This proposal is co-authored by Cateatpeanut and the Mantle Network team.
Observations
BitDAO was established as an open platform for ideas, with experiments in subDAO-type initiatives, community initiatives, and $BIT-powered products. The current hypothesis is that “Products” are the primary strategy for user and developer engagement, Web3 adoption, and long-term $BIT prosperity.
There is fragmentation of communities, messaging, and mind-share between the Governance (BitDAO) and Product (Mantle) components of the existing BIT ecosystem. There is complexity as to whether $BIT should be valued for its governance component or product component or some combination.
Objective
This proposal aims to recommend changes to branding and structuring that lead to the greatest long-term token holder prosperity, provide the greatest chances of success for core products (e.g. Mantle Network), and preserves the governance and economic rights of token holders.
Proposal
1\ Apply a “One brand, One token” principle.
a. Position mantle.xyz as the unified ecosystem brand with a product focus.
Product components utilize the Mantle brand, for example mantle.xyz/network and mantle.xyz/lsd.
Governance components adopt the Mantle brand, for example mantle.xyz/governance.
Changes from BitDAO.io shall be a cosmetic rebrand only - all existing governance processes are preserved including proposals, budgeting, and treasury resource management.
The existing BitDAO Treasury holdings and exposure shall remain under the governance of token holders. The treasury will be referred to as the Mantle Treasury.
b. Authorize a token conversion plan.
Token conversion rules and ratios shall apply to all token holders equally.
There shall be a flexible conversion period instead of a “balance snapshot” for more convenient user experience. Therefore, existing token holders do not have to take any preparatory actions, and new buyers may buy $BIT in preparation for the conversion.
The new token design, conversion mechanisms, and conversion channels shall be shared after the audit.
2\ Simplify tokenomics for a fresh start for the Mantle Network mainnet, and token listings.
a. Accelerate all BIP-20 contributions and BitDAO launch vesting schedules.
Supporting Information
Disclaimer: The information provided below describes the current direction of design and structure options but is not an official component of the proposal. Any changes made must comply with the terms outlined in the official proposal.
One Brand One Token
Current
Ecosystem
Product Components
Governance Components
Brand
BitDAO Mantle BIT Ecosystem
Mantle [Network] TBD
BitDAO BitDAO Treasury
Token
$BIT
$BIT
$BIT
Proposed
Ecosystem
Product Components
Governance Components
Brand
Mantle
Mantle [Network] Mantle [TBD]
Mantle [Governance] Mantle [Treasury]
Token
$BIT → Mantle*
$BIT → Mantle*
$BIT → Mantle*
*ticker symbol TBD
Token Design
The new token will incorporate the latest design principles and features, including additional features to support Mantle products and Mantle governance, with references to peer token designs and functionality (e.g. layer 2 tokens and DAO tokens).
Preliminary research and design will be shared for community feedback.
Token Conversion
Multiple official token conversion channels will be established to support the transition.
The token conversion may introduce a fixed exchange rate for all users, which preserves all existing proportions of governance rights and other interests.
The token conversion will be a gradual process with various official conversion channels for holders to select from. Existing holders will have the option to convert their tokens at any time during the transition.
Tokenomic Simplification
All contributions due from BIP-20 (2.58b $BIT) and remaining vesting schedules from launch (2.8125b $BIT) will be accelerated. This will simplify the token circulating supply and make it more predictable, with no outstanding vesting schedules inherited from the original BitDAO launch.
All distributions from the treasury shall continue to be approved via the governance process, providing an advantage versus other projects that have significant investor and founding team vesting schedules.
Tokenomics aggregators and media companies will no longer report large amounts of monthly vesting.
Governance
This proposal will not result in material changes to the existing governance process.
Ideas and discussions are welcome on a permissionless forum, and proposals require ratification by the token holder vote on Snapshot.
Although governance parameters including proposal threshold, vote threshold, vote duration will remain effectively the same, there may be proportional adjustments to the numbers due to the token conversion ratio.
Resource Management and the Treasury
This proposal will not result in material changes to the existing resource management process.
The treasury will remain under the general governance of token holders, and not any specific product line or initiative.
Product lines such as Mantle Network (Rollup) will still be required to submit budget request proposals (such as BIP-19), and tracking of capital calls and spending will be available at Treasury Monitor.
Existing Initiatives
This proposal will not result in material changes to existing initiatives.
Existing initiatives, for example Game7 and EduDAO, will maintain their rights to determine their brand, governance processes, mission, and strategy.
Website and Naming Conventions
The overall ecosystem will be called Mantle, and the website will be https://www.mantle.xyz/.
The existing Rollup project will be referred to as Mantle Network.
New product lines which are powered by the Mantle token will use the naming convention Mantle [Name] as a default.
The existing governance and DAO will be referred to as Mantle Governance. This signals flexibility to explore governance mechanisms and parameters that work for our ecosystem, including operating councils, on-chain and off-chain voting, vote modification schemes, budgeting processes, and more.
