01 December 2022
On Wednesday, one of the world’s largest decentralized autonomous organizations, Bitdao, announced the soft launch of a modular Ethereum layer two (L2) network called Mantle that claims to bolster lower fees and fast transactions. According to the Bitdao team, Mantle’s public testnet is scheduled to release in 2023.
2022 has seen a significant amount of innovation dedicated to layer two (L2) Ethereum networks. On Nov. 30, 2022, the decentralized autonomous organization (DAO) Bitdao announced the soft launch of a new L2 called Mantle. According to the webpage, Bitdao is a collective of “builders, products and mutually beneficial ecosystems,” which is governed by BIT tokens.
At the time of writing, statistics from deepdao.io indicate that the DAO is the second largest under Uniswap’s DAO. Bitdao’s treasury holds roughly $2.7 billion in value which consists of tokens like BIT, ETH, USDC, and USDT, according to deepdao.io data. As far as Mantle is concerned, Bitdao explained in a press release sent to Bitcoin.com News that the technology is the first “L2 solution to combine modular architecture with the security and decentralized features of the Ethereum blockchain.”
Jacobc.eth, head of product for Bitdao’s Windranger Labs said “Mantle will serve as the connective tissue for various Bitdao initiatives, such as projects from Game7, to research from Edudao, to the ecosystem of [decentralized apps] being enabled by Bitdao.” The Windranger Labs executive added:
Mantle is Bitdao’s demonstration to scale Ethereum and Web3, enabling a whole new generation of use cases and innovations.
Mantle aims to offer “low gas fees” and faster transaction speeds, alongside a “next-generation network design,” the Bitdao collective says. Further, it will be the first network to adopt EIP-3074, an Ethereum Improvement Proposal that defines two new opcodes and extends smart contract functionality and meta-transactions.
Mantle is not the only L2 scaling solution that has been brought to the table in 2022, as there’s a whole slew of L2 products these days. This includes L2 scaling solutions such as Loopring, Immutable X, Zksync, Arbitrum, Optimism, and Polygon’s Hermez (now called zkEVM). Bitdao details that alongside a comprehensive incentive program, Bitdao aims to have the Mantle public testnet ready to “go live in 2023.”
What do you think about Bitdao revealing the soft launch of the L2 scaling product Mantle? Let us know what you think about this subject in the comments section below.
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