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The Bybit-supported Layer-2 community, Mantle, is at the moment amidst a whirlwind of discussions. Central to this dialogue is the query of whether or not the BIT tokens, acquired by FTX/Alameda, ought to be eligible for conversion to Mantle’s new MNT token.
In 2021, Alameda secured a big 100 million BITs by way of buying and selling 362,315 FTT. At present, their holdings stand at about 98.86 million BITs, valued at a considerable $42 million.
Mantle’s Discussion board Debates on BIT to MNT Transition Controversy
A proposal by a Mantle group member, Cateatpeanut, introduced the controversy to the forefront. At its core, the difficulty revolves across the absence of an intrinsic entitlement emigrate $BIT to $MNT tokens. It prompt that the BIT tokens held by the FTX Group shouldn’t endure an automated conversion to MNT, notably contemplating particular ‘disqualifying elements’.
Cateatpeanut’s proposal explicitly advocated for the next:
Suspending the present on-chain migration good contract.Formulating a brand new $MNT migration good contract or migration service, one which might doubtlessly inhibit the automated migratability of the FTX Group’s $BIT tokens.
Furthermore, the on-chain migration contract stays inactive whereas awaiting the decision of the continuing dialogue and the group’s consensus.
A number of Mantle group members agreed with the proposal, elevating considerations about FTX’s historic commitments and present place. One member, Igneus, emphasised the importance of the three-year no-sale pledge (from BIP-4), asserting its validity even within the occasion of FTX Group’s chapter.
TaiwanDAO echoed this sentiment, highlighting the contract’s pure expiration with FTX’s chapter and opposing the automated migration to MNT. One other member, a950216t, voiced worries about burdening your complete group with the results of FTX’s shortcomings.
Nonetheless, amid this widespread consensus, a notable remark by jorantan96 emerged. The member prompt that this occasion is likely to be a uncommon prevalence of unanimous settlement inside the Mantle group.
The continuing Mantle group dialogue on changing BIT to MNT tokens displays the broader intricacies and challenges inherent in decentralized programs and governance fashions.
Such debates provide insights into the intricate nature of latest collaborative decision-making inside the blockchain area. They underscore the importance of transparency, belief, and, above all — foster group engagement.
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