About Mantle Network
Logically, the Ethereum line is considered one of the most widespread blockchain creators due to its versatility and faithful security.
Unfortunately, the scalability of Ethereum remains a question, and for this reason, almost all plans are trying to form a resolution of the second degree (L2) to decide on this issue.
One of the past business projects that joined this endeavor is Mantle Network.
With other L2 solutions, it is distinguished by its modular structure, which promises not only hyper-scalability but also reliability of the highest degree. Explore then, as well as I will tell you all without exception, what you need to understand about Mantle Network.
What Is Mantle Network?
Mantle Network is the first modular Ethereum L2 resolution created and recommended in June 2022. It provides an opportunity to take a fresh look at how the various nuances of blockchain can work together – information availability, significant efficiency, reliability, and more.
Mantle Network is an L2, together with the Ethereum Virtual Machine (EVM), which means that the creators have a chance to use smart contracts as well as devices operating in Ethereum, together with the least disruption.
The Mantle Network has a modular structure in which future-proof rollups are applied along with improved information availability. In the presence of future-proof rollups, settlements as well as capital preservation are raised from outside the chain.
Transactions are also processed batch-wise. As a final result, this makes it possible to reduce the computational load in EthereumMainnet, which, in turn, increases the bandwidth capacity of the Mantle Network at minimal cost.
Mantle’s Rebrand: One Brand, One Token
In May 2023, Mantle projects were announced according to the rebranding, and the BitDAO community was asked to assist in the voting.
The recommendation was subsequently accepted, with 235 million $BIT voting in favor and 988 $BIT voting against it, as the community agreed to consolidate the BitDAO and Mantle identity around one brand and one token – Mantle ($MNT).
The narrow-role element of the ecosystem will be known as the Mantle Network. BitDAO will be rebranded as Mantle Governance.
Due to this rebranding, Mantle can guarantee a stable formation for token owners and also increase the degree of unity in the community.
This rebranding also creates a place to increase basic services such as the Mantle Network, providing management support as well as financial benefits for token holders.
What Does Mantle Network Aim to Achieve?
Almost all of the currently available scaling conclusions have their limits. While preaching the possibility of successful scaling of Ethereum bonds, these resolutions often pass into a compromise solution together with security.
As a consequence, scattered works (scientific society), operating together with large amounts of liquidity, in no way have any chance to be promoted in these chains because of fears that their reliability will be violated.
This is where Mantle Network expresses itself. Mantle Network was formed to provide hyperscalability of the Ethereum bond and apply the know-how of convolution as well as the decentralized degree of information availability to increase productivity as well as performance in the presence of synchronous reduction of fees as well as hiccups.
The creation of the Ethereum rollup process base also means that the Mantle Network guarantees excellent reliability, while all of this is packed into a common EVM sphere for users and creators.
Mantle Network vs. Other Ethereum Layer-2 Solutions
The Mantle Network stands out from other Ethereum L2 solutions not only because of its industrial innovations but also because of its powerful and broad ecosystem of partners united by $MNT, the Mantle token, to offer assistance to Mantle Network builders.
As the Mantle Network cooperates with popular scientific and technological partners to communicate the best innovations in the field of L2 up to the vast darkness, it can concentrate on strengthening the existing ecosystem of synergistic partnerships.
Without exception, this makes it possible to stimulate the formation of new builders as well as dApps from the initial stages of construction, together with the support of the deepest information specialists in the chain, modern devices, and much more, right up to the exit strategy of the exchange, including the possible withdrawal to the famous cryptocurrency exchanges.
In addition, this is facilitated by the existing wide base of users as well as the Web3 user community, which allows the creators to discover their experienced users more deliberately.
In the end, Mantle Network is corrected by DAO, and also to realize various basic conclusions it will be necessary to make the way of voting operation of token holders $MNT.
How Does Mantle Network Work?
The functions of execution, consensus, calculation, and information availability in the Mantle Network are performed in special degrees, which can be performed by the participants in different degrees.
Due to this Mantle Network, it is possible to achieve a significant reduction in gas costs as well as a single increase in productivity.
