$BIT to $MNT Migration: A User's Guide

07/11/233 min read

Mantleby Mantle

Ecosystem

Web3

$BIT to $MNT Migration: A User's Guide

Summary

  • As per BIP-21 and MIP-22, we will support the one-way migration of $BIT to $MNT 1:1 on Ethereum Layer 1.
  • The official front-end interface of migration will be https://migratebit.mantle.xyz.
  • We will rebate migration cost gas fees to qualified users as per the process in the MIP-22 Forum Post. The front end interface will track the status of rebates.
  • Official exchanges supporting the migration include: Bybit, MEXC, Huobi, gate.io, BingX, and Korbit.
  • Migration channels will be available at 2023 July 17, 6AM UTC.
  • On-chain migration channels will be open for at least 6 months.
  • $MNT migrated from $BIT will be on Ethereum Layer 1. You can bridge it via Mantle canonical bridge to Mantle Network.

 

How to Migrate $BIT to $MNT on Ethereum

Recommended Option: using migratebit.mantle.xyz

Migrate $BIT
  1. Go to https://migratebit.mantle.xyz.
  2. Connect your wallet
  3. Approve your $BIT tokens: Once your wallet is connected, you'll need to authorize the use of your $BIT tokens for the conversion
  4. Specify the conversion amount: Enter the amount of $BIT tokens you wish to convert. If you'd like to convert all your BIT tokens, simply select the 'auto max' option
  5. Note: If your wallet is requesting an abnormally high amount of gas fees, do not click "write" as the Migrator contract may be temporarily halted or out of $MNT funds
  6. Wait for the conversion to complete: After confirming the conversion, the tool will carry out the process. You can monitor the progress and confirm when the conversion has been successfully completed
Show $MNT in your wallet
  1. Add token address: 0x3c3a81e81dc49A522A592e7622A7E711c06bf354

 

For Advanced Users: using Etherscan UI

 
Approve $BIT
  1. Go to https://etherscan.io/token/0x1a4b46696b2bb4794eb3d4c26f1c55f9170fa4c5#writeContract
  2. Press "Connect to Web3"
  3. Go to "2. Approve (0x095ea7b3)"
  4. Fill "spender address": 0xfFb94c81D9A283aB4373ab4Ba3534DC4FB8d1295
  5. Fill "amount (uint256)": the amount you wish to migrate, noting that 10^18 = 1 $BIT
  6. Click "write"
Migrate Using Migration Contract
  1. Go to https://etherscan.io/address/0xfFb94c81D9A283aB4373ab4Ba3534DC4FB8d1295#writeContract
  2. Press "Connect to Web3"
  3. Write "3. migrateAllBIT (0x8e65b38e)", or go to "4. migrateBIT (0xf5720c4a)
  4. Fill "amount (uint256)": the amount you wish to migrate, noting that 10^18 = 1 $BIT
  5. Click "write"
  6. Note: if your wallet is requesting an abnormally high amount of gas fees, do not click "write" as the Migrator contract may be temporarily halted or out of $MNT funds.
Show $MNT in your wallet
  1. Add token address: 0x3c3a81e81dc49A522A592e7622A7E711c06bf354

 

Frequently Asked Questions

Why will the Migrator contract be halted?

The contract may be halted in case there is a problem, or as instructed by Mantle Governance.
 

Why will the Migrator contract be out of funds?

For security purposes, the Migrator contract will hold a minimal amount of funds and will require top-up from the relevant Mantle Treasury. Tokens may also be transferred to the relevant Mantle Treasury via the "defundContract" mechanic.
 

How do we ensure that Mantle assets are properly handled?

The Treasury Monitor (MIP-22 TCT) will maintain a record of the migration process. The objectives are as follows:
  • By the end of the migration period, the total amount of $MNT distributed will equal $BIT received, 1:1.
  • All $BIT held in the TCT will eventually be transferred to the nominated burn address.
 

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