Delegation

The Mantle ecosystem and MNT token are currently undergoing a governance approval process to determine key aspects, including the token address, token design, and initial token distribution. This process involves key proposals and discussions such as the BIP-21 Merger Proposal and MIP-22 Token Design Proposal.

Current Parameters

Component or FeatureCommentStatus

Official products

Production

Basic Delegation (one-to-one)

L1 $MNT: Uses "erc20-votes" method of the $MNT token, with vote weight calculation managed by Snapshot. L2 $MNT: Uses a "comp-like" method handled by a smartcontract on Mantle Network, with graphs and vote weight calculated managed by an offchain system. L1 $BIT: (legacy, temporary) Uses "comp-like-votes" method of the $BIT token, with vote weight calculation managed by Snapshot.

Production

Re-Delegation (one-to-many, redelegation)

Under development.

Development

Enhanced Delegation Program

Informal guidelines, see link.

Guidance

Overview

Token holders cannot vote or create proposals until they delegate their voting rights to an address. Delegation can be given to one address at a time, including the holder’s own address.

Note that delegation does not lock or transfer tokens. If an isolated delegatee wallet is stolen, compromised, or interacts with the incorrect smart contract, this will not directly result in the loss of tokens, and the token holder can delegate to another address.

Delegation enables modification of vote weight independent from token holdings. This allows for decentralization of voting on Mantle proposals, and adjustment of vote weight distribution between voters with different areas of expertise and interests.

Delegation Methods

L1 $MNT

Delegate L1 $MNT: As with any smart contract action please ensure you are interacting with the correct contract, method / function:

Using the Mantle Page

  1. Connect wallet to Ethereum Mainnet

  2. Enter target delegate address or delegate to yourself

  3. Check parameters (see warning above), and confirm using your wallet.

Using Etherscan

  1. Click "Connect to Web3"

  2. If using Multisig: use WalletConnect on Etherscan and your Multisig app

  3. Under Item "5. Delegate" enter the address you wish to delegate to

  4. Click "Write"

  5. Check parameters (see warning above), and confirm using your wallet.

L2 $MNT

Delegate L2 $MNT: As with any smart contract action please ensure you are interacting with the correct contract, method / function:

Using the Mantle Page

  1. Connect wallet to Mantle Network Mainnet

  2. Enter target delegate address or delegate to yourself

  3. Check parameters (see warning above), and confirm using your wallet.

Using Block Explorer

  1. Click on the "Connect to Web3" button, select your Mantle Network $MNT holding wallet

  2. Click on "1. delegate"

  3. Input your target delegatee address (this can be your own address)

  4. Click on "Write"

  5. Check parameters (see warning above), and confirm using your wallet.

Enhanced Delegation Program

A formal Enhanced Delegation Program has not yet been discussed or approved by Mantle Governance, however we advise large token holders to follow the guidance below when delegating their votes.

We aim to commence discussions after: 1) completion of the BitDAO and Mantle merger; and 2) when the required voting systems are established.

Purpose

  1. Enhance the quality of decision-making.

  2. Establish checks and balances among various stakeholder groups.

  3. Enhance the signaling value of the Mantle Governance vote as a form of social consensus.

Mechanism

Note: the below are preliminary ideas only. The final mechanism will be discussed and authorized by Mantle Governance.

  • The Enhanced Delegation Program will utilize Mantle Treasury $MNT to provide delegated voting power to various stakeholders.

  • Each stakeholder category will be be provided with a total vote weight (e.g. 100M to core contributor team, 100M to applications, 100M to technology partners, etc.).

  • The underlying $MNT will be held in a Mantle Governance custodied multi-sig. An Administrator will distribute the vote weight (non-custodial) based on a yet-to-be-determined process.

Criteria for Enhanced Delegates

Core

  • Votes in the best interest of the overall Mantle Ecosystem

  • Completes delegate profile available at https://delegatevote.mantle.xyz/

  • Votes on all proposals in areas of expertise or interest

Desirable

  • Provides reasons for the vote through a forum comment linked to the Snapshot vote

  • An existing token holder

  • Shows active engagement within the Mantle community or ecosystem

  • Participates regularly in the forum

  • Possesses a significant following and distribution network

Demographic Mix

With the Enhanced Delegation Program we hope to achieve a mix of the following stakeholders:

  • Core contributor team and advisors (funded by Mantle budgetary proposals)

  • Technology partners of various Mantle products

  • Applications deployed on Mantle products

  • Users of Mantle products

  • Crypto community members

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