BitDAO, a Decentralized Autonomous Organization, has announced a merger with the L2 project Mantle Network, which is expected to create a single ecosystem under the BitDAO brand.
This move came after the community unanimously approved a proposal to optimize the company’s brand, token, and tokenomics.
Mantle Network will inherit the decentralized governance processes and a DAO treasury, worth ~$300M in USDC/USDT stablecoins and about 270,000 ETH (approximately $486M).
These funds will finance the development of the project products, with the first being a second-level network for scaling Ethereum based on Rollups technology.
A testnet was launched in January 2021, followed by the Ringwood second testnet expected to be released in May.
The core element of the merger is the “one brand, one token” concept, where Mantle (MNT) will become the single asset of the BitDAO ecosystem.