Understanding the Mantle Network
The Mantle Network, introduced and endorsed for the first time in June 2022, stands as the inaugural modular Ethereum Layer 2 (L2) mechanism. Its inception was based on the innovative approach to enhance the collective functionality of different elements within a blockchain, including data accessibility, security, and performance augmentation. As an L2 solution that is harmonized with the Ethereum Virtual Machine (EVM), the Mantle Network permits the developers to utilize Ethereum-based smart contracts and resources with negligible disruption.
Mantle Network Architecture and Advantages
The Mantle Network builds on a modular structure that seamlessly blends the use of optimistic rollups with a refined data availability technique. In this mechanism, both computational tasks and state storage are moved off-chain, simultaneously executing transactions in bulk. The resulting effect is a reduced computational load being dispatched and processed within the Ethereum Mainnet. This, in turn, magnifies the throughput of the Mantle Network while reducing the operational cost.
The Community Approval and its Impact
The proposal was eventually accepted, with a vote count of 235 million $BIT in favor and 988 $BIT in dissent. The agreement represented the community's concurrence with Mantle's objective of merging the identities of BitDAO and Mantle under a singular brand and token, aptly named Mantle ($MNT).
The optimistic rollup segment of the ecosystem has accordingly been dubbed the Mantle Network. Concurrently, BitDAO has been rebranded as Mantle Governance.
Outcome of the Mantle Transformation
This transformative rebranding is anticipated to foster continuous growth for $MNT token holders and enhance community consensus. Moreover, it also paves the way for the development of key offerings like the Mantle Network. At the same time, it safeguards the persistence of governance and economic benefits for token holders. Through these changes, Mantle is positioning itself for both present and future advancements in the digital sphere.
Mantle Network's Objectives Unveiled
There is a notable presence of numerous scaling solutions in today's digital market. However, the efficacy of these existing solutions often falls short in several ways. These miscalculations are most evident in their ability to successfully scale the Ethereum network without compromising security. Existing systems, in their pursuit of efficiency, have the tendency to overlook the significance of security, a factor that becomes stunningly clear when dealing with decentralized protocols tasked with managing substantial liquidity. Because of the fear of jeopardizing their own security, these protocols are often reluctant to utilize these chains. This is the challenge that Mantle Network seeks to overcome.
The Exceptional Value of Mantle Network
Born out of the desire to provide a more reliable, seamless solution, Mantle Network was conceived. Its mission is not just about seamless scalability of the Ethereum network, but also about achieving this vision without compromising security. By deploying a unique combination of advanced roll-up technology and a decentralized data availability layer, the Mantle Network has been strategically designed to enhance efficiency and performance. This design also ensures reduced fees and latency, making it an attractive solution for users.
Superior Security and Familiarity with Mantle Network
However, the value proposition of Mantle Network does not stop at performance enhancement—it is also about instilling a sense of unshakeable security. Thanks to the application of Ethereum roll-up technology, Mantle Network comes with an unmatched level of security, effectively giving the network an edge over its competitors. Further sweetening the deal, this highly secure network is housed within a user-friendly EVM environment, providing a comforting sense of familiarity for developers and users alike. Thus, Mantle Network's combined emphasis on hyperscalability, security, and user-experience truly sets it apart from the market.
Mantle Network Distinguishes Itself from Other Ethereum Layer-2 Alternatives
With a unique blend of technical innovation and a robust, extensive ecosystem of partnerships, Mantle Network truly differentiates itself from other Ethereum Layer-2 solutions. The bonds formed within this network, facilitated by the Mantle token ($MNT), offer vital support to the wide range of developers within the Mantle Network.
Deeper Collaboration with Esteemed Technology Partners
Mantle Network's unprecedented collaboration with reliable technology partners allows them to deliver industry-leading Layer-2 solutions to a broader audience. This approach enables them to concentrate on enhancing an established ecosystem of symbiotic collaborators and accelerating the progression of new developers and dApps.
