BitDAO has Launched an Ethereum Layer 2 Network Called Mantle

BitDAO welcomes the first modular Ethereum layer-2 blockchain designed for hyperscalability

BitDAO, one of the world's largest decentralized autonomous organizations ("DAO"), has today announced the soft launch of Mantle, BitDAO's first L2 solution, which combines Ethereum blockchain's security and decentralization capabilities with modular architecture. Since EVM (Ethereum Virtual Machine) developers utilize the same toolchain as Ethereum to build their projects, this technological stack will be extremely familiar to them. The launch of the public test net and a complete incentive scheme is planned for 2023.

The L2 solution seeks to address the problems plaguing alternatives and to genuinely enable a web3 ecosystem that is suitable for the future and supports a wide range of applications and use cases. Early adopters will find the building on Mantle more easier compared to competing L2s due to its greater throughput and reduced costs. This is made possible by implementing a decentralized data availability layer, such as EigenDA, which is built for Optimistic and ZK rollups and is extremely flexible and hyperscaled.

The whole BitDAO ecosystem supports the Mantle network, which is owned and accelerated by the DAO. The most creative use cases can be realized thanks to low gas prices, next-generation network architecture, and enhanced user experience. It could potentially be the first network to implement EIP-3074, which gives externally owned accounts like those of MetaMask access to contract functionality and meta-transactions.

"The BitDAO community is creating the first layer-2 blockchain that is built using a hyperscaled modular chain approach," said jacobc.eth, head of product for BitDAO's Windranger Labs. "At the same time, Mantle will serve as the connective tissue for various BitDAO initiatives, such as projects from Game7, 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."

Mantle is claimed to have superior overall performance above other current tier 2 networks, more rapid transaction speeds, and decreased costs. Specifically, the transaction charge on Mantle will be paid in BitDAO's BIT token. Mantle also has help from EigenLayer, an information availability developer, which makes it possible for tasks to integrate each Optimistic Rollup and zk-Rollup right here. Mantle will quickly make it possible for tasks to be deployed right here in 2023, prioritizing platforms incubated and invested by BitDAO.

"It is always time to build. This is a community that recognizes the true value of transformative technologies," said Ben Zhou, co-founder, and CEO of Bybit. "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."

Beyond BitDAO's own growth, the capacity to enroll users to web3 and equip them to participate in the quickly expanding decentralized economy has consequences. Mantle will accelerate web3 accessibility, opening up hitherto unheard-of web3 use cases globally.

L2 solutions are the Ethereum community's response to the drawbacks of conventional layer-1 blockchain solutions, where millions were driven away by erratic and occasionally astronomical gas costs.

Using Blockchain to Solve Blockchain's Problems

The ability to onboard users to web3 and empower them to take part in the fast-growing decentralized economy has implications beyond BitDAO's own development. Mantle will fast-track web3 accessibility, unlocking never-seen-before web3 use cases on a global scale.

L2 solutions are Ethereum community's answer to the limitations of traditional layer-1 blockchain solutions, in which millions were priced out by unpredictable, and sometimes exorbitant, gas fees. Mantle is the culmination of uncompromising innovation to address the unsolved issues of L2s, technological and economical limitations on hyperscalability, and data dependency on centralized entities in existing projects.

About BitDAO

In under one year, BitDAO has become one of the largest decentralized treasuries in the world with billions in assets. Leveraging a tokenized governance system, BitDAO continues to display and execute on its open mandate to foster technologies that present entirely new ways for people to work, engage, and transact together. BitDAO's mission is to support builders of the decentralized economy and showcase the potential of DAOs.

A primary activity of the BitDAO ecosystem is to partner with BitDAO Initiatives like Game7, which are funded in part by the BitDAO treasury. These Initiatives consist of independent governance systems, and create aligned economic links back to the treasury itself, enabling the viral growth of more value-producing AEs.

About Bybit

Bybit is a cryptocurrency exchange established in March 2018 that offers a professional platform where crypto traders can find an ultra-fast matching engine, excellent customer service, and multilingual community support. Bybit is a proud partner of Formula One's reigning Constructors' and Drivers' champions, Oracle Red Bull Racing team, esports teams NAVI, Astralis, Alliance, Virtus.pro, Made in Brazil (MIBR), City Esports, and Oracle Red Bull Racing Esports, and association football (soccer) teams Borussia Dortmund and Avispa Fukuoka.