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.