If you've kept up to date with all of Bybit's exciting news and events in recent months, you definitely would have heard of Mantle Network, a Layer-2 blockchain network created and governed by the Mantle (previously BitDAO) community.

As Mantle embarks on a new journey to accelerate the mass adoption of Web3, Layer-2s and token-governed technologies, here're the most important updates that you need to know and a small recap, especially as the conversion from $BIT to the new Mantle token $MNT is fast-approaching.

(1) The Unveiling of Mantle

Mantle Network was introduced in November 2022. It was conceptualized and created by Bybit co-founder and CEO Ben Zhou, jacobc.eth and some of the best thinkers in the Web3 space, all to build a high-performance network that would take dApp innovation to the next level. This would also provide more use cases for $BIT beyond governance, which would be used as gas fee payments and more for any dApp building on Mantle. $BIT holders would get to participate in and reap the rewards of Mantle's growth through $BIT as a result.

(2) Rebranding to Mantle 

In May 2023, the community voted to merge BitDAO and Mantle under a cohesive Mantle brand following a vote by the $BIT community — all to unify brand messaging and communities, and present an easily-recognizable Mantle Ecosystem to $BIT holders. The governance function of BitDAO has been renamed "Mantle Governance", the treasury "Mantle Treasury" and the blockchain network Mantle as "Mantle Network". 

(3) $BIT Out, $MNT In

At the same time, a new Mantle token, $MNT, that would replace the $BIT token in the new Mantle ecosystem was introduced. $BIT and $MNT will be exchanged at a 1:1 ratio, and $BIT holders will be able to convert their $BIT via selected, approved centralized exchanges such as Bybit, and via a conversion smart contract on Layer-1 (L1CSC). For $BIT holders who have converted their tokens into the new $MNT, you can continue to:

• Hold, trade, buy and sell $MNT as you did with $BIT
• Participate in any $MNT events on Bybit
• Vote on key Mantle proposals by delegating your $MNT

$MNT will also be used on Mantle Network by developers and node service providers to pay gas fees, for staking and any other Mantle-created product in the future. Check out more details on $MNT's token supply and more here.

(4) Bybit Contributions to the Treasury

For the longest time, Bybit had been contributing 2.5bps of Futures trading volume to the now-Mantle treasury, before adjustments were made in March 2023 to switch the contributions to fixed amount contributions. Upon the success of the rebranding proposal, Bybit has immediately vested and transferred the remaining 2.58 billion pledged $BIT to Mantle Treasury. 

(5) Mantle & Its Ecosystem

Mantle is working with some of the biggest names in the Web3 space, and will continue to grow its ecosystem. Aside from Mantle Ecosystem initiatives Game7, HyperPlay, EduDAO, Sozu Haus, ApeX Protocol and others, Mantle Network is collaborating with multiple projects in the gaming, NFT, DeFi, infrastructure and tooling categories to bring trending dApps and unique innovations to its community. 

(6) What's Upcoming

• $BIT to $MNT Conversion: Bybit will support Mantle in facilitating the conversion to $MNT tokens. 
• $MNT Bystarter: From now till Jul 17, 2023, commit 100 USDT to the $MNT ByStarter and receive up to 2,200 $MNT for free.
• Launch Event: Mantle will be attending all major blockchain events in Paris from July 17-23, including EthCC, ETHGlobal Paris, Modular Summit and Stable Summit.

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