I personally suggest that all the $BIT token be converted to $MNT token. My opinion though
I fully support the proposal put forward by the Mantle team and their advisors. They suggest not converting 3 billion $BIT tokens into $MNT, which will make the token supply more predictable for holders. I particularly appreciate the allocation of 100 million $BIT/$MNT for community incentives, which will help attract and retain active participants. I also value their transparency and understanding of the importance of resources to support users, technology partners, and the project team. Potential sources of resource accumulation through protocol fees and Mantle Treasury yields will ensure the project’s stability. I am ready to actively contribute to the implementation of this proposal and fully endorse it.
I think it’s a good idea to reduce the circulating supply of tokens, they will become more previous. So my vote is YES.
In my opinion it should be burn.
What will happen to the remaining 3 billion BIT?
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Hi 0xSteady, thanks for highlighting this issue. We have provided more clarity, see “Edit 1” in the proposal above.
“2. [Edit 1] Non-converted $BIT tokens will be sent to the nominated burn address. For additional details on this address please refer to the following research article.”
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Finally, we get the whole important message of the overall proposal.
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I will vote yes also if there is burn mechanism available
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I found that everyone has overlooked a big question, that is, after bitdao is converted to Mantle, in what form will bybit support Mantle? Or let mantle grow by itself? Will bybit’s promise to launch bitdao as a counterfeit service fee will be fulfilled?
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The proposed burn represents over 50% of the $BIT held in the treasury. On the surface, that decreases the assets available for incentivizing ecosystem growth. This, however, should not be a concern as per MIP-22, $MNT will have “mint” functionality allowing the DAO to inflate the $MNT supply if needed in the future. Furthermore, the 145M $MNT cap on spending means that after burn, we still have 20+ years of incentives remaining 
I presume the $BIT tokens up for burning are part of the Bybit Contribution as per BIP-20. Are there any other power balance implications related to these tokens that we should be aware of:
- Can ByBit interrupt the vesting of the tokens
- Are the tokens fully owned by the DAO (excluded from voting), or does ByBit hold the voting power associated with the balances?
The fully diluted market cap was a major consideration for builders and capital allocators in the 2017-2019 era. In recent years the focus has been on circulating supply. Given the drip rate cap of 145M $MNT (<5% inflation), the tokens in the treasury do not present a threat of circulating supply shocks. As a result, the burn itself is unlikely to have significant tokenomic consequences but is still likely a net positive.
Disclaimer: I have contributed to different projects in the space since 2017, but I am new to the Mantle community so pardon my potential ignorance
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I vote yes! The 3 billion bit should be vested and into the Mantle
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Per BIP-21 (Snapshot), the Bybit contributions outlined in BIP-20 have been accelerated and sent to the treasury in one go (Ethereum Transaction Hash (Txhash) Details | Etherscan). There is no vesting remaining.
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It seems like you have taken into account the many usecases and major resources the token is responsible for covering. Other than that one worry I think this is a positive optimization for all parties involved.
Question: If there ever were a shortage of MNT token for one reason or another would that result in the price of the token increasing? Would it require less of the token to cover day to day operations?
Yes I just voted some hours ago in support the non-converted BIT be sent to the burn address. This is in favour of the healthiness of the mantle ecosystem
I’m for burning non-converted BIT tokens!
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How to vote and where to vote?
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If you had delegated BIT to your address before June 30th, 2023, you may vote on this proposal in the bitdao.eth Snapshot Space:
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It’s a nice one, fully supported, bravo to the mantle core team and her advisory team.
I also want to ask a question, concerning bit, for those that had been in mantel without having bit, what is their faith
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Good ask buddy.
I also own BIT but had not delegated.
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Supply reducing will have positive impact on tokenomic, good space for growing
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