Mantle Network, an Ethereum Layer 2 solution, has merged with its backer BitDAO. The merger was approved by BitDAO community members through a governance proposal titled BIP-21.
The merger will combine BitDAO’s governance framework and treasury with Mantle Network’s technical prowess. This will create a unified ecosystem with the goal of refining branding, tokenomics, and creating a unified product focus.
As part of the merger, BitDAO’s governance token will be rebranded to Mantle, represented by the ticker symbol MNT. Mantle Network developers will also inherit almost $300 million in stablecoin reserves and over 270,000 ETH ($485 million) from BitDAO. This capital will be used to fund the expansion and broader adoption of Mantle Network.
The merger is a significant development for both Mantle Network and BitDAO. It will allow Mantle Network to accelerate its growth and reach a wider audience. It will also allow BitDAO to expand its reach into the Layer 2 space.
The merger is a positive sign for the future of Ethereum Layer 2 scaling solutions. It suggests that there is growing interest in this space from both developers and investors.