Providing Comprehensive Support from Initial Stages to Market Entry
From a project's inception to the implementation of its go-to-market strategy, Mantle Network provides comprehensive assistance to its developers. This includes everything from providing valuable on-chain data analytics to offering advanced toolkits. Additionally, Mantle also sets the stage for potential entry into esteemed crypto exchanges.
Leveraging a Large Web3 Base and Community
In addition to these inherent strengths, Mantle Network's acceleration is further bolstered by a sizeable, linked Web3 user base and community. It aids developers in identifying their power users in a more focused way, thus driving greater user engagement.
Community-Guarded Governance
In a final display of its distinct character, Mantle Network enforces governance through a Decentralized Autonomous Organization (DAO). This implies that all momentous decisions are subjected to a democratic voting process by Mantle token ($MNT) holders before being put into action. It ensures the network's compatibility with the community's needs, strengthening its democratic ethos.
In Conclusion
Offering a versatile mix of technical prowess and an extensive network of partners, striking a clear path from early-stage development to market launch, and implementing DAO-based governance, the Mantle Network stands unique in the sphere of Ethereum Layer-2 solutions.
Understanding the Functionality of the Mantle Network
The Mantle Network employs a unique kind of architectural technology stack with the primary goal of elevating Ethereum's scalability, assuring to serve the requirements of web3 seamlessly and without any concession.
Unleashing the Potential of Ethereum Through Mantle Network
Equipped with sophisticated tools and robust infrastructure, the Mantle Network masterfully optimizes Ethereum's capabilities, ensuring that it can cater to the needs of the evolving web3 ambit without making any compromises.
Optimizing Blockchain Operations with Modular Rollups
The refined framework of the Mantle Network significantly enhances the operational excellence of blockchain. This is accomplished by executing, consolidating consensus, settling functions, and ensuring data availability across distinct, specialized layers. These layers can be managed at varying levels by different network participants. Utilizing such an infrastructure, the Mantle Network is capable of achieving monumental reductions in gas expenditures, thereby boosting overall performance.
The Power of Modular Rollups Model in Blockchain Execution
A significant facet of the Mantle Network's operation lies in its use of the Modular Rollup model. This model is utilized to fine-tune the fundamental mechanisms involved in the execution of blockchain. Furthermore, the model serves to address a major community concern, often referred to as the blockchain trilemma, involving balancing scalability, security, and decentralization.
Enhancing Network Efficiency through Resource Segregation
Rather than running all functions on a single layer, distributed resources can streamline network efficiency, with each layer dedicated to executing specific tasks. This ensures comprehensive security enhancements for all users, not confined solely to full node validators on layer-1 (L1).
Reducing Load on Nodes via Layer Separation
By segregating operations across various layers, the total load of execution and validation is noticeably reduced on nodes. This is particularly relevant for technologies employing fraud proofs and ZK proofs. The need for executing all transactions for valid verification checks is eliminated, resulting in lesser load on nodes and improved overall operational efficiency.
In the dynamic realm of blockchain technology, these strategic adaptations substantiate the versatility and efficiency of the Mantle Network's approach, leading to performance enhancements and optimized execution.
Data Accessibility Performance Presented by Mantle Network
Addressing Blockchain Security with EigenLayer
The Mantle Network is proactively confronting the pervasive safety concerns that have been the bane of blockchains functioning on roll-up designs. EigenLayer, exhibited as a recurrent staking protocol, leverages the existing trust network of Ethereum to permit layer-2 amenities to ensure data accessibility. In parallel to this, it upholds security measures concurrently corresponding to those of the Ethereum Mainnet, highlighting an ideal balance between accessibility and safety.
Employing EigenDA for Data Availability Services
Mantle Network operates with EigenDA - the EigenLayer’s preeminent data availibility solution - to empower nodes to furnish data availability services within its network channels. Validators find the opportunity to contribute their assistance and partake in Mantle Network's economic architectural module through the process of $MNT staking. This process also paves the way for further yield prospects.
