All You Need to Know About Mantle Network

2023-07-28
All You Need to Know About Mantle Network image 0
  • Mantle Network is a Layer 2 scaling solution that utilizes a modular architecture, combining optimistic rollups with advanced data availability to boost throughput and reduce costs on the Ethereum Mainnet.
  • Mantle Network integrates EigenLayer, a protocol that allows staked ETH to be utilized elsewhere, offering enhanced data availability and security.
  • The newly introduced $MNT tokens in the Mantle Ecosystem serve as governance and utility tokens, providing voting power and facilitating seamless transactions on the network.
  • Mantle has partnered with Bitget Wallet (Previously Bitget Wallet (Previously BitKeep)) for the "Invite2Get" campaign, offering a $10,000 MNT airdrop prize pool to participants.

As the world of blockchain technology continues to evolve at a rapid pace, one persistent area of concern and discussion has been scalability - especially on the Ethereum blockchain, one of the most popular blockchains for builders and developers due to its programming versatility and reliable security.

Nevertheless, Ethereum's scalability limitations have given rise to various Layer 2 (L2) solutions that seek to address this challenge. Among these solutions, Mantle Network stands out as particularly promising, drawing attention for its innovative approach to scalability and data availability.

The Origins of Mantle Network

Proposed in June 2022, Mantle Network has set forth an ambitious vision to revolutionize the blockchain landscape through a novel reimagining of the interactions between different blockchain components. The primary objective of this innovative platform is to enhance data availability, performance, and security, ultimately achieving unparalleled scalability for the Ethereum network. Operating as a L2 solution, Mantle Network seamlessly integrates with the Ethereum Virtual Machine (EVM), allowing the smooth utilization of existing smart contracts and tools with minimal disruptions.

At its core, Mantle Network adopts a modular architecture that ingeniously combines optimistic rollups with an advanced data availability solution. This strategic amalgamation effectively offloads computation and state storage off-chain, facilitating the processing of transactions in batches. Consequently, the burden on the Ethereum Mainnet is substantially reduced, resulting in a remarkable increase in throughput while concurrently driving down overall operational costs.

Unique Value Proposition

The blockchain ecosystem is filled with various scaling solutions, but Mantle Network sets itself apart through its technical innovations and extensive ecosystem partnerships. By collaborating with established technology partners such as Bitget Wallet (Previously Bitget Wallet (Previously BitKeep)), Mantle Network can focus on strengthening its ecosystem of synergistic collaborators. The platform provides valuable support and resources to builders, enabling them to progress from initial development stages to go-to-market strategies and potential on-ramps to well-known crypto platforms.

Moreover, Mantle Network's governance structure adds an extra layer of security and decentralization, as all key decisions require approval through a voting process by $MNT token holders. This democratic approach ensures that the community's interests are represented and enhances the overall governance of the platform.

Technology Infrastructure

Mantle Network's technology stack comprises Modular Blockchain Rollups, Data Availability, and Bridging, which work together to optimize the web3 experience without compromising security.

Data Availability

As an essential component of its innovative approach, Mantle Network incorporates EigenLayer, a groundbreaking protocol that plays a crucial role in creating a unique three-layer modular blockchain. Within this structure, Ethereum takes charge of settlement and consensus, EigenLayer ensures efficient data availability, and, of course, Mantle handles the execution of transactions.

EigenLayer's significance lies in its ability to enable staked ETH to be utilized elsewhere without the need for users to unstake their original ETH. This ingenious feature allows a single user to leverage their ETH both for securing the Ethereum blockchain and, simultaneously, for providing security to the DApps that have opted into EigenLayer's shared security framework.

Moreover, EigenLayer brings another impressive offering to the table, known as EigenDA. This product serves as a data availability middleware, specifically designed and launched on the Ethereum platform and will significantly enhance data processing capabilities of protocols that integrate their services.

Fraud Proofs

To ensure network integrity, fraud proofs are implemented directly using EVM instructions, reducing trust assumptions and providing a robust security model for all Ethereum clients.

Modular Blockchain Rollups

Mantle Network achieves gas cost reduction and improved performance by utilizing specialized layers for execution, consensus, settlement, and data availability. This Modular Rollup model optimizes core blockchain functions, addressing the Scalability, Security, and Decentralization trilemma.

Separating resources enhances network efficiency, ensuring improved security for all users, not just full node validators on layer-1 (L1). The use of separate layers also reduces the execution and validation load on nodes, minimizing the need for fraud proofs and ZK proofs to verify transaction validity.

Transaction Lifecycle

Transactions are initiated on the Mantle Network using Mantle SDK integration and other tools. The Sequencer processes the transactions and verifies pending blocks before sending them to Ethereum for finality. This batching mechanism helps achieve low transaction fees and increases overall throughput.

Bridging

Since Mantle Network and Ethereum are separate blockchains, bridging facilitates the movement of tokens between them, ensuring recognition and acceptance by both systems.

$MNT Token

The newly introduced $MNT tokens serve a crucial dual purpose in the Mantle Ecosystem, functioning as both governance and utility tokens. As governance tokens, each $MNT token carries an equal weight in voting power, allowing token holders to actively participate in DAO voting processes, shaping the future of the network. Simultaneously, $MNT serves as a utility token, facilitating seamless transactions by covering gas fees on the Mantle Network and acting as collateral for Mantle Network nodes. Operating as an ERC-20 token, $MNT shares similar functionality with other tokens on L2 blockchains. It's important to keep in mind that the governance and utility aspects of $MNT may evolve over time as Mantle continues to progress and adapt to the community's needs.

The distribution of $MNT tokens falls under the jurisdiction of Mantle Governance, which follows a well-defined process. While there are no rigid targets or limitations for token distribution, specific areas receive priority in the allocation strategy. These key areas include User Incentives, Technology Partner Incentives, Core Contributor Team and Advisors, and Other Opportunities like acquisitions and token swaps. Each opportunity undergoes thorough evaluation to gauge its potential benefits and contributions to the Mantle Network and its growing ecosystem. The dynamic nature of this approach allows for flexibility in adapting to changing circumstances and maximizing the overall impact of $MNT within the network.

Mantle x Bitget Wallet (Previously Bitget Wallet (Previously BitKeep))

In line with its ethos of co-creation, Mantle has partnered up with Bitget Wallet (Previously Bitget Wallet (Previously BitKeep)) to introduce the "Invite2Get" campaign! This collaborative initiative aims to foster the thriving Mantle blockchain ecosystem while showing appreciation to our dedicated community members. We are excited to announce an impressive $10,000 MNT airdrop prize pool for this event, offering participants a chance to be rewarded generously.

Learn more about how you can participate in this exciting partnership here!

Mantle Network's Potential Impact on Gaming and Beyond

While Mantle Network's primary focus is on scalability and data availability, its integration with EigenLayer and potential partnership with gaming DAO Game7 has sparked speculation about possible gaming-related use cases. Gaming applications often require high throughput and low latency, making Mantle Network an attractive choice for developers in the gaming industry.

Closing

Mantle Network represents an exciting and forward-thinking approach to blockchain scalability and data availability. With its modular architecture, integration of EigenDA, and strategic partnerships, the platform aims to usher in a new era of hyperscalability and enhanced security for the Ethereum network. As the blockchain space continues to evolve, Mantle Network's position as a pioneering L2 solution is one to watch closely, and its impact on the future of decentralized applications remains to be seen.

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