With the passing of MIP-22, the following actions will be taken:
1️⃣ The Mantle token, $MNT, shall incorporate functions analogous to the "Upgradability" and "Mint" functions of $ARB and $OP.
2️⃣ The one-way token conversion ratio shall be set at 1 $BIT token to 1 $MNT token.
3️⃣ The Mantle core contributor team shall be authorized to determine the optimal timing and sequence for the delisting of $BIT tokens, listing of $MNT tokens, opening of conversion channels, and the Mantle Network Mainnet.
4️⃣ A DEX liquidity pool for $MNT-ETH may be created, utilizing the proceeds from the deconstructed $BIT-ETH pool, and with reference to the intent of BIP-10.
5️⃣ A temporary conversion treasury may be established to provide support for the token creation and conversion process.
The intended result will be changes to branding and structuring that lead to the greatest long-term token holder prosperity, provide the greatest chances of success for core protocols (e.g., Mantle Network), and preserve the governance and economic rights of token holders.