Contributions to Block Data Precision and Completeness
These contributions enrich the block data precision and completeness at the execution layer of the Mantle Network. Supported by EigenDA, the data availability layer operates distinctively from the consensus layer. This enhances its efficiency by enabling a unicast channel for data transfer between network participants, therefore, leading to an increase in the efficiency of data storage and transmission.
Operating Erasure Rate and Block Data Reconstitution
EigenDA also retains an erasure rate. This attribute lets the block data be pieced back together with components from both L2 and L1 sources, rather than needing a complete block. Such an innovative solution augments the staking utility for $MNT over and above its governance prowess, and equips the requisite high throughput for up-and-coming web3 applications.
Evidence of Fraud: A Closer Examination
Most rollups tend to operate on the basis of favorable assumptions concerning the behavior of network participants within the optimistic model. This model necessitates the integral role of effectively applying fraud proofs to bolster the network's integrity. Although imperative, the application of fraud proofs presents some difficulties that cannot be overlooked.
Predicting Problems with On-chain Verifiers
Currently, the on-chain verifier is limited in functionality. Its abilities are confined to executing instructions within a low-level virtual machine. These constraints mandate that the EVM (Ethereum Virtual Machine) client has to recast their fraud proof into lesser-level encoding; this enables the on-chain verifier to comprehend it thoroughly.
However, the proof of fraud typically does not originate directly from an EVM client that adheres strictly to the rules. On the rare occasions when it does, there isn't a concrete method available to establish its authenticity. This issue is further amplified by the fact that the on-chain verifier is fundamentally unable to identify the source responsible for generating the fraud proof.
Implications for Trust Minimization in Ethereum Client
Consequently, a significant challenge is posed to the concept of trust minimization - a principle that is seamlessly incorporated into the Ethereum client. In light of this problem, the Mantle Network proposes a solution.
Mantle Network’s Solution Principle
Mantle Network’s solution is rooted in its innovative approach which involves translating and confirming fraud proofs utilizing straightforward EVM directives. With this implementation, every Ethernet client has the capability to interact with a proofing system that is universally accessible.
This solution significantly mitigates the dependencies on trust affecting not just the verifier's, but also the compiler's and client's perspectives. Thus, by streamlining the process of fraud proof implementation, Mantle Network enhances the security and transparency of the Ethereum platform.
Understanding the Transaction Lifecycle on Mantle Network
A transaction's journey on the Mantle Network begins with an action from a wallet user, a decentralized application (dApp), or a script, such as initiating a fund transfer or executing a task. This is all made possible by the Mantle SDK, which provides an interface to ensure seamless initiation of transactions.
Creating and Processing Transactions
Through the integration of the Mantle SDK and other available tools, a request can be generated, endorsed with private cryptographic keys, and dispatched to the Mantle Network for Sequencer processing. At this stage, the transaction is scrutinized and included into a temporary block, set to be delivered to the Ethereum network for finalization.
Achieving Cost-efficiency
Mantle Network's distinctive approach to handling transactions allows it to distribute rigid costs across numerous transactions within a batch of pending blocks. This mechanism enables the network to maintain exceptionally low transaction fees.
Verifying and Transmitting Block Data
The next significant step involves the Threshold Signature Scheme nodes. These nodes undertake the crucial task of further validating the block data prior to its transmission to the Ethereum network via the Sequencer. This process ensures validated distribution of the data to the varied participants on the Mantle and Ethereum Networks.
Synchronization and Consensus
Mantle Network's Rollup verifiers perform their role diligently by synchronizing the data, making it accessible for other users and dApps. Concurrently, on the Ethereum network, the communicated data undergoes Ethereum’s consensus mechanism to become officially registered on-chain.
Data Availability Assurance
Additionally, the Data Availability nodes on Mantle Network play a significant role in ensuring data availability. They achieve this by synchronizing the data and ensuring its accessibility. As a reward for their crucial role in maintaining the network's data integrity, these nodes receive $MNT tokens as compensation.
