The decentralized autonomous organization BitDAO will merge with the Ethereum Layer 2 solution Mantle Network

ChainCatcher news, the decentralized autonomous organization BitDAO community members have approved a governance proposal named BIP-21, which proposes to rebrand BitDAO's governance token from BIT to a new identity, Mantle. BitDAO will merge into Mantle Network.

It is reported that through this integration, Mantle Network developers will inherit nearly $300 million in stablecoins and over 270,000 ETH (approximately $485 million) in reserves from BitDAO, which will play a key role in funding the expansion and broader adoption of Mantle Network.

In addition, Mantle Network will enter the second phase of its testnet in May, codenamed "Ringwood." (source link)