This is a solid update! It is really cool to see a proposal change per community sentiment.
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Mantle Team, thank you for listening to your community (1:1)
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Mantle will always be a community driven project ![
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Is the conversion process automatic?
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change looks good
[image]
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- 如果持有人未将 $BIT 代币转换为 $MNT，会发生什么情况。有转换期限吗？
- 持有人将 $BIT 转换为 $MNT 的过程是否有替代 gas 费？
- 是否有最低 $BIT 令牌可以转换？
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@Georgovich @mmarecka80
The conversion rate has been updated to 1:1.
Please review this update for full details: [DISCUSSION] Mantle Token Design, Conversion Parameters, and Asset Handling - #127 by cateatpeanut
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Very good update, i think that listening the community is the best choice ever (hey Ledger 
)…and giving back conversion fees is a very good move!
Thanks, i ll vote YES to the proposal, i m very happy to be part of the Mantle community!
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Rate 1:1 is the best choice 
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I agree with the statement and the ratio 1:1 is simple.
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Will new mantle tokens be minted?
The intended tokenomics of MNT should be a factor in this decision,
BIT held on exchanges, would be converted?
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(I’ve asked this in the Discord server and did receive a reply from LBrian; however, he did say that he would get back to me with a more comprehensive reply, so I’m posting here in the hopes that this might create a discussion around the topic - it’s been my experience that any mint function is an undesirable contract feature. I’m wondering what kind of utility minting new tokens might have that wouldn’t be at the detriment to token holders.) There was a question asked during the AMA that never really was answered: why is there a mint function in the new ca? When asked, the team replied with some detail about the treasury being abundant and stated that the team is looking for solutions to burn tokens rather than mint them, but it was never really addressed directly. What sort of situations might occur that would necessitate the minting of new tokens? It would bear mentioning that the only purpose for minting new tokens that I can come up with would be for emissions or to sell, which would obviously affect PA and token holders would potentially be the one’s to feel this effect.
The reply I received from LBrian in the Discord server follows: “Basically if there are supply constraints in the future we can’t properly incentivize the community, sequencers, validators, etc etc. It’s a feature that allows for sustainability in a scenario where there are MNT supply constraints. That being said, I’m not the expert on this. I’ll do some work to get you a more concrete answer.”
So what I’m wondering is; how would there be supply constraints and what would be the cause? Regarding incentivization, once any airdrop has taken place, which would be the largest incentivization program that I could imagine, would incentives supply really potentially become an issue? So from what I glean from this reply, it boils down to supply constraints for incentives. I haven’t seen the tokenomics for $BIT, but shouldn’t this be a consideration that would be solved by the new tokenomics for $MNT with a tranche allotted for incentives?
There is a paragraph under the “Mint Functions and Potential Supply Changes” header that reads: “One significant advantage of the Mint function is the increased flexibility it provides Mantle to vote on burning $MNT tokens held in the treasury, thereby reducing the Total Supply, Max Supply, and FDV.” I’m sorry, but I had to laugh a little bit at this, if I’m understanding it correctly. It sounds like someone is saying that minting tokens is a net plus because it gives Mantle the ability to vote on burning tokens. This is a circular argument that makes no sense to me. Am I understanding this correctly?
****Since there is a weighted vote on any tabled proposal, do minted tokens held in the treasury give the holder an unfair vote? Or are they excluded somehow?
I look forward to any discussion around this topic as I am genuinely interested to know how the revision doesn’t solve this problem sans any minting function. Thank you in advance for your reply.
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checked. umm i think it gonna be cool
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quite vague, please be more clear and spcific
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Congratulations to the entire BitDAO/Mantle team and community on propelling this rebranding effort forward! This significant milestone presents a tremendous opportunity to elevate the BitDAO/Mantle product and community to unprecedented heights.
Re conversion-related todos and next steps, ie:
We would like to offer Mantle to utilize the MYSO v2 smart contracts and a white-labelled UI to facilitate conversions from $BIT to $MNT for its users. This approach would complement existing conversion channels (e.g., via CeFi, etc.) by offering a decentralized, trust-minimized conversion channel that is fully under Mantle’s control. Please note that the MYSO v2 smart contracts have already undergone 2 independent security audits, including from the renowned Trail of Bits: https://github.com/trailofbits/publications/blob/master/reviews/2023-04-mysoloans-securityreview.pdf Hence, Mantle could simply reuse these contracts instead of having to rebuild them from scratch, which ultimately would save time and reduce costs.
Using MYSO v2, Mantle would have the autonomy to set the conversion rate (be it 1:1 or 1:π, etc.), define conversion limits (requiring a certain minimum or maximum conversion amount), and, if necessary, introduce conversion access controls. For instance, Mantle could opt to allow only certain addresses to convert if deemed useful - please note that this feature is entirely optional and is at Mantle’s discretion.
We’d be thrilled to support Mantle in this significant transformation and would welcome feedback on this!
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I find it encouraging that the proposal and Mantle team is receptive to suggestions from the community to change the conversion ratio.
Regarding the conversion, I would like to ask for myself and behalf of those whose BIT tokens are stuck on FTX. With Alameda as an early partner of BitDAO and given the FTT / BIT token swap, it wouldn’t be a surprise that a good number of BIT community members hold BIT tokens on FTX.
Since we have no access to our FTX account for the foreseeable future, how can we do the conversion for BIT to Mantle Token?
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What cant we keep $Bit as it is and have $MTL for L2. Like ETH->ARB
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Does that affect the price of $MNT?
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good ratio 1 $BIT token to 1 $MNT token .
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This proposal is now open for voting as Mantle Improvement Proposal (MIP) 22. Please cast your vote in the bitdao.eth Snapshot space before Jun 6, 2023, 7:57AM UTC.
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