The propagation and validation process involved in the transaction lifecycle enhances the efficiency and reliability of the Mantle Network, providing secure, cost-effective transactions for all its users.
Understanding the Role of Bridging in Blockchain Networks
Two distinct blockchains, such as the Mantle Network (L2) and Ethereum (L1), necessitate a method for transferring ETH and other tokens between them. The solution lies in a mechanism called bridging, which facilitates this movement securely and verifiably.
Bridging: An Integral Element of Blockchain Technology
Being unique entities, the Mantle Network (known as L2) and Ethereum (referred to as L1) operate as independent blockchains. Hence, a process is essential that would allow the exchange of ETH and assorted tokens between these two chains.
How Bridging Ensures Secure and Verifiable Transfers
This necessary protocol is the bridging process. It guarantees that the blockchain system acknowledges and accepts these transactions. More importantly, it ensures this process happens in a way that's both verifiable and secure.
Introducing $MNT Tokens: Transition from $BIT
Revamping the Mantle Ecosystem
The Mantle Ecosystem is set to undergo a significant transformation as part of its rebranding strategy, overriding the existing $BIT tokens with its freshly minted $MNT tokens. Despite the switch, it's important to note that all token ownership information, rights linked to governance, and the treasury will maintain their current state.Starting June 22, 2023, CoinUnited.io will team up with Mantle to oversee the conversion process from $BIT to $MNT tokens.
Process of Transition to Mantle’s New Token: $MNT
All $BIT tokens that are present in various account types, including Spot Account, Unified Trading Account, and Inverse Derivatives Account to name a few, will be mobilized and moved to their respective Funding Accounts for a seamless conversion.During this suspension, a snapshot of the $BIT in your funding account will be captured, serving as reference for token conversion. The snapshot will be taken at 4AM UTC, July 17, 2023.
Getting Your $MNT Tokens
Following the snapshot, you will be airdropped new $MNT tokens corresponding to your snapshotted $BIT balance. Each $BIT token will convert to an $MNT at an equal 1:1 ratio, ensuring a fair conversion process. This airdrop is slated to take place at 8AM UTC, July 17, 2023.Manual Conversion from $BIT to $MNT Tokens
Additionally, a manual conversion feature will become available on the same day, allowing holders to transform their $BIT to $MNT tokens at their own pace. This process will be accessible starting 10AM UTC. By providing options, Mantle looks to offer a comprehensively planned conversion, securing the interests and convenience of its global users.Unravelling The Dynamics of $MNT Tokenomics
In the evolving universe of digital assets, Mantle is anticipated to chiefly incorporate an off-chain governance model. It all begins with conversations sparked either within the team of core contributors or generated by community members. These discussions are then disseminated to the broader mantle community via forum dialogues. In case these conversations stir up sufficient interest and favourable reactions, they might metamorphose into official proposals, also known as Mantle Improvement Proposals (MIP). The fate of these MIPs lies in the hands of $MNT token proprietors, who participate in voting.
Understanding The Voting Mechanism
The actual outcome of the vote doesn't directly activate modifications or actions. Nevertheless, it is endorsed by core contributors and taken forward for execution. Notably, token owners have to delegate the power to vote to an address before exercising their voting rights or drafting their proposals.
The peculiar aspect of this delegation is that the process doesn't lock or transfer tokens, thereby safeguarding the interests of holders in case the delegated wallet faces a security breach.
The Dual Role of $MNT Tokens in the Mantle Ecosystem
$MNT tokens perform a dual role as governance and utility tokens within the Mantle ecosystem. Their function in governance is to grant each $MNT token an equivalent voting power, thereby enabling token proprietors to partake in Decentralized Autonomous Organization (DAO) voting.
On the other hand, $MNT’s role as a utility coin is twofold. Firstly, for covering gas fees on the Mantle network and secondly, for becoming the collateral for Mantle network nodes. Just like standard L2 blockchain tokens, it's an ERC-20 token with equivalent functionality.
