Bybit recently announced that, starting on June 22, 2023, Bybit will support the conversion of Bit Token to Mantle (MNT).
Specifically, the balance of Bit on the Spot/Trading/ Derivative account… will be transferred to the Funding Account. After the Bit Deposit/Withdrawal and Conversion operations are stopped, the exchange will take a snapshot of the Bit balance in the Funding Account.
Then Bit will be automatically converted to MNT at a ratio of 1:1 and the new number of MNT Token will be kept in the Funding Account:
- Bit balance snapshot time : 11:00 on 7/17/2023 (VN time)
- Automatically convert Bit -> MNT: 15:00 7/17/2023 (US time)
- Manual conversion of Bit -> MNT: 17:00 on 17/7/2023 (US Time)
Detailed information you can see here .
Last month, the BitDAO community officially approved the proposal to merge the entire ecosystem into the Mantle Network , layer-2 newly launched by BitDAO. Thereby all parts in the old ecosystem from BitDAO to Treasury (Treasury) will be merged with Mantle.
Also the Token $BIT will change its name to $MNT with the new tokenomic. The conversion $BIT will happen automatically without the Holder needing to do any action.
With this merger, Mantle Network will inherit nearly $300 million in stablecoins and over 270,000 ETH ($485 million) from BitDAO to develop the project.
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