Original - Odaily
Author - Loopy Lu
Mantle is a modular Layer 2 Rollups solution built on Ethereum that provides EVM compatibility, ultra-scalability and low transaction fees, with security inherited from the Ethereum mainnet.
Currently, Mantle’s market share in the Layer 2 market ranks amongTop 5 。
In May of this year, BitDAO announced that it would merge with its funded Ethereum second layer solution Mantle Network. BitDAO community members approved the merger via governance proposal BIP-21.
According to its Optimization of Brands, Tokens and Token Economics proposal, BitDAO, Mantle, and the BIT ecosystem will be uniformly named Mantle, the existing governance and DAO will be called Mantle Governance, and the BIT token will also be converted to Mantle . The announcement stated that through this integration, Mantle Network developers inherited nearly $300 million in stablecoin reserves and more than 270,000 ETH ($485 million) from BitDAO. The funding will play a key role in funding the expansion and wider adoption of the Mantle Network.
Previously, Odaily also published an article onMantle EcologyTake a quick overview. Recently, Odaily interviewed the official Mantle team and discussed the development status of Mantle.
The following is the transcript of the interview, compiled and edited by Odaily:
Odaily: In such a crowded Layer 2 market, what is special about Mantle and how does it stay competitive?
Mantle：To stand out in the competitive Layer 2 market, you have to differentiate and have some truly unique selling points.
In the current Layer 2 market, new players enter every few months. The advantage of Mantle is that it has the advantages in the Web3 worldThe largest DAO governance ecosystem。
Mantle Network is based on a modular blockchain architecture and is committed to infrastructure construction. The Mantle Treasury allows for massive resource allocation for dApp innovation and ecosystem composability on the Mantle ecosystem. likeMantle Grantsand $200 millionMantle EcoFund and other measures. These incentive policies allow companies such as Mantle to obtain top DeFi protocols, diversified dApps, innovative products in areas such as RWA and LSD, and conduct strategic expansion.
In addition, Mantle Network users receive significant cost and performance optimizations over traditional Layer 2. As EigenLayer’s first Layer 2 network partner, get access to itsData availability(DA) SERVICES. We are able to create data availability projects with EigenDA technology through Mantle DA. This is especially important to deal with the expensive transaction fees and limited throughput often faced when using traditional Layer 2. Traditional Layer 2 is constrained by Ethereum’s limited data availability.
Odaily: What kind of support can Mantle get from Bybit?
Mantle：Bybit is an important sponsor and partner of the Mantle community, especially in technology development and product adoption. Successful Mantle ecosystem dApps are sometimes recommended to Bybit for consideration for listing.
Odaily: Will Mantle offer tokens?
Mantle: The Mantle token ($MNT) was launched alongside the Mantle Network mainnet on July 17 during EthCC. Since then, we have created a rewards program for users and protocols building on Mantle.
Mantle Journey is our ecosystem engine that aligns on-chain activity from all users and protocols in an index for future rewards programs. This allows us to build bridges between ecosystems, projects and users, deepening engagement while enabling protocols to identify key users and incentivize those who are truly interested in using these platforms.
through active participation Mantle Journey, users have the opportunity to earn Mantle Journey (MJ) miles, which canexchangeVarious services within the Mantle ecosystemaward。
This includes the ability to mint Mantle Citizen NFTs, gain access to rare features, upgrade NFTs and more, as well as redeem them for ecosystem rewards, exclusive whitelisting, and more. MJ miles can be redeemed for rewards at the end of each quarter, and each quarter has dynamic mileage accumulation and award rules. We are currently in Alpha season and participants can look forward to a $20M $MNT reward pool.
Odaily: What are the main application areas for Mantle? Which tracks will we focus on supporting?
Mantle: We are a universal blockchain that meets the broad needs of various dApps on the market, including but not limited to DeFi, LSDFi, NFT, SocialFi, games, infrastructure, wallets, and Metaverse applications.
Still, DeFi’s composability remains fundamental to our ecosystem strategy.
Composability is like modularity in our blockchain architecture, which enables users to interact with the protocol in infinite combinations and stack their activities together like building blocks, creating new possibilities for all Mantle community members. A practical flywheel of value.
Currently, DeFi and gaming are the main areas where we see activity, but we don’t limit ourselves to any specific vertical. The different intersections of Web3 are full of opportunities, and were always looking for the next killer app. SocialFi, for example, saw a lot of growth in the second half of 2023, where we saw incredible activity on fan.tech, which is native to Mantle. As Web3 adoption continues to grow, we will see different use cases emerge and evolve.
Odaily: We have too many Layer 2s and too few applications. Maybe one day there will be more chains than applications. What do you think?
Mantle：Since the start of 2022, Layer 2 narrative has proven its worth and we continue to see new entrants taking a position in the space. We don’t see this trend dying out anytime soon.
To stay true to the principles of decentralization, we believe Layer 2 ecosystems need to cooperate as well as compete – leveraging each other’s technology and ecosystem capabilities to create a net positive for the entire industry.
While new blockchains continue to enter the market, only those with sufficient resources andappropriate long-term strategyOnly blockchains can maintain continued development and withstand turmoil.
We are currently at a stage where Layer 2 needs to compete on bringing in projects, provide the best product for users and focus on the overall experience. So I dont think the number of Layer 2s will grow too much.
After all, dApps host the majority of user activity and are a critical part. Without a strong application layer, people have less incentive to use Layer 2 and the risk of infrastructure requirements dissipates.
In order for Mantle to be successful, it cannot just be another Layer 2 where people just trade and use the same application.
Odaily: Is there anything big happening at Mantle right now?
Mantle: Of course. We recently introduced Ondo-powered RWA-backed $USDY and its reset version to the Mantle ecosystem$mUSD. This opens the door to additional use cases such as collateral, automated market makers, and payments and settlements.
Soon we will launchMantle LSP, improving the capital efficiency of ETH through decentralized mortgage services.
The launch of Mantle LSP aims to provide users with immediate and sustainable benefits derived from Ethereum’s PoS validator network. Featuring a clean, modern design and powerful risk management, Mantle LSP leverages the extensive resources within the existing Mantle ecosystem to provide users with a highly rewarding experience and significantly enhance Mantle’s status.
The introduction of Mantle LSP sets the stage for wider adoption of $mETH through further integration$mETH, expanding potential application scenarios.
This expands the use cases for capital-efficient ETH-staking tokens in the Mantle ecosystem and beyond. For example, $USDY, a yield-generating token backed by real assets (RWA), and its rebased version $mUSD, are only available exclusively on the Mantle Network.
The Mantle LSP Bug Bounty Program (Bug Bounty) will begin after role division and auditing are completed.
Mantle LSP will inspire a flourishing of LSDFi innovation, manifested in a variety of ways to create sustainable revenue and ease of access within our ecosystem. With ample local liquidity and an orthogonal ecosystem strategy that continues to solidify our position, we are ensuring a sustainable future for the blockchain economy to have a place in mainstream finance.