Best way to Explain What Is Mantle Network? Ethereum Layer-2 Chain

Mantle is an Ethereum blockchain-based Layer 2 scaling solution. Mantle uses optimistic rollup technology to process transactions at a lower cost and with higher throughput than Ethereum, while also utilising Ethereum’s battle-tested network to secure itself. It is also Ethereum Virtual Machine (EVM) compatible, which means that decentralized applications (DApps) that are already running on Ethereum will be able to quickly deploy on Mantle when it goes live on mainnet.

Mantle is a product of BitDAO, a decentralized autonomous organization (DAO) founded by the controlled exchange ByBit to support and empower cryptocurrency developers. Its backers include Peter Thiel, Founders Fund, Pantera Capital, and Dragonfly Capital, among others. BitDAO is propelled by its native coin, BIT, which governs the DAO’s decisions. Mantle’s native gas token, BIT, is also used to pay for transactions.

$200M Ecosystem Fund

All eyes are now on Mantle as a result of a proposal that was just posted on BitDAO’s governance forum. The proposal calls for the creation of a $200 million USDC ecosystem fund for Mantle, with 100 million USDC coming from BitDAO’s treasury. This follows Mantle’s testnet launch earlier this year and their impending mainnet launch in Q2 or Q3 2023.

Where Does Mantle Stand Now?

Despite its recent inception, Mantle has piqued the curiosity of the crypto community, with Mantle being the first chain to integrate EigenDA. Several prominent protocols, including Multichain, Synapse, Pyth, and Ankr, have expressed interest in deploying on Mantle, with Multichain already live on their testnet.
With a potential $200 million ecosystem fund on the horizon, many more protocols will be ready to launch on Mantle mainnet as the launch date near.

A running crypto thesis Mantle’s probable gaming specialization has also been discussed on Twitter. BitDAO is presently partnering with Game7, a gaming DAO that offers a game launcher called HyperPlay as one of their products. HyperPlay has also said on their website and in several tweets that Mantle will be one of the product’s supported chains. Not to add, Mirana Ventures, ByBit’s venture capital arm, has invested in a variety of gaming-related portfolio companies, most notably Animoca Brands.

Closing Thought

The L2 area is truly heating up with the success of Arbitrum and Optimism, as competitors hurry to launch on mainnet. Aside from the optimistic rollups, zero-knowledge (zk) rollups are also nearing completion, with numerous zkEVM solutions set to debut on testnet or mainnet in the coming weeks.
Mantle delivers to the sector a one-of-a-kind design of an optimistic rollup that takes use of EigenDA’s high speeds and low-cost bandwidth while still relying on Ethereum’s battle-hardened network to secure its transactions.

Combined with the strong support of ByBit, BitDAO, and their partners, this could propel them quickly ahead in the optimistic rollup area, despite their late start. Furthermore, a healthy Mantle ecosystem would undoubtedly benefit BitDAO as well as the BIT token, producing a win-win situation world wild.