BitDAO introduces Ethereum layer-2 solution Mantle
Bybit’s Decentralized Autonomous Organization, BitDAO, has went live with the first Ethereum layer-2 solution built using a hyperscaled modular chain approach. The public testnet was scheduled for 2023 along with a comprehensive incentive program.
Dubbed ‘Mantle,’ the modern L-2 scalability solution helps overcome crucial bottlenecks for Web3 progress with separate execution, finality, and data availability layers, which complete with high performance and security.
In terms of infrastructure, Mantle combines modular architecture with the security and decentralized features of the Ethereum blockchain. As the progress of the decentralized applications (dApps) ecosystem gains steam, it offers EVM developers a familiar technology stack to build on. Due to the specifications of Mantle’s technical capabilities, they will be able to use the same tool chain as Ethereum to build their projects.
Early adopters will enjoy a superior transactional throughput (typically measured in the number of transactions a blockchain can process every second, or TPS) and low fees. That compares to other solutions where the pressure on blockchain increases over time as new dApps are being deployed and more users start using them for transactions. As a result, the speed of blockchain operations ultimately decreases while transactional fees spike.
Mantle aims to solve current challenges facing L2 solutions by using a decentralized data availability layer, e.g. EigenDA, a highly customizable and hyperscaled data availability service on EigenLayer, designed for Optimistic and ZK rollups.
Since its inception, BitDAO has been one of the largest decentralized treasuries in the world with billions in assets, and aims to promote the potential of DAOs by leveraging on a tokenized governance system.
Ben Zhou, co-founder and CEO of Bybit, comments: “Mantle has the capability to help every builder and decision-maker get to the forefront of innovation and plug into web3 — seamlessly. The path to the promise of a decentralized future is the mass adoption of blockchain, and community-driven technological solutions like Mantle will take us there.”
“When modules of chain functions are unbundled and free to mix-and-match, permissionless innovation will give rise to use cases that have not even been imagined yet,” said Sreeram Kannan, founder of EigenLayer. “We at EigenLayer are inspired by Mantle’s iterative and modular approach. It has been a pleasure to work with the Mantle team over the past months to bring it to life.”
“At the same time, Mantle will serve as the connective tissue for various BitDAO initiatives, such as projects from Game7, to research from EduDAO, to the ecosystem of dApps being enabled by BitDAO. Mantle is BitDAO’s demonstration to scale Ethereum and web3, enabling a whole new generation of use cases and innovations,” concluded jacobc.eth, head of product for BitDAO’s Windranger Labs.