All Mantle branded product lines, governance components, and initiatives will be under the umbrella website https://www.mantle.xyz/ .
To assist with the transition, the bitdao.io website components will be maintained for some time, with redirects to the corresponding Mantle Governance pages.
I am fully supportive of this proposal. It delivers the greatest long-term prosperity to token holders, the treasury, as well as the entire ecosystem’s economy, as well as makes the whole narrative much easier to parse.
Sparta was just the main settlement of the city-state Lacedaemon. But except for classists people only know Sparta, and “This is Lacedaemon!” simply does not have the same ring to it.
Vox Populi, Vox Dei.
The astonishing growth of Mantle is the best indication of where BitDAO should go in Act Two.
I wholeheartedly support this proposal for several reasons. Firstly, merging the brands before the Mantle mainnet release is a strategic move that will help create a unified identity for the ecosystem. This will ensure that users, developers, and token holders can associate the token and its value proposition with the Mantle brand, reducing confusion and strengthening the ecosystem’s image.
Secondly, simplifying the tokenomics and adopting a “One brand, One token” principle makes it easier for users to understand the relationship between the token and the chain. Instead of having to explain what $BIT is and how it connects to the Mantle ecosystem, users can more easily grasp the value and purpose of the token when it is named after the chain. This can also help with the adoption of the token, as users will have a clearer understanding of the token’s role within the ecosystem.
Moreover, the proposal to accelerate all BIP-20 contributions and BitDAO launch vesting schedules simplifies the token’s circulating supply and makes it more predictable. This will benefit token holders, as they will not have to deal with the complexity of outstanding vesting schedules inherited from the original BitDAO launch.
In conclusion, I believe this proposal is beneficial for the long-term token holder prosperity, as it simplifies the branding, tokenomics, and governance while preserving the rights of token holders. By creating a unified ecosystem brand and token, we can foster greater user and developer engagement, facilitate Web3 adoption, and ensure the long-term success of the Mantle Network and its associated products.
Totally on board with this proposal. The “One brand” principle really simplifies the ecosystem and this is essential. I haven’t been around for long, but day by day, I can see that this project is heading in the right direction. I’m getting comfortable on this train.
I think this is better for our future . Because the only relationship between $BIT and bybit recently, there are only investments left.
You should explain the direction and details of the new tokens. For example, $MANTLE the token will be on ERC-20 or Mantle network, the exchange ratio of $BIT and $MANTLE, etc.
“remaining vesting schedules from launch (2.8125b $BIT) will be accelerated”
In that case, what is the proposed end date for the release of the remaining tokens from vesting?
Now is a date 15 June 2024, reamining ~ 27% of total supply will be release e.g next 3 month?
The proposal for the optimization of brand, token, and tokenomics under BitDAO and Mantle has my full support. This proposal represents a pivotal change that will shape the future of the Mantle ecosystem, unifying communities, messaging, and mind-share between the Governance and Product components.
Moreover, the proposed changes aim to ensure the greatest long-term holder prosperity, the greatest chance of success for core products such as Mantle Network, and the preservation of token holders’ governance and economic rights. The proposal’s core tenets, including positioning Mantle as a unified ecosystem brand with a product focus and authorizing a token conversion plan, are positive steps towards achieving these goals.
In addition, simplifying the tokenomics for Mantle Network mainnet and rolling up the project to sit under the umbrella ecosystem Mantle will help to streamline the ecosystem and make it more accessible to users. This development is particularly exciting as it has the potential to improve accessibility and streamline the ecosystem.
Furthermore, it’s important to note that the proposed changes are a cosmetic rebrand only and will not result in material changes to core governance, resource management, treasury, and existing initiatives. This approach is sensible, and it ensures that the ecosystem’s current strengths and successes are not disrupted.
Overall, the proposed changes for the optimization of brand, token, and tokenomics under BitDAO and Mantle represent an exciting development for the Mantle ecosystem. The proposal’s core tenets are positive steps towards ensuring the long-term holder prosperity, success for core products such as Mantle Network, and the preservation of token holders’ governance and economic rights. I believe that the proposed simplified tokenomics and rollup project under the Mantle ecosystem are promising developments that will lead to continued growth and success for the Mantle ecosystem.
Fully support this proposal. I think there is quite a bit of legacy issues with bitdao being a Dao treasury token and when bitdao launch a L2 Mantle, people might get confused the relationship of the two. By converting a new mantle token, this solves all the confusion and bitdao legacy issues.
With the token acceleration, I’m in full support as well as this will give the new token a better tokenomics and more even distribution.
Lastly, in order for the L2 to be successful, we are looking forward to some killer app in the mantle ecosystem.
Bybit will stand firmly with the mantle/bitdao community supporting mantle development as well projects listing on mantle. I think the Next bull run will be about L2s, go Mantle.
“remaining vesting schedules from launch (2.8125b $BIT) will be accelerated”