The experience of the last year has taught us that the Layer 2 agreement will become the driving force of this industry. Will Mantle, a community-owned blockchain built by the largest decentralized treasury, BitDAO, be the next most popular protocol?
What is Mantle Network?
Mantle Network is an Ethereum Layer 2 Blockchain that aims to bring super-scalability to Ethereum by taking a Modular approach that offers low fees and high security. Mantle does this by combining a separate decentralized data availability layer and Ethereum roll-ups.
Unlike a monolithic operating mechanism, where all operations occur on the base layer, a Modular blockchain separates consensus, data, execution, and dispute resolution tasks into processing layers. specialized.
Mantle Network does this by combining a separate decentralized data availability layer and Ethereum roll-ups.
The project was created by the BitDAO community. It is a decentralized organization with one of the most decentralized treasuries in the industry.
Mantle Network has many advantages over other existing chains on the market today:
Hyperscale performance
Unparalleled security
Community-owned
Low cost
These milestones were achieved through certain technological innovations.
Mantle combines Roll-up technology with a decentralized data availability layer. This drives performance gains with low fees and faster finalization.
Ethereum’s Roll-up technology ensures high throughput with unrivaled security within the familiar EVM environment.
Since the Mantle network is the first Ethereum second-layer chain initiated by a DAO, it also has a series of benefits. BitDAO will nurture an ecosystem of projects dedicated to the Mantle network. This frees Mantle from the initial adoption struggles other chains faced.
What problem does Mantle Network solve?
Modular blockchain model
The most outstanding feature of Mantle Network is that this is one of the few solutions at the moment that chooses to develop in the direction of modular blockchain.
The main and most important feature of modular blockchains is that they divide three tasks: Execution, Settlement, Data Availability, and execute them independently to do so. for larger block space, narrowing validators (nodes) to focus on shards and thus increasing blockchain throughput exponentially. Meanwhile, the monolithic blockchain handles all three tasks on the same protocol layer.
In summary, it can be said that all the limitations of a monolithic blockchain are effectively transferred to the modular blockchain.
New use cases
Now, with easy super-scalability at their fingertips, game developers can bring massive orders and more into their game ecosystem chain without incurring huge gas fees, and they can do so in a way that doesn’t compromise security (e.g., using sidechains).
Advanced social graph and decentralized finance (DeFi) protocols (such as margin trading and complex DeFi strategies) could become affordable for much wider adoption. Developers can build things we never even dreamed of.
Improve user experience
The goal of Mantle Network is not only about security and safety but also early adopts the latest innovations before applying them to the Ethereum mainnet or even other Layer 2 in order to significantly improve the user experience. used in the web3 ecosystem.
Mantle is the first project to adopt the EIP-3074 mechanism (the mechanism that extends the functionality of smart contracts and multi-transactions for external applications such as MetaMask wallets). With meta transactions, users can make transactions without gas fees; gas fees will be paid by decentralized application (dApp) developers, friends, or even wallet developers.
This significantly lowers the barrier to entry for the next generation of web3 users and allows game developers to focus on their game economy instead of teaching people how to buy ETH.
In addition, Mantle Network continues to learn and refer to the design of Optimistic and ZK-Rollups for application. Mantle intends to combine thorough testing and finalization of the project’s infrastructure.
Problems to be solved and the potential of Mantle
Currently, Ethereum scaling solutions such as Layer 2 or sidechains are said to have many problems and “compromise” in the operation process.
For example, Sidechain will have a lot of security problems when it comes to the biggest hacks in blockchain history. The bridges between blockchains are also insecure, and their validators are also quite easy to hack. So, decentralized protocols that need large amounts of liquidity are often not built on sidechains due to their lack of security and infrastructure.
In addition, when relying on the Monolithic architectural model, the scalability of Layer 2 solutions will be limited. This means that reducing gas fees on existing Layer 2s is also not enough to support wider expansion and adoption.
Some projects aim to solve this problem by dividing existing data into a separate, more centralized layer controlled by a trusted third party.
Due to the need gradually forming and the Modular Blockchain solution was developed to meet the scalability needs. With the Modular solution, the scalability of blockchain will help game developers to bring big ideas into their game ecosystem without having to deal with big gas fees and security.
DeFi infrastructure issues like Margin Trading or complex DeFi strategies will also be easier to accomplish and more widely adopted.
Tokenomics
Mantle’s goal is to drive as much value and utility as possible for the BIT token. Mantle uses BIT for:
Gas fee
Drive overall demand
Empowering the BitDAO Ecosystem
BBIT has been circulated and traded in the market.
The utility of BIT is not limited to the gas layer, but also includes the pledge layer and the infrastructure layer. BIT allows for the creation of an interesting network economy that strengthens the token and the community that holds it.
Powering BitDAO
As a network initiated by BitDAO, Mantle facilitates decentralized decision-making and community engagement in the growth of the ecosystem. Its native token, BIT allows the community to be a part of building this network and be rewarded for its growth.
Today, a large partner ecosystem exists and will continue to grow within BitDAO. Mantle is the blockchain that ties all of this together and helps each moving part build value.
Roadmap
The testnet for the Mantle network is currently up and running. When the development and testnet testing are well underway, they will look to launch and secure a date on the mainnet.
Conclusion
We have seen time and time again that Ethereum is almost unmatched in terms of developer activity and liquidity. Layer 2 protocols leverage the network provided by Ethereum.
However, today’s instance is not all the results.
The Mantle Network is building a high-performance L2 to reduce transaction fees on traditional L2. This does not affect decentralization or security.
Most new blockchains struggle with funding or lack of adoption due to low initial community and traction. Not so with BitDAO, making Mantle a popular protocol with community members even before its release.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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Harold
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