwood \u2014 is expected to launch.<\/p>\n<p>Under the &#8220;one brand, one token&#8221; concept, Mantle (MNT) will become the sole asset in the ecosystem. Holders of the existing BIT DAO token will receive it not on a snapshot basis, but via a soft conversion mechanism. Details of the conversion will be put to the community for consideration at a later date.<\/p>\n<p>BitDAO began operations in June 2021 after attracting $230 million in a private funding round with the participation of Peter Thiel and Alan Howard. The organisation aimed to support DeFi projects through grants and token swaps.<\/p>\n<p>In August BitDAO raised 112 000 ETH (about $356 million at the time) and <a href=\"https:\/\/forklog.com\/en\/news\/bitdao-raises-over-356-million-and-launches-the-bit-governance-token\">launched the governance token<\/a> BIT.<\/p>\n<p>Earlier in February 2023, the Mantle team proposed to BitDAO participants to vote for the creation of an ecosystem investment <a href=\"https:\/\/forklog.com\/en\/news\/bitdao-participants-to-vote-on-creating-a-200-million-ecosystem-investment-fund\">fund worth $200 million<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The decentralised autonomous organisation (DAO) BitDAO announced a merger with the L2 project Mantle Network to create a single ecosystem under its brand.<\/p>\n","protected":false},"author":1,"featured_media":79036,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[80,816],"class_list":["post-79035","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-dao","tag-rebranding"],"aioseo_notices":[],"amp_enabled":true,"views":"33","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/79035","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=79035"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/79035\/revisions"}],"predecessor-version":[{"id":79037,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/79035\/revisions\/79037"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/79036"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=79035"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=79035"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=79035"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}