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Mantle is gaining significant attention as one of the latest Optimistic Layer-2 rollups. With so many Layer-2 solutions emerging, Mantle sets itself apart with its unique approach and architecture. This article will explore Mantle's history, modular architecture, token ecosystem, and future developments.
BitDAO, a decentralized autonomous organization (DAO) launched by the centralized exchange Bybit, created Mantle. The core purpose of Mantle is to support builders and foster innovation in the blockchain space. In early 2023, Mantle's Core team proposed a $200 million fund to boost its ecosystem. Of this amount, $100 million came from BitDAO's treasury, and the remaining $100 million was raised from external investors such as Pantera Capital, Spartan, and Dragonfly Capital. This fund is meant to drive ecosystem growth over the next three years.
In May 2023, Mantle made a significant strategic move by rebranding the Mantle Network and BitDAO under the "One Brand, One Token" principle. This shift aimed to consolidate the Mantle ecosystem under a unified brand and focus on product development. Through this, Mantle Network became the official rollup component, while BitDAO transformed into Mantle Governance.
Like other Layer-2 solutions, Mantle integrates with the Ethereum Virtual Machine (EVM) to offload transactions from the Ethereum mainnet. However, Mantle distinguishes itself with its modular architecture, which combines optimistic rollups with an advanced data availability solution through EigenLayer. Mantle uses EigenDA, a decentralized data availability layer built on EigenLayer and secured by Ethereum.
Instead of posting transaction data directly onto the Ethereum main net, Mantle sends it to EigenDA, significantly reducing the computational load on Ethereum. This enhances transaction efficiency while maintaining Ethereum's security. This approach reduces gas fees by up to 70%, making Mantle an attractive option for users looking to save on transaction costs.
Explore Mantle's Architecture on YouTube
Mantle operates under the governance of its native token, MNT. The MNT token is ERC-20 for governance and utility within the Mantle ecosystem. Token holders have voting rights and can participate in DAO decisions, pay for gas fees, and stake MNT as collateral. The Mantle token has a capped supply of 6.2 billion, with over 3.1 billion MNT currently in circulation and a market cap of $2 billion. MNT plays a vital role in securing the network through Ethereum validators, adding an extra layer of stability.
Mantle's ecosystem also includes Mantle Staked Ether (mETH), a receipt token used in Mantle's liquid staking protocol. mETH is integrated across multiple DeFi applications within the Mantle ecosystem. Mantle's liquid staking protocol, launched in 2023, already boasts over $521 million in Total Value Locked (TVL) and over 216,000 ETH staked.
Another essential token is mUSD, a rebasing-wrapped version of Ondo Finance's yield-bearing stablecoin, USDY. mUSD maintains a stable peg to the U.S. dollar and gives users direct access to real-world U.S. Treasury yields.
2023 was a busy year for Mantle, with significant milestones reached, including the mainnet launch in July. The Mantle mainnet introduced decentralized applications (dApps) and tools, including a mainnet bridge, explorer, and safe multisig features. One of the highlights was the launch of Mantle's first NFT collection, "Citizens of Mantle," which saw 38,000 users claim their Mantle companions.
Towards the end of 2023, Mantle rolled out its highly anticipated Mantle Liquid Staking Protocol. This permissionless, non-custodial staking protocol on Ethereum L1 allows users to stake ETH and earn competitive yields. This staking solution adds more utility to the Mantle ecosystem, encouraging user engagement.
Looking forward, Mantle has exciting updates lined up for 2024. One of the key developments is Mantle Network v2, which introduces the Sepolia testnet. This new version brings enhanced stability, performance improvements, and new security features while maintaining compatibility with Optimism's OP Stack. The Bedrock upgrade also adds new benefits, such as meta transactions, allowing users to interact with dApps without paying gas fees.
Mantle v2 marks a critical transition for the MNT token. The token is moving from an ERC-20-based scheme to using Ether gas, creating a more seamless integration with the Ethereum ecosystem. This shift is part of Mantle's vision to create a more natural and efficient Layer-2 rollup that interacts directly with Ethereum's infrastructure.
Mantle has rapidly grown into one of the most exciting Layer-2 rollup solutions in crypto. By utilizing optimistic rollups and integrating with EigenLayer for data availability, Mantle delivers faster and cheaper transactions without sacrificing security. Its modular architecture, combined with the growing Mantle token ecosystem, positions it as a serious contender in the competitive world of Layer-2 networks.
Mantle is continuously innovating, from its liquid staking protocol to the development of mETH and mUSD. With a vibrant community and a strong vision for the future, Mantle is on track to become a key player in DeFi and Ethereum scaling.