Written by: @Yinan_cycle
Introduction:
Mantle is an L2 scaling solution incubated by BitDAO that uses optimistic rollups, modularity, and decentralized data availability to achieve higher throughput and scalability.
How is Mantle different from other L2 solutions?
Modular Data Availability: By using EigenLayer, Mantle is able to increase transaction throughput beyond traditional L2. Accessible data availability also means that Mantle can increase throughput without compromising security and reducing node operation overhead. This reduces validator processing requirements and promotes decentralization.
Multi-party computation (MPC): Mantle uses MPC to minimize the trust risk of L2 execution results. Using the threshold signature scheme (TSS) technology, dedicated nodes contribute multi-party signatures to improve the correctness of off-chain transaction execution results. It enables the challenge period of withdrawal to be shortened.
Decentralized Sequencer: Mantle will decentralize its sequencer to provide secure and trustless block production. By rotating a permissionless set of sequencers, Mantle will reduce the potential for single points of failure or censorship on the network. Mantle will decentralize its sequencer over time to provide secure and trustless block production.
Based on the above features, Mantle adopts a modular solution and uses @Eigenlayer as the DA (data availability) solution to avoid publishing transaction data on the ETH mainnet. This means that Mantle enjoys the security of ETH while avoiding transactions on ETH, providing new scalability possibilities.
In addition to using Biconomy to provide account abstraction, Mantle also solves two major problems facing optimistic rollups.
The first is the single point of failure that a highly centralized sorter can cause.
The second is the current 7-day fraud proof challenge period. By implementing multi-party computation (MPC), Mantle reduces the challenge period to 1 to 2 days. Passing nodes will independently verify blocks and increase overall confidence.
Node roles in Mantle:
Sequencer
Receive and record transactions sent by users in real time
Producing blocks on L2
Aggregate transactions to generate batches with execution state roots
Get blocks verified by the MPC network
Broadcasting block data across the network (L1 and L2)
Multi-party computation (MPC) nodes
“Sign” the batch of transactions generated by the Sequencer and sent to L1
Broadcast batch multi-party computation through L2 network after verification
Rollup Validator
Synchronize aggregated data from Mantle's trusted sorter
Verify the state root committed by the Sequencer on L2
Initiate fraud proof when invalid state data is found
Providing aggregated data to users
DA Node
Select the replica responsible for storing Mantle transaction data so that it is ready for access when necessary
The commitment is made by signing the block data they provide using the BLS signature scheme which guarantees its availability. These signatures are verified by the EigenDA contract on Ethereum
BitDao:
It is one of the largest DAO organizations currently, with a treasury of 3.8 billion US dollars in reserve assets and raised 230 million US dollars in June 21.
BitDAO is composed of many builders, focusing on Web 3.0 products, and striving to create a win-win ecosystem governed by $BIT token holders.
team:
The Mantle team has over 50 team members operating under horizontal management, here are some of the members:
@ArjunKalsy Ecosystem Lead
@jacobc_eth Head of Product and Strategic Advisor
Financing:
Mantle is a product of BitDAO, which means they raised no external funding for the project.
In this regard, BitDAO also completed a private placement of initial partners led by Peter Thiel, Founders Fund, Pantera Capital and Dragonfly Capital in June 2021, with a total financing amount of US$230 million. Other investors include Alan Howard, Jump Capital, Spartan Group, Fenbushi, Kain Warwick (Synthetix), etc.
BitDAO now has $3.8 billion in treasury funds (78.3% of which is $BIT), and Mantle’s core budget address currently has a total of $14.3 million (including 9.8 million $BIT and 9.4 million USDC).
route map:
According to the official roadmap, Mantle will launch a testnet (EigenDA+OPU) in Q1 2023. After the testnet runs smoothly for 3 months, the mainnet based on OPU (EigenDA+OPU) will be launched. After the mainnet runs for 6-12 months, the mainnet based on zk-Rollup (EigenDA+zkRU) will be launched.
Currently, the project has entered the second phase of the testnet, and the token conversion proposal has been passed. The details of the token deployment and conversion are being discussed. The next phase will be the deployment of $MNT tokens and the launch of the mainnet.
Token Economics:
The Mantle ecosystem and the $MNT token are currently undergoing a governance approval process to determine key aspects including token addresses, token design, and initial token distribution. This process involves key proposals and discussions such as the BIP-21 merge proposal and the MIP-22 token design discussion.
BIP-21 proposal covers key points
BIP-21 has approved the brand and token merger and pre-authorized the token conversion plan ($BIT and MNT). It is recommended to formally discuss and vote on the key issues of the token conversion plan.
MIP-22 proposal covers key points
The Mantle token $MNT should include features similar to the “upgradeability” and “minting” capabilities of the $ARB and $OP tokens.
The one-way token conversion ratio should be set to 1 $BIT token to 3.14 1 $MNT token. (See Update 1)
The Mantle core contributor team will be empowered to determine the best timing and sequence for $BIT token delisting, $MNT token listing, conversion channel opening, and Mantle network mainnet.
