Mantle Network uses a modular approach with on-chain design. While monochains perform transaction processing, consensus, settlement, and storage at the same network layer, these processes are handled by separate modules on the Mantle Network. In the Mainnet version, Mantle operates as a Smart Contract Rollup with modular data capabilities.
Mantle’s execution layer is the space where transactions take place, and it works with Ethereum’s virtual machine. It uses a sequence to create blocks on a secondary layer (L2) and send important data to the main Ethereum layer (L1). The key steps of consensus and transaction completion take place on the main Ethereum layer. Meanwhile, Mantle DA, using EigenDA technology, manages data availability. It keeps information ready to be shared with the main Ethereum layer, making Ethereum scaling simpler and more efficient.
History of Mantle Network
Mantle Network was created by a team of 25 individuals, including Arjun Krishan Kalsy, an expert in Ethereum and Web3 scaling, and Joshua Lapidus. In addition to the core group of contributors, this project also has advisors such as Ben Zhou, co-founder of Bybit.
Mantle Network is a product of BitDAO, managed by the $BIT community. In May 2023, the BitDAO community began debating the merger of the BitDAO and Mantle Network ecosystems. Finally, it was agreed to rebrand BitDAO to Mantle Network; Accordingly, the BIT token becomes the MNT token.
One of the main reasons for the rebranding was to eliminate confusion about the roles of Mantle Network and BitDAO.
Once the rebranding was complete, Mantle Network went through a testing phase in which the network, according to the core team’s claims, processed more than 14 million transaction data and deployed more than 140,000 smart contracts. bright. Finally, Mantle Network is integrated with the Mantle DA layer and EigenDA technology. The Mantle testnet has been active for over 6 months before the mainnet launch on July 17, 2023.
What is Mantle Token (MNT)?
The Mantle Token (MNT) plays a key role in the Mantle Network, acting as the native token on Ethereum’s Layer 2 scaling solution. MNT has many functions, including payment of transaction fees on the Mantle Network, contributing to the security and decentralization of the network. MNT holders have governance rights, allowing them to participate in decisions about protocol upgrades and fund allocation. Staking is another MNT utility that allows holders of Mantle Network security tokens and receive rewards.
MNT functions as both a governance token and a utility token, providing holders with voting rights in the decision-making processes of the Mantle ecosystem. Each holder has equal vote weight, emphasizing a decentralized and community approach in shaping the future of the network.
Mantle Network features
Mantle Network offers a wide range of features including:
- Optimistic Rollup Protocol for Ethereum Scaling: Mantle Network uses the optimistic rollup protocol designed to improve Ethereum’s transaction speeds.
- EVM compatible and seamless integration: Mantle Network is compatible with the Ethereum virtual machine (EVM), ensuring smooth integration with the existing Ethereum ecosystem. This compatibility also allows developers and users to leverage existing knowledge, tools, and contracts to develop on Mantle while benefiting from the enhanced scalability of the Mantle Network.
- Modular architecture for enhanced security and efficiency: Mantle Network uses a modular architecture, balancing security and efficiency, allowing the network to inherit security from Ethereum while providing better affordability and data access.
- Layer 2 expansion solution: Mantle Network operates as a Layer 2 scaling solution built on Ethereum. Validation nodes collect transactions, compress them into blocks, and submit them to the Ethereum blockchain, resulting in reduced gas fees for users and increased overall transaction throughput. This approach significantly improves efficiency and cost compared to Ethereum’s Layer 1.
- Staking to secure the network and receive rewards: MNT holders have the option to stake their tokens, contribute to the security of the Mantle Network, and receive rewards. This staking mechanism encourages active participation, facilitating a safe and stable network environment.
Conclude
Mantle brings to this space a unique architecture of optimistic rollup, leveraging EigenDA’s high speed and low-cost bandwidth while relying on Ethereum’s resilient network to secure its transactions.
Coupled with strong support from ByBit, BitDAO and their partners, this could push Mantle forward in the optimistic rollup space despite their late start. Furthermore, a strong Mantle ecosystem will certainly benefit BitDAO as well as the BIT token, creating a virtuous cycle for the BitDAO ecosystem.
Mr. Giao
Bitcoin Magazine