With an inherent feature of adaptability, the governance and utility of $MNT tokens might experience transformations as Mantle evolves over time.
Distributing $MNT Tokens- A Procedure Governed by Protocol
The circulation process of $MNT tokens strictly adheres to Mantle Governance’s protocol. However, there is no pre-set objective or confines to token distribution. But the focus areas of distribution comprise User Incentives, Technology Partner Incentives, Core Contributors and Advisors, and other prospects such as mergers and token swaps.
Each opportunity is meticulously assessed for its potential advantages towards Mantle. The Mantle community is presently contemplating a proposal to optimize the fully diluted supply of the $MNT token in preparation for its release. The most crucial aspect of this proposal is to refrain from converting 3 billion $BIT tokens currently preserved in the Mantle Treasury to $MNT.
The Implications of Proposal
This action would effectively shrink the fully diluted supply of $MNT at its launch by 3 billion tokens in comparison to $BIT.
The projected modification would curtail Mantle Treasury’s $MNT possessions from an estimated 6.05 billion to approximately 3.05 billion. The circulating supply of $MNT would remain unaltered at nearly 3.17 billion.
Consequently, the fully diluted supply would plunge from roughly 9.22 billion to approximately 6.22 billion. This optimization endeavor is aimed at retaining a balance between reducing the fully diluted supply of $MNT, thereby augmenting predictability for token owners, and securing ample resources to facilitate constant and future product development and acceptance undertakings.
The proposed modifications are yet to be subjected to a verdict by the Mantle community. The real implications will be determined by the outcome of this vote.
The Unfolding Journey of Mantle Network
BitDAO initially unveiled the soft commencement of Mantle Network to the public on November 30, 2022. Progressing quickly towards its determined milestones, the Mantle Network unveiled its public testnet to stakeholders on January 10, 2023.
Rebrand Proposal for Mantle
On May 5, 2023, BitDAO expressed a tentative proposal regarding the renaming of Mantle. The decision wasn't immediate. For a full week, the proposal mingled within the forum discussions, stimulating different viewpoints and suggestions. After this deliberation, the idea went into voting and remained there for another seven days. Ultimately, the proposal earned the members' approval, marking a significant event in the network's journey.
Preparing for a Head Start: Mantle Mainnet and $MNT Token
Before the official launch of Mantle Network's Mainnet, the $MNT token—the network's proprietary currency—is set to debut in July 2023. This move signifies a key phase in orchestrating the platform's readiness for its robust operations.
Token Swap: BIT to $MNT
Owners of BIT tokens need not worry about their investments. Very soon, they can expect to interchange their BIT holdings into $MNT tokens. This facility will be made available through officially authorized conversion channels, thereby ensuring a smooth transition for all investors.
Boosting Engagement Through Mantle ByStarter
To enrich user engagement, a unique program christened 'Mantle ByStarter' will be rolled out in the near future. Here, users stand a chance to earn $MNT tokens at no cost, thereby gaining early stakes in the network's prospective success.
CoinUnited.io: Delisting BIT and $MNT Trading
As the last stage of the transition, CoinUnited.io, a popular cryptocurrency spot trading platform, plans to mark the end of BIT token availability. Subsequently, it will introduce the $MNT token to its trading portfolio. This transition reiterates Mantle Network's commitment to ensuring a seamless switchover for its early supporters.
Engaging In The Mantle ByStarter Initiative: A Comprehensive Guide
Intrigued by Mantle ByStarter's exciting new venture and the prospect of securing $MNT tokens? This comprehensive guide provides an insightful overview deducing how to jump on this bandwagon.
Step 2: Understanding the Two Genesis Offerings
The campaign comprises two Genesis offerings: the Whitelist Genesis Offering and Public Genesis Offering.
Note: Only holders of $BIT tokens qualify for the Whitelist Genesis Offering.