Mantle Network uses a form of Modular Rollup to optimize key functions of blockchain activity. It also addresses a societally significant challenge: the trilemma of blockchain scalability, security, and decentralization.
The distribution of resources increases the efficiency of the bond, as any layer works in the execution of a specific issue. Any subscriber functions in 1 and also this degree of high security, in contrast to validators of constructions working only in the initial degree (L1).
Due to the work in single degrees the unified work in the areas of execution presence and control of such technologies, as well as the confirmation of scams and ZK-proof is reduced, as they do not need to carry out all transactions without exception to control the truthfulness.
Mantle Network addresses the security challenges faced by blockchains running on a roll-up architecture. EigenLayer, a re-stacking protocol, leverages Ethereum’s existing trust network, allowing Layer 2 solutions to guarantee data availability.
At the same time, security is maintained at the same level as in EthereumMainnet.
For example, the Mantle Network utilizes EigenLayer’s data availability solution, known as EigenDA, which allows nodes to offer data availability services on the Mantle Network.
Validators can provide their services and participate in Mantle Network’s economic model through $MNT staking, which opens up additional revenue opportunities. This contributes to the completeness and accuracy of blockchain data at the Mantle Network execution level.
In EigenDA, the data availability layer is separated from the consensus layer.
In addition, a unicast data exchange channel between network participants is implemented to improve the efficiency of data storage and transmission, and the erasure rate is maintained so that complete block data can be recovered from fragments of block data from L2 and L1 sources.
This solution also enhances the utility of stacking for the $MNT in addition to its management capabilities and provides the required high throughput for next-generation (web3) web applications.
Evidence of fraud
In the optimistic model, rollovers assume good behavior of network participants. Thus, proper implementation of fraud proofs is necessary to strengthen network integrity. However, this is not without difficulties.
In its current state, the verifier on the circuit can only execute instructions in a lower-level virtual machine. This requires the EVM client to translate its fraud evidence into a lower-level language so that the on-chain verifier can interpret it.
In other words, the content of the fraud-proof often cannot be obtained directly from a compliant EVM client. Even if it is, it is impossible to prove it, especially since the verifier on the chain is essentially unaware of the producer of the fraud-proof.
Thus, this has the effect of interfering with the trust minimization built into the Ethereum client.
To address this issue, Mantle Network uses an approach that implements the compilation and verification of fraud evidence directly through EVM instructions, allowing all Ethereum clients to openly interact with the shared evidence system.
Thus, trust assumptions between verifiers, compilers, and clients are minimized.
A transaction first enters the Mantle Network when a wallet user, dApp, or script initiates a fund transfer or performs a task.
Integration with the Mantle SDK and other available tools allows the request to be created, signed with private keys, and sent to the Mantle Network for sequencer processing.
The transaction is then verified and added to the pending blockchain before being sent to Ethereum for completion.
Since a bundle of pending blocks contains multiple transactions, Mantle Network can spread the fixed costs among them, thus achieving low transaction fees.
The Threshold Signature Scheme nodes then further verify the block data before sending it to the Ethereum network via Sequencer to be received by various Mantle Network and Ethereum participants.
Rollup verifiers in the Mantle Network synchronize the data, making it available to other users and dApps, while in Ethereum, the transmitted data is written to the chain after passing through the Ethereum consensus mechanism.
In addition, Data Availability nodes in the Mantle Network will synchronize data and guarantee access to it. In doing so, these nodes will receive $MNT tokens as rewards.
Since the Mantle Network (L2) and Ethereum (L1) are separate blockchains, a bridge connection is required to move ETH and other tokens between the chains.
This ensures recognition and acceptance by the blockchain system in a verifiable and secure way.
Conversion of $BIT to $MNT
As part of the rebranding, the entire Mantle ecosystem will use the new $MNT tokens rather than $BIT tokens. Token ownership, management-related rights, and treasury will retain their current status.
Beginning June 22, 2023, Bybit will partner with Mantle to facilitate the conversion of $BIT tokens to $MNT tokens.
