Mantle Network, a leading Optimistic Rollup solution provider in the crypto world, has recently received a massive boost in funding and support from BitDAO, one of the most well-funded and respected DAOs in the space.

This news was announced via a tweet from Mantle Network, in which they outlined why they are bullish on the project and the exciting developments that are underway.

The crypto market is constantly evolving, and the rise of Optimistic Rollups has been one of the most significant developments in recent years. Optimistic Rollups are a layer 2 scaling solution that allows for faster and cheaper transactions on the Ethereum network, without sacrificing security or decentralization.

Mantle Network is one of the most promising Optimistic Rollups out there, and has been attracting a lot of attention in the crypto world due to its innovative approach and strong development team.

The recent tweet from Mantle Network outlined the reasons why they are bullish on the project, and why they believe it has the potential to revolutionize the world of crypto. According to the tweet, BitDAO has one of the largest treasuries in the crypto world, and has backed Mantle Network with a strong commitment to the project. This commitment was recently demonstrated through the passing of the BIP-19 proposal, which allocated significant funds for Mantle Network for the next year.

BIP-19 includes $10M in $BIT and $14M in $USDC for Testnet Opex, $145M in $BIT and $34M in $USDC for Mainnet Opex, and 15,000 ETH for gas fees. This injection of funds is a clear sign of BitDAO’s confidence in the project, and will undoubtedly help to accelerate the development of Mantle Network. With this kind of financial backing, Mantle Network is well positioned to take on the big players in the space and establish itself as a leader in the world of Optimistic Rollups.

In addition to the significant funding from BIP-19, the BitDAO forum is currently discussing two exciting proposals that could have a huge impact on the future of Mantle Network.

The first proposal involves partnering with core zkEVM Infrastructure to develop its own zkEVM, which would work alongside Mantle Network. This would be a significant step forward for the project, as it would enable it to offer even faster and more secure transactions.

The second proposal is about Mantle EcoFund, which would invest in development projects on the Mantle Network and develop the ecosystem. The fund would be worth $200M in total, and has reportedly attracted interest from prominent VCs like Dragonfly Capital, Pantera, and Folius Ventures.

These developments are a huge vote of confidence in the Mantle Network project, and are sure to generate a lot of excitement and attention in the crypto world. As the market becomes increasingly aware of the potential of Optimistic Rollups, Mantle Network is well positioned to become a leading player in this space. The team behind the project is highly skilled and experienced, and is constantly pushing the boundaries of what is possible in the world of Optimistic Rollups.

Overall, the future looks bright for Mantle Network and BitDAO in general. With a strong commitment to the project and significant funding and support, there is no doubt that this project has the potential to revolutionize the world of crypto. As the crypto world continues to evolve, it will be exciting to see how Mantle Network and BitDAO continue to push the boundaries of what is possible in this space. With the support of BitDAO and the wider crypto community, there is no limit to what Mantle Network can achieve.

This article was republished from azcoinnews.com

#Bitdao #Mantlenetwork #mantle #BIT

BitDAO announced its merger with Mantle Network, an Ethereum Layer 2 solution it funded.

The merger was approved via a governance proposal (BIP-21) from BitDAO community members.

BitDAO, a prominent decentralized autonomous organization known for its sizable treasury, announced a merger with Mantle Network, an #Ethereum Layer 2 solution to which it formerly provided funding. This consolidation was done following the approval of a governance proposal from BitDAO community members, titled BIP-21.

The merger amalgamates BitDAO’s governance framework and treasury with the technical prowess of Mantle Network, thereby creating a newly unified ecosystem.  The primary aim is to refine branding, tokenomics, and create a unified product focus, according to a press release. In line with this, BitDAO’s governance token will undergo a rebranding, transitioning from BIT to a new identity, Mantle, represented by the ticker symbol MNT.

With this consolidation, #Mantlenetwork developers inherit almost $300 million in #stablecoin reserves and over 270,000 ETH ($485 million) from BitDAO, the announcement said. This capital will play a pivotal role in funding the expansion and broader adoption of Mantle Network.

“We are thrilled to witness the formal dedication of the Mantle Ecosystem, led by an exemplary case of DAO governance,” said Arjun Kalsy, head of ecosystem at Mantle. “Inheriting BitDAO’s mantle, we will usher in the phase two of Mantle Network testnet within the month of May.”

Mantle Network will progress into the second phase of its testnet, code-named “Ringwood,” in May. This phase will introduce planned technical advancements to the network. Among these advancements, key features include the integration of fraud proofs to enhance security, the onboarding of multi-party computation (MPC) validator nodes, data availability (DA) nodes, and the initiation of external audits on the code base.

source: theblock

image source: ai

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