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BitDAO (BIT) to Mantle (MNT) Token Migration
BIP-21 has approved the brand and token merger, with pre-authorization for a token conversion plan.
Token Ticker Symbol
The token ticker symbol $MNT has been chosen due to its distinguishability and availability across major exchanges and aggregators.
Token Functionality
Key design recommendations include:
- Upgradability: the L1 $MNT token will be upgradable using the OpenZeppelin Transparent UpgradableProxy contract, which is also used by the $ARB, $AAVE, and many other reputable protocol's tokens. This enables the Owner (Mantle Governance) to maintain the $MNT token functionality to support future product and governance use cases, reducing the need for a future token migration.
- Mint: the Mint function allows Mantle Governance to authorize potential future inflation of the $MNT token to support long-term ecosystem development. The $MNT token will be minted on L1.
- The recommendation is for $MNT to permit Mint once per year with a default setting of 0%. While we see the benefits of this functionality, we do not yet have foreseeable needs for future inflation.
- This also allows the Mantle community to propose burning Treasury $MNT without as much concern for multi-decade future requirements.
- As a reference, other L2 tokens such as $ARB permit Mint of up to 2% of token total supply once per year upon governance approval.
- No Special Supply Synchronization Between $MNT on L1 and L2: $ARB and $OP can be minted on both L1 and L2, and require a "bridgemintburn" token function to synchronize total supply. The Mantle R&D team's recommended approach is a more simplified version where the $MNT token can only be minted on L1. The $MNT token minted on L1 can be bridged to L2 via the canonical bridge without the need for additional supply synchronization.
Temporary Conversion Treasury (TCT)
- A TCT may be established to support the token creation and conversion process.
- The TCT will receive all initially created $MNT.
- The TCT will swap $BIT for $MNT with significant holders such as the previous BitDAO Treasury (now Mantle Treasury), and Mantle Network budget multisig.
- The TCT will send $MNT to conversion channels, including a L1 conversion smart contract "L1CSC", and centralized exchanges who have been approved to support the conversion.
- Please note that the TCT itself does not function as an official conversion channel, and users are strongly advised not to send $BIT to the TCT. Instead, they should rely on the L1CSC frontend to be hosted on mantle.xyz or officially participating centralized exchanges.
- The TCT will receive $BIT before 1x $MNT, reducing escrow risk, with the exception of the L1CSC.
- The final ratio of "total received $BIT units" versus "total sent $MNT units" by the TCT will be 1:1.
- $BIT held in the TCT will be burned, and the TCT will be decommissioned after the completion of conversions.
- The asset flows will be periodically updated on the Treasury Monitor.
