Rebrand & New Mantle Updates — AMA Recap
05/17/2313 min read
The potential implementation of the “Optimization of Brand, Token & Tokenomics” proposal will mark a pivotal moment for Mantle. In last week’s introductory AMA to the rebrand, we covered how the proposal would fundamentally reshape the perception of Mantle within the broader crypto community and significantly impact our brand positioning.
As the proposal sails towards approval on BitDAO’s Snapshot, already reaching quorum and possibly set to pass with a resounding majority, we can’t help but be thrilled about what lies ahead.
To facilitate a smooth transition into this unified ecosystem, and to keep our community informed, we held a detailed Twitter Spaces with various core Mantle contributors. The discussion centered around the rebranding event again, but this time from fresh perspectives within the ecosystem, and shed light on several network-related updates. The session was helmed by our Public Liaison Igneus Terrenus, and was graced by the presence of important partners of the Mantle ecosystem including Ben Zhou, CEO & co-founder of Bybit, jacobc.eth, founder of Game7 and HyperPlay and strategic advisor to Mantle, and Jordi Alexander, a strategic advisor to Mantle.
This AMA aimed to quell any confusion, answer pressing questions, and ensure our community is as informed as possible. So, without further ado, let’s dive into the key highlights of this session.
*Some sentences have been edited for clarity and brevity.
1. From the perspective of ecosystem partners such as Bybit and HyperPlay, what’s their take on the rebranding?
B: The proposal is well-timed, because the Bybit community has always wondered about the relationship between BitDAO and Mantle. Confusion arises around how BitDAO is going to incorporate a layer 2 (L2). People consider $BIT as representative of ownership over the DAO and voting rights to govern it, essentially as entitlement to the treasury, and need to understand the relationship between $BIT, BitDAO, and Mantle clearly.
Bybit is excited about the prospects of L2s, as Ethereum continues to build a solid foundation. L2s could fuel the expansion of the market and the next bull run. Mantle is uniquely positioned, as the community wants an L2 coming out of a DAO, but people need clarification with the current complexities. The rebranding will eliminate the confusion and put Mantle in the spotlight.
Bybit will fully support whatever the proposal’s outcome is, embrace the rebrand, and support token listings going forward.
JC: The current model could create significant UX challenges, where users aren’t sure of the gas token of the network. It also creates uncertainties around the relationship between a DAO token and a utility token of a blockchain network. Many people were anticipating a separate gas token and didn’t understand that the utility of $BIT was growing.
With the changes, Mantle will act as the common binding thread across the ecosystem. The timing has also been impeccable in that the token conversion will happen before mainnet, so users won’t need to migrate the gas token of a running network.
2. What does Mantle bring to the table for the L2 ecosystem?
JD: Mantle is carving out its unique space in the L2 ecosystem, accelerated by shifting the focus from BitDAO and investments to tangible blockchain products. The proposed rebranding underlines this transition, placing Mantle, rather than BitDAO, at the forefront.
Strategically aligning with Ethereum, Mantle is committed to enhancing the Ethereum ecosystem. While the L2 landscape is competitive, Mantle brings numerous innovations — a decentralized sequencer, Mantle DA as powered by EigenDA technology integration, and plenty of other enhancements that take performance and security to the next level.
The rebranding and product-focused approach could potentially draw more attention from the broader crypto community. Backed by a substantial treasury and Bybit’s support, Mantle, as an open community project, is determined to outperform existing L2 solutions and introduce a stream of innovative ideas in the near future.
3. How does the vision & mission change with the rebrand?
JD: The rebranding represents a pivotal shift, changing from a dual focus on investments and project support to a singular focus on fostering a holistic blockchain ecosystem. The approach now is to streamline all activities — investments, bootstrapping, partnerships — within the framework of Mantle.
JC: Previously, the ecosystem was inspired by fractal growth, which encouraged many projects and communities to collectively build diverse products. Introducing an L2 solution has enhanced this model by providing a unifying space for these diverse projects, fostering collaboration and empowerment.
While this rebranding continues our past efforts, it also marks a new beginning, emphasizing the creation of more products within the Mantle ecosystem. The goal is to achieve maximum collaboration and value creation, align more deeply with the Ethereum ecosystem, and accelerate the adoption of web3.
