Ethereum Layer 2 Mantle Network Proposal: Migration of BitDAO Tokens
In a proposal authored by community member Cateatpeanut, Ethereum Layer 2 Mantle Network has put forward a proposal regarding the migration of BitDAO tokens to Mantle as part of their ongoing merger. Here are the key points:
– BIT tokens held by FTX Group: The proposal states that the BIT tokens held by FTX Group should not automatically be eligible for conversion due to various disqualifying factors. It emphasizes that there is no guaranteed right of migration from BIT to MNT.
– Pausing the migration contract: The on-chain migration contract has been paused pending the outcome of the discussion and subsequent vote on the proposal.
– Merger with BitDAO: Mantle Network announced its merger with BitDAO in May. BitDAO is known for having one of the largest treasuries in crypto, currently worth over $3 billion. BitDAO’s governance token BIT is transitioning to Mantle under the ticker MNT.
– Changing the migration smart contract: Community members are voting on whether to change the existing on-chain migration smart contract and introduce a new one designed to restrict the automatic conversion capability of FTX Group’s BIT tokens.
– Alameda Research’s involvement: FTX Group company Alameda Research exchanged 3.4 million FTT tokens for 100 million BIT tokens in a swap agreement with BitDAO. Alameda was recently forced to provide proof of ownership after allegations of selling tokens in contravention of a lock-up agreement.
Community Agreement and Mantle’s Launch
The proposal has received positive support from the Mantle community. Members believe that the challenges faced by FTX should not impact the broader investor community. The proposal is expected to generate a high level of agreement within the Mantle community.
Mantle Network unveiled its Layer 2 network at EthCC in Paris and has seen significant growth since then. With its modular architecture, Optimistic Rollup design, and collaboration with EigenLayer for data availability, Mantle aims to combine high performance with low costs while maintaining Ethereum’s decentralization and security.
Hot Take
The proposal by Ethereum Layer 2 Mantle Network regarding the migration of BitDAO tokens showcases the community’s active involvement in shaping the future of the project. By addressing concerns and seeking community consensus, Mantle Network demonstrates its commitment to transparency and governance. This proposal sets a precedent for inclusive decision-making within the crypto space.
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