BitDAO's MIP-22 proposal has been successfully passed, with approximately 170 million <a target="_blank" href="https://tokeninsight.com/en/coins/bitdao/overview">$BIT</a> tokens voting in favor and 655 BIT tokens voting against.With the passing of MIP-22, the following actions will be taken:<ul><li>The Mantle token, $MNT, shall incorporate functions analogous to the “Upgradability” and “Mint” functions of $ARB and $OP.</li><li>The one-way token conversion ratio shall be set at 1 $BIT token to 1 $MNT token.</li><li>The Mantle core contributor team shall be authorized to determine the optimal timing and sequence for the delisting of $BIT tokens, listing of $MNT tokens, opening of conversion channels, and the Mantle Network Mainnet.</li><li>A DEX liquidity pool for $MNT-ETH may be created, utilizing the proceeds from the deconstructed $BIT-ETH pool.</li><li>A temporary conversion treasury may be established to provide support for the token creation and conversion process.</li></ul>In May, BitDAO approved the proposal BIP-21 to unify BitDAO and Mantle. While governance processes and treasury management will remain unchanged, BIT holders will undergo a token conversion process for the new Mantle token. Mantle is an Optimistic Rollup developed by <a target="_blank" href="https://tokeninsight.com/en/coins/bitdao/overview">BitDAO</a>.&nbsp;<a target="_blank" href="https://tokeninsight.com/en/cryptocurrencies">TokenInsight</a> is dedicated to covering the most important and cutting-edge trends in the world of crypto. If you have information to share with us, please feel free to contact our email <a href="mailto:news@tokeninsight.com">news@tokeninsight.com</a>. Your trust will be well respected.

BitDAO Approved Proposal MIP-22, $BIT will be converted to $MNT at 1:1

TokenInsight

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