The proceeds of the deconstructed $BIT-ETH pool can be used, and referring to the intention of BIP-10, a $MNT-ETH DEX liquidity pool can be created.
A temporary conversion library can be established to support the token creation and conversion process.
Currently, there are no formal discussions of macro goals or limits on MNT token distribution. However, the core contributor team provided the following estimated priorities:
User Incentives: This involves driving adoption of Mantle products through a variety of means including multi-season achievements, missions, and airdrops. Target metrics for user adoption include daily active users, total transaction and protocol fees, total value locked (TVL), and other product adoption metrics.
Technology Partner Incentives: This category includes decentralized applications, infrastructure service providers, and core protocol technology partners that contribute to the Mantle ecosystem.
Core Contributor Team and Advisors: The budget, fundraising, and allocation process follows strict procedures, such as the BIP-19 Mantle network budget.
Other: This category includes acquisitions, token swaps, treasury bill sales, and other opportunistic transactions that may arise
Burn: The MNT token includes a burn function that allows MNT tokens to be removed from circulation and total supply analysis. The destruction of MNT tokens from the treasury is determined through the Mantle governance process.
BIT’s Token Economics:
On July 15, 2021, $BIT tokens will be launched with a maximum supply of 10,000,000,000 tokens (no inflation). After MIP-22 is voted through, it will be converted 1:1 into $MNT.
Governance:
Mantle governance primarily follows an off-chain governance process. Discussions are initiated by the Mantle core contributor team or community members, and then introduced to the wider Mantle community through forum discussions. Discussions that generate enough interest and positive sentiment may enter a formal proposal "MIP", which is subsequently voted on by MNT token holders. Once a proposal is approved, each core contributor team member will support its implementation according to the terms outlined in the proposal. This approach is considered an "off-chain" governance process because the results of the governance vote do not automatically trigger product code updates or automatic financial operations.
latest progress:
Since the testnet launch on January 10, 2023, Mantle has been relentlessly implementing its decentralized data availability layer, innovative fraud proofs, decentralized sorter, and more, all with the highest possible quality of work. Five months in, the team is excited to announce the official upgrade to Mantle Testnet Phase 2, “Ringwood,” on May 25, 2023 at 6:00 AM UTC.
In the latest issue of AMAMantle on May 29, contributors Igneus Terrenus, Jordi Alexander, and afkbyte answered some community questions.
When will the token swap take place?
The token swap from $BIT to $MNT will likely be executed sometime in June. The token swap will take place prior to the Mantle Network mainnet launch to ensure that $MNT tokens can be used as the network’s fuel token (and more).
What will the tokens be used for besides GAS?
The team carefully studied the various L2 and other network tokens that exist today. The goal is to create a strong set of ecosystem rewards and incentives to help promote the sustainability of network growth.
Airdrops and incentive programs work well for this, and TVL statistics suggest they help maintain activity on the network. But since $MNT token holders will be managing these funds, the team is taking steps to prevent exploitation by sybil attackers. The specifics of Mantle’s incentives will be discussed in the future, but the goal will be to ensure that the product and ecosystem benefit from the use of funds.
MIP-22 is currently voting on the details of the token conversion in Snapshot. The voting time is: 3:57 pm on May 31, 2023 - 3:57 pm on June 7, 2023
ecosystem:
Mantle currently has 49 projects cited on its ecosystem page.
A large portion of them are in the gaming space, with only a few DeFi/infrastructure projects.
Summarize:
As a public chain in the L2 track, Mantle is in a very competitive position. OPtimism and Arbitrum use OPtimistic rollup, and Zksync and Starknet use Zk-Proof. Base built on OP Stark, EVM-compatible chain Linea launched by Consensys, Zk-EVM launched by Polygon, etc., and the launch of L2 is essentially to improve the scalability of ETH and reduce costs. So how can Mantle stand out from the many L2 public chains is a problem. The Mantle core is built with Optimistic rollup, and at the same time cooperates with EigerLayer to use the DA layer of modular components, introduces MPC multi-party computing and a more decentralized sorter to achieve increased TPS and reduced costs. This is the solution proposed by the project.
As a component of BitDao, the BitDao treasury has more than 3 billion in funds, which makes Mantle relatively well-funded. However, the distribution of token holdings is not decentralized, and the performance of $Bit tokens has dropped from $1.4 USD in the ICO to $0.5 USD now, which makes many people very worried about Mantle's future performance.
In terms of the ecosystem, most of the Dapps are gaming, while Defi and infrastructure products are relatively few. Leading mainstream protocols such as Ethereum have not yet been connected to the Mantle testnet. It remains to be seen whether they will be gradually connected after the mainnet goes online.
Finally, since testing incentives have been mentioned in the documents and by core staff in the AMA, those who are interested can also experience the Mantle test network on their own. As for the subsequent development of the ecosystem, please stay tuned.