ZK-Rollup technology is a popular tool with many protocols. It’s all about settlements and data availability (DA). This is where Mantle Network is different. They use EigenDA, a different DA provider.
That makes Mantle the first modular Layer 2 solution with a different approach, which mainnet is live now. So, it’s time to see how this can revolutionize Zk-Rollup’s development.
What Is Mantle Network?
The BitDAO developed the Mantle Network. ByBit, a crypto exchange, is behind the BitDAO. However, in May 2023 BitDAO and Mantle merged. They continue now as Mantle Network. BitDAO continues as Mantle Governance.
It's Official: Mantle Mainnet is Live! 🚀
Mantle Network is now open to all blockchain users, from developers to users.
We are thrilled to achieve this significant milestone and express our gratitude to every community member who got us here! 💫
📖 https://t.co/VWWrvmHcmy pic.twitter.com/0BgfBx7c4y
— Mantle (@0xMantle) July 17, 2023
With their modular approach, they offer a few extra benefits to their Layer 2 solution. For example:
- Massive scalability.
- Top-grade security.
- Lower costs.
By using EigenDA, it also offers additional benefits. For instance:
- It doesn’t need its own validators. It can use existing validator sets. There’s no need to bootstrap these validators.
- EigenDA is also not responsible for consensus.
- There’s no need to store data on its own distributed ledger. Instead, it uses Ethereum for this purpose.
- It uses a flat-rate model for the network fees. You always know what you will pay. This setup doesn’t depend on network congestion.
Mantle also uses zk-Rollups. This means that the transaction finality is faster compared to optimistic rollups. Finality is the time when a transaction is completed. Once completed, you can’t change or alter the transaction.
🌍 The gateway to Mantle is open.
🏔 An amazing new modular world is something to be a part of. We’re excited to share this transcendent ecosystem with you.
Citizens of Mantle, we have a competition for you. $1,500 in $MNT 🏅
All details below ⬇️ pic.twitter.com/CNHN4u490e
— Mantle (@0xMantle) July 18, 2023
Reasons Why Mantle Network’s Mainnet Is Important for zk-Rollups
We just learned what Mantle Network is. Now it’s time to find out why this mainnet so important is. For this, we need to start with the testnet.
– Mantle Network Testnet
The testnet lasted for six months. During this period, the users, and devs took it inside out. Here’s some information about what it achieved. For example:
- 14 million+ on-chain transactions.
- 140,000+ smart contracts deployed.
- 690,000+ unique wallet addresses.
- 157,000+ monthly active wallet addresses.
- 80+ Dapps deployed.
– The Ecosystem
There’s the Mantle Grants Program. The team selected 50+ teams that received grants at the mainnet launch. Furthermore, to help the Mantle ecosystem grow, there’s the Mantle EcoFund. This has a $200 million pool. These funds are available over the next three years. Some projects in their ecosystem are, for instance:
- Ankr – Decentralized node marketplace.
- Layer Zero – Cross-chain apps.
- Rarible – NFT marketplace.
- Symbiosis – Cross-chain AMM DEX.
- Galador – DeFi real yield.
- EigenLayer – Liquid staking derivatives. They are also the team behind EigenDA.
– Treasury
Their treasury is well over $6 billion worth. In other words, that’s a very healthy financial situation. Mantle Network is also well-connected with major exchanges and institutions. That’s besides the impressive treasury. This gives them unique advantages over other networks. The picture below shows part of the treasury.
Source: Mantle treasury monitor
– Citizens of Mantle
These are modular and dynamic NFTs. In other words, they can change over time. Users that hold these NFTs and engage with the project, will receive rewards.
– Mantle LSD
This is currently only a proposal in Mantle’s forum discussions. It would bring liquid staking to Mantle and use part of the 270,000 ETH treasury funds.
Conclusion
We looked at ways that the Mantle Network mainnet can change zk-Rollup development. We saw that Mantle is busy in many fields. With a massive treasury, it also has a unique position compared to other projects.
CoinGecko only listed the MNT token as of today, the time of writing this article. Nonetheless, the price is already up by 4.5%. The current MNT price is $0.5532. CoinGecko doesn’t currently have any information on market cap or token supply available.
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