Conversely, the Public Genesis Offering has an open invitation to all, even $BIT token holders. If you want to be part of the Whitelist Genesis Offering, ensure to have 100 $BIT saved in any of your CoinUnited.io accounts—these include Funding, Spot, Derivatives, UTA, or Inverse Derivatives Account.
The crucial cut-off is slated for July 5, 2023, at 12 AM UTC, when a snapshot of your assets is captured. Intending participants of the Public Genesis Offering can bypass this stage.
Step 3: Commit 100 USDT to Score Bonus Tokens
During $MNT ByStarter Subscription Periods, assign 100 USDT from your Funding Account to stand a better chance of accruing bonus tokens.
Step 4: Allocation Period
A randomized selection process during the Allocation Period determines the winners. Finders of the Whitelist Genesis Offering could bag 200 $MNT, while goers of the Public Genesis Offering may grab up to 2,200 $MNT tokens.
After the Allocation Period, rest assured, your committed USDT will be rebounded to your Funding Account, independently from getting a share or not. Here is the potential bounty during the Public Genesis Offering:
Boost Your $MNT Token Earnings
Holding $BIT tokens can further bolster the number of $MNT tokens you take home from the Mantle ByStarter. This is because $BIT pockets permit participation in both Whitelist and Public Genesis Offerings. Hence, they afford the possibility to amass up to 2,400 $MNT tokens.
If you harbor an appetite for even more $MNT tokens, mark your calendar for a unique 'Refer to Earn ByStarter' event happening between June 30, 2023, 10 AM UTC, and July 17, 2023, 3 AM UTC on CoinUnited.io.
During this special occasion, referring an eligible participant blesses you with 10 $MNT tokens. You can rack up to 100 $MNT tokens via this pathway. Bear in mind the event's limitations: it's only open to the fastest 1,000 qualifying referees. This opportunity is offered on a first-come, first-served basis.
For more information on reward mechanics, do explore the CoinUnited.io Referral Program.
Exploring Trading and Staking Opportunities for $MNT
As of July 17th, 2023, the digital trading platform CoinUnited.io will introduce three spot trading pairs featuring $MNT as an appealing trading option. Participants in the marketplace will be able to engage in MNT/USDT, MNT/USDC, and MNT/BTC trades, presenting a variety of choices for interested traders.
Proceeding with $MNT after the ByStarter Event
Should you have been amongst those who earned $MNT tokens through the ByStarter event, you can go ahead with a further deposition of $MNT and start trading onboard the CoinUnited.io platform.
In the event you missed out on securing an allocation from the Mantle ByStarter event, worry not. As an alternative, you have the option to invest in and trade $MNT spot trading pairs once they are made available on the platform.
Festivities Marking Spot Listings Introduction
The exciting introduction of these three spot listings is set to be commemorated with two unique events. Running from July 17, 2023, 10 AM UTC, until July 24, 2023, 10 AM UTC, these events offer an opportunity for you to be part of a substantial overall 40,000 $MNT prize pool.
The Trade to Earn Event The first noteworthy event is the "Trade to Earn" challenge. Here, your task is simple: successfully buy and sell a minimum of 400 $MNT tokens within the event period. Completing this rewarding task secures a share for you from the prize pool of 10,000 $MNT.
The Stake to Earn Event The subsequent event is a "Stake to Earn" challenge. This contest involves staking a variable amount ranging from 100 to 2,000 $MNT. Participation in this event qualifies you to earn a portion of a larger 30,000 $MNT prize pool. With such enticing rewards on offer, these events underline the budding opportunities in the $MNT landscape.
Conclusion
In a sea of L2 solutions present in today's market, one that truly distinguishes itself is Mantle Network. Maneuvering through areas where competitor solutions have floundered, Mantle Network devotedly works on improving them. It has championed in developing a modular setup for Data Availability and Multi-Party Computation, along with a Decentralized Sequencer. These innovative features synergize to form a potent technological stack that has the potential to transform the web3 foundation. As a result, it promises a more scalable and secure solution for its users.
