The BIT token is set to undergo a rebranding and become Mantle, following the approval through a high majority vote on May 19. This measure aims to optimize the token ahead of the launch of a new layer-2 mainnet and unify the BitDAO ecosystem under a “One brand, One token” principle. According to reports, around 235 million BIT tokens voted yes, while 988 BIT tokens voted no. The conversion is anticipated to occur before the implementation of the Mantle L2 mainnet to save holders from having to pay gas fees. The proposed changes will not affect governance and are “a cosmetic rebranding.” BitDAO was formed in 2021 after a $230 million funding round led by billionaire investor Peter Thiel and is supported in part through contributions from the Dubai-based cryptocurrency exchange, Bybit. Mantle’s next step is to implement its mainnet and launch slated for Q2 2023.