Mantle: A Modular High-Performance L2 Scaling Solution

Mantle is an L2 scaling solution incubated by BitDAO, utilizing Optimistic rollup, modularity, and decentralized data availability technologies to achieve higher throughput and scalability.

What Makes Mantle Unique

• Modular Data Availability: By using EigenLayer to enhance transaction throughput, surpassing traditional L2. Accessible data availability means that Mantle can increase throughput while maintaining security and reducing node overhead, promoting decentralization.

• Multi-Party Computation ( MPC ): Use MPC to minimize the trust risk of L2 execution results. Through threshold signature scheme technology, dedicated nodes contribute multi-signatures to enhance the correctness of off-chain transaction execution results and shorten the withdrawal challenge period.

• Decentralized Sequencer: Mantle will decentralize its Sequencer to provide secure and trustless block production. By rotating a permissionless set of sequencers, it reduces the likelihood of network single points of failure or censorship.

Based on these features, Mantle adopts a modular solution, using EigenLayer as a data availability solution, avoiding the publication of transaction data on the ETH mainnet, enjoying the security of ETH while avoiding trading on ETH, providing new scalability possibilities.

In addition to using account abstraction provided by Biconomy, Mantle also addresses two main issues faced by optimistic rollups:

1. Single point of failure caused by high concentration sorter
2. Current 7-day fraud proof challenge period. By implementing MPC, Mantle will shorten the challenge period to 1-2 days. Nodes will independently validate blocks and enhance overall confidence.

Node Roles in Mantle

• Sorter: Receives user transaction records, generates L2 blocks, consolidates transactions to create batches, obtains blocks validated by the MPC network, broadcasts block data.

• MPC Node: "Sign" transaction batches generated by the sorter, using validation and broadcasting the batches through the L2 network for multi-party computation.

• Rollup Validator: Synchronize and aggregate data, verify the state root submitted by the sequencer, initiate fraud proofs, and provide data to users.

• DA Node: Responsible for storing copies of Mantle transaction data, using the BLS signature scheme to sign the provided block data.

Introduction to BitDAO

BitDAO is currently one of the largest DAO organizations, with a treasury holding $3.8 billion in reserve assets, having raised $230 million in June 2021. BitDAO consists of numerous builders focused on Web 3.0 products, creating an ecosystem governed by $BIT token holders.

Bybit donates to BitDAO on a regular basis every day, with an average of nearly 4 million USD donated daily, totaling over 1 billion USD in the past year.

Team Situation

The BitDAO community developed Mantle to create a user-friendly network and expand Web3 adoption. It was initiated by Bybit CEO Ben Zhou and other notable figures such as Sreeram from EigenLayer.

The Mantle team has over 50 members, including:

• Arjun Kalsy - Ecosystem Head
• Jacob C - Product Head and Strategic Advisor

Financing Situation

Mantle is a BitDAO product and has not raised external funds.

BitDAO completed a $230 million private placement in June 2021, with investors including Peter Thiel, Founders Fund, and Pantera Capital.

BitDAO currently has a treasury fund of $3.8 billion, with 78.3% in $BIT. The Mantle core budget address has $14.3 million, with 980 million $BIT and 9.4 million USDC.

Roadmap

• Q1 2023: Launched testnet ( EigenDA+OPU )
• After stable operation of the testnet for 3 months: Launch the mainnet based on OPU ( EigenDA+OPU )
• After 6-12 months of mainnet operation: Launch the zk-Rollup based mainnet (EigenDA+zkRU)

Currently, we have progressed to the second stage of the testnet, the proposal for token conversion has been approved, and discussions are ongoing regarding the details of token deployment and conversion. The next stage will deploy the $MNT token and go live on the mainnet.

Token Economics

The Mantle ecosystem and the $MNT token are undergoing governance approval, including key aspects such as token addresses, design, and initial allocation. This mainly involves the BIP-21 merger proposal and the MIP-22 token design discussion.

( BIP-21 Proposal Highlights

• Approval of brand and token merger, pre-authorized token conversion plan )$BIT and MNT(
• It is recommended to hold formal discussions and votes on key issues regarding the conversion plan.

) MIP-22 Proposal Highlights

1. $MNT should include "scalability" and "minting" features similar to $ARB and $OP.
2. The one-way token conversion rate is 1 $BIT : 3.14 $MNT
3. The core team is authorized to determine the delisting of $BIT, the listing of $MNT, the opening of the conversion channel, and the timeline for the mainnet launch.
4. Use the $BIT-ETH pool rewards to create the $MNT-ETH liquidity pool
5. Establish a temporary conversion library to support token creation and conversion.

Core team estimated priorities:

• User Incentives: Promoting the adoption of Mantle products through various means
• Technical partner incentives: Support ecosystem contributors
• Core team and advisors: Follow strict budgeting and allocation procedures
• Others: including opportunities such as acquisitions, token swaps, etc.
• Burn: Allows for the removal of MNT tokens from circulation and total supply.

( BIT Token Economics

• Launched on July 15, 2021
• Maximum supply of 10 billion pieces ) no inflation ###
• After MIP-22 is passed, it will be converted to $MNT at a 1:1 ratio.

Governance

Mantle primarily adopts an off-chain governance process:

1. Discussion initiated by the core team or the community
2. Introduce to a wider community through the forum
3. Generate a discussion with sufficient interest to form a formal proposal "MIP"
4. MNT holders vote
5. The proposal will be implemented by the core team after approval.

This is "off-chain" governance, and the voting results will not automatically trigger product updates or financial operations.

![Mantle Explained: The Largest Decentralized DAO Organization, BitDAO's Transition and Upgrade Journey]###https://img-cdn.gateio.im/webp-social/moments-cdf500d988943401646dc375587dc284.webp20&userId=983cb29f-1c52-4091-a69a-810373d1b0d1&cache=v2###

Latest Developments

• Upgraded to Testnet Phase 2 "Ringwood" on May 25, 2023
• The conversion from $BIT to $MNT tokens may be executed in June, completed before the mainnet.
• $MNT will be used as the network fuel token and for ecosystem rewards and incentives.
• MIP-22 is voting on the details of token conversion from May 31 to June 7, (.

![Mantle Explained: The Largest Decentralized Dao Organization, The Transformation and Upgrade Path of BitDAO])https://img-cdn.gateio.im/webp-social/moments-96c1711851f610f2ef5e22ed283a51a7.webp20\u0026userId=983cb29f-1c52-4091-a69a-810373d1b0d1\u0026cache=v2(

Ecosystem

The Mantle ecosystem page currently references 49 projects, mainly focusing on the gaming sector, with fewer DeFi and infrastructure projects.

![Mantle Explained: The Largest Decentralized Dao Organization, BitDAO's Transformation and Upgrade Journey])