Mantle Network, an Ethereum Layer 2 solution, has merged with BitDAO, one of the most well-known decentralised autonomous organisations (DAO). The merger unifies the governance structure and financial resources of BitDAO with the technological edge of Mantle Network. Members of the BitDAO community voted in favour of the merger after approving the DAO’s governance proposal BIP-21.
The merger’s principal objective is to improve branding, tokenomics, and establish a single, cohesive product vision. In step with this, the ticker symbol for BitDAO’s governance token will change from BIT to MNT, which stands for “Mantle.” Also, as a result of the merger, the creators of the Mantle Network will gain access to roughly 270,000 ETH ($485 million) and about $300 million in stablecoin reserves held by BitDAO.
BitDAO, Bybit and What Next For Mantle
Mantle is an efficient Ethereum layer-2 network that uses a modular design to provide robust security at low transaction costs. Mantle’s innovative architecture allows developers to create decentralised applications (dApps) while relying on Ethereum’s robust safety measures. By learning from and experimenting with both optimistic rollups and zero-knowledge rollups in an iterative and modular fashion, Mantle aspires to be a frontrunner among Ethereum’s scaling solutions.
The Mantle Core group proposed in February that BitDAO establish a $200 million fund to support early-stage Web3 firms on the organization’s governance forum. The suggested investment timeframe for the fund is three years with an additional two-year extended period.
By holding BIT tokens, the BitDAO community exercises governance over the Mantle network, and these tokens are also used to pay for transactions, support Mantle projects, and reward those that stake. Bybit collaborates with BitDAO to create cutting-edge tools for collaborative endeavours and transactions. Mantle Network’s testnet, internally referred to as “Ringwood,” will enter its second phase in the month of May. During this time period, the network will undergo a number of planned technological upgrades.