BitDAO backed Mantle Network launches mainnet at EthCC

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BitDAO backed Mantle Network launches mainnet at EthCC BitDAO backed Mantle Network launches mainnet at EthCC Liam ‘Akiba’ Wright · 3 hours ago · 2 min read

Is Mantle Network’s mainnet launch and revolutionary merger set to reshape Ethereum’s Layer-2 landscape?

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Updated: July 17, 2023 at 11:18 am

BitDAO backed Mantle Network launches mainnet at EthCC

Cover art/illustration via CryptoSlate

Upland: Berlin Is Here!

Mantle Network, the modular Ethereum Layer-2 (L2) blockchain, disclosed the launch of its mainnet at the Ethereum Community Conference (EthCC) in Paris.

This announcement comes on the heels of a significant merger with BitDAO, the world’s largest DAO by treasury value, creating a unified DAO-led web3 ecosystem known as the Mantle Ecosystem. The merger, sanctioned by the successful on-chain proposition BIP-21, saw BitDAO’s ecosystem, products, governance, and BIT tokenomics all transitioning under a single brand, Mantle.xyz.

Backed by one of the world’s largest on-chain treasuries, following the integration with BitDAO’s substantial treasury, the mainnet unveiling follows a six-month testnet phase. This move kickstarts a $200M EcoFund.

Mantle Network’s modular architecture segments execution, data availability, consensus, and settlement into separate layers. Through collaboration with EigenLayer, an Ethereum restaking protocol, Mantle offers an optimistic roll-up design and revolutionary data availability solutions. According to a press release, these features allow Mantle to retain Ethereum’s security while providing enhanced performance at significantly reduced costs.

Jordi Alexander, the strategic advisor of Mantle, commented,

“As this burgeoning space sizzles on the eve of ‘L2 Summer’, the agility enabled by Mantle Network’s adaptive and iterative design will keep it at the bleeding edge of the latest technological breakthroughs for years to come.”

The testnet phase saw Mantle’s Mainnet Alpha handling over 14 million on-chain transactions, deploying over 140,000 smart contracts from over 48,000 developers, and connecting over 690,000 unique wallet addresses.

Mantle Network, during the testnet phase, demonstrated its capacity to handle high-frequency decentralized applications (dApps) like blockchain games, social graph protocols, and advanced DeFi protocols by hosting ecosystem partners such as Game7, HyperPlay, EduDAO, Bybit, and EigenLayer.

The network also highlights the potential of tokenized governance by connecting one of the world’s largest decentralized autonomous organization (DAO)-led ecosystems of partners, builders, and innovators.

Inheriting BitDAO’s substantial treasury, the Mantle Ecosystem received almost $300 million in USDC/USDT and approximately 270k ETH, with the total BitDAO treasury valued at roughly $2.5 billion. Token holders are slated to govern treasury use and allocation through Mantle Governance, promoting the expansion and adoption of product lines.

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