The rebranding to Mantle clarifies our mission, making the ecosystem more understandable and attractive to all participants.
4. How will the rebrand impact the initiatives like HyperPlay & Game7?
JC: The rebranding will clarify the relationships between different products in the ecosystem, like the gas token on the chain, and help improve the user experience. Moreover, the functionality and on-chain aspects of HyperPlay will be deployed on the Mantle chain, fostering synergistic collaboration across the ecosystem.
But at a high level, the rebrand does not materially impact these initiatives. They will continue to build the same as before, just within a new ecosystem name.
5. How does BIP-21 impact Bybit’s pledge towards BitDAO/Mantle?
B: Bybit’s pledge towards BitDAO remains unchanged despite the rebranding to Mantle. The commitment to support the initiative extends beyond the token conversion, affirming the same level of support. The shift towards L2, a popular choice in the wider crypto community, aligns with Bybit’s belief in embracing interoperability. L2 offers enhanced security and decentralization, aspects that Bybit is excited about. As such, Bybit will fully cooperate with the Mantle team in the token swap process.
6. How does Mantle intend to balance the interest of token holders & the development of the ecosystem as a whole?
JD: We believe there’s no conflict between the interests of token holders and the development of the ecosystem; instead, they are in sync. The token holders stand to benefit greatly from the thriving ecosystem and the new products that will be built. This alignment extends to the Ethereum network, as Mantle will contribute to its community and adopt Ethereum’s preferred scaling method with L2s.
JC: The primary focus isn’t on the speculative value but rather on growing the utility of products within the ecosystem. The shared infrastructure serves as a unifying thread, enabling better alignment of incentives between the products being built and the Mantle community. This approach makes it easier to build in a way that complements the DAO, thereby fostering a more robust and integrated ecosystem.
7. What implications does BIP-21 have on the broader DAO landscape, provided it’s become the most viewed, most commented, most engaged proposal ever?
JC: The idea of coloring outside the lines with a DAO is exciting. In the past, most people perceived DAOs as investment DAOs, where the proposals centered around whether the group should make an investment. While these are important, they’re not as exciting as imagining the future of web3. This proposal reminds us of what will help draw the most community engagement and ecosystem value.
Overall, it was incredible to see a massive turnout and support from the community.
8. Does the proposal slow down Mantle’s mainnet launch?
JC: The proposal and its implementation will not significantly slow down Mantle’s mainnet launch. While there are many moving parts in developing an L2 solution, including in Mantle’s case, building on top of Mantle DA as powered by EigenDA technology, these components work towards reducing gas fees and creating a more efficient system. The rebranding process is happening concurrently and should not impact the launch timeline. The primary focus is launching a robust, efficient and well-developed product, even if it requires iterative improvement and development, rather than rushing to launch.
9. Why did Mantle decide to build an L2 blockchain and not an L1?
B: Initially, the DAO was focused on providing value to token holders. This was driven by the observation that the treasury’s growth wasn’t directly translating into token value accrual, which led to dissatisfaction among the token holders. To address this, the DAO decided to enhance the token’s utility and, as a result, considered launching an L1 blockchain.
However, following community feedback, we opted for an L2 solution built on Ethereum, which aligns more closely with the community’s values and leverages the existing Ethereum infrastructure. This decision demonstrated the DAO’s commitment to collaborating with its community to deliver desired solutions.
Conclusion and Next Steps
The upcoming implementation of the “Optimization of Brand, Token & Tokenomics” proposal signifies a transformative phase for Mantle. The rebranding and network-related updates discussed highlight this shift’s significant impact on Mantle’s brand positioning and perception within the crypto community. With strong community support, the proposal’s imminent approval sets the stage for a thrilling future for Mantle.
Ecosystem partners, including Bybit and HyperPlay, are excited about rebranding and its potential for Mantle. Mantle strives to innovate and push the boundaries of what an L2 solution can offer.
Once the Snapshot vote ends and if successful, the team and community members will continue researching a potential token conversion process. The Mantle and BitDAO community will continue to be over-communicative in any updates to the proposal and how it will be executed.