All $BIT held in your other accounts (Spot Account/Unified Trading Account/Inverse Derivatives Account, etc.) will be transferred to your Funding Account during this transition.
Following the suspension of deposits, withdrawals, and transfers, a snapshot of $BIT in your Funding Account will be taken on July 17, 2023, at 4 am GMT.
New $MNT tokens will then be transferred to your funding account over the air to match the snapshot amount at a 1:1 exchange rate.
The release will take place on July 17, 2023, at 8 am GMT. The $BIT to $MNT manual conversion feature will be enabled on the same day from 10 am GMT.
Mantle is likely to adopt a predominantly off-chain management model. Discussions start within the core Contributor team or by community members and are shared with the broader Mantle community via forum discussions.
If discussions generate enough interest and positive feedback, they may evolve into formal proposals (MIPs) that are voted on by $MNT token holders.
The results of the vote do not automatically trigger updates or actions but are supported by key contributors for implementation.
To vote or create proposals, token holders need to delegate their voting rights to some address.
This can be their address or another address. Delegation does not block or transfer tokens, protecting holders in case the delegatee’s wallet is hacked.
Delegation also allows the weight of votes to be adjusted regardless of token ownership, facilitating decentralization and expert-based voting.
The new $MNT tokens serve as both management and utility tokens in the Mantle ecosystem.
In management, each $MNT token has an equal voting weight, allowing token holders to participate in DAO voting.
As a utility token, $MNT is used to pay for gas on the Mantle Network and can serve as collateral for Mantle Network nodes.
It is an ERC-20 standard token with functionality similar to other L2 blockchain tokens. DAOs are adaptable, so the management and utility of the $MNT token may change as Mantle evolves.
The distribution of $MNT tokens is governed by the Mantle Governance process.
There are no set goals or limits for token distribution, but key areas include rewarding users, rewarding technology partners, core development teams and advisors, and other opportunities such as token acquisition and exchange.
Each opportunity is evaluated individually in terms of its potential benefit to Mantle.
Mantle Network Roadmap
BitDAO first announced the official soft launch of the Mantle Network on November 30, 2022. On January 10, 2023, the Mantle Network public test network was launched.
On May 5, 2023, a soft proposal to rebrand Mantle was made, which was approved after seven days of forum discussion and seven days of voting.
In preparation for the launch of the Mantle Network mainnet, the $MNT token will be issued for the first time in July 2023.
BIT token holders will soon be able to convert their existing BIT to $MNT tokens through official conversion channels.
There will also be a Mantle byStarter where users will be able to win $MNT tokens for free to get early access to the game.
Once ByStarter is complete, Bybit will begin delisting BIT and listing the $MNT token for trading on the Bybit Spot trading platform.
Where to trade or bet on $MNT
On July 17, 2023, Bybit’s trading platform will host three $MNT Spot trading pairs (MNT/USDT, MNT/USDC, and MNT/BTC).
After receiving $MNT tokens as part of the ByStarter event, you can fund your account with $MNT and trade them.
If you were unsuccessful in winning an allocation as part of the Mantle ByStarter event, you can also purchase and trade $MNT Spot trading pairs once they are listed.
To celebrate these three Spot listings, Bybit will be holding two events from July 17, 2023, 10 am UTC, to July 24, 2023, 10 am UTC, where you can earn a share of the total $40,000 $MNT prize pool.
The first is the Trade to Earn event, where you only need to buy and sell at least 400 $MNT tokens during the event period to earn a share of the $10,000 $MNT prize pool.
The second is the Bet to Earn event, where betting any amount between $100 and $2,000MNT will earn you a share of the $30,000MNT prize pool.
While there are many L2 solutions available today, Mantle Network stands out for its commitment to excellence in areas that other solutions have failed to address.
Its modular features of data availability, multi-party computing, and decentralized sequencer come together to form a promising technology stack that can revolutionize the web3 ecosystem and provide a more scalable and secure solution.
If you’d like to become part of the Mantle family, be sure to register an account on Bybit and participate in the upcoming Mantle ByStarter event to get your share of the $MNT pie!