BitDAO Proposes BIT Become The Primary Token For Layer-2 Mantle

Key Points:

• BitDAO has presented a proposal to combine the entire ecosystem into its layer-2 Mantle Network, including transforming BIT into Mantle’s, as well as other elements such as token design, trading mechanism, trading channel, and other characteristics.
• According to the plan, there will be no substantial changes in how the existing system is managed, and BIT holders will be easily converted to the method without having to perform any activities.

BitDAO, a self-governing decentralized organization sponsored by the Bybit exchange, seeks to combine the entire ecosystem into Mantle Network, BitDAO’s new layer-2 solution.

The BitDAO autonomous organization recently proposed unifying the whole ecosystem into its layer-2, the Mantle Network. The plan comprises converting BIT to Mantle’s, as well as modifying other elements such as token design, trading mechanism, and trading channel to integrate into Mantle. Furthermore, BitDAO will be renamed Mantle DAO.

The “One Brand, One Token” criterion is outlined in detail in the proposal, which aims to simplify the ecosystem by eliminating the practice of issuing tokens for each individual product and having several DAOs manage it. From tokens to the treasury, and even the DAO, become a unified city of Mantle.

As a consequence of this, the plan will not bring about a substantial alteration in the manner in which the current system is administered. The holders of BITs will also be converted to the mechanism in a flexible manner according to the portion they possess.

BitDAO is planning to release Mantle Network in the latter half of 2022. It is a layer-2 scaling solution that is modular in nature and will be built on Ethereum. The solution will segregate the consensus layer, transaction execution and payment layers, as well as data storage. As a consequence of this, it is anticipated that Mantle would enhance the scalability and operational efficiency of the blockchain. At the time of this publication, the cost of one BIT had increased by around 5%, reaching approximately $0.50.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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