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.
Decentralized Autonomous Organization SOFT Launches Mantle, ‘A Connective Tissue for Different BitDAO Initiatives’
2022 sees a significant amount of innovation dedicated to the second layer (L2) of the Ethereum network. On November 30, 2022, the decentralized autonomous organization (DAO) BitDAO announced the soft launch of a new L2 called Mental. According to the webpage, Bitdao is a group of “builders, products, and mutually beneficial ecosystems” controlled by the BIT token.
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.”
jacob.eth“Mantle will serve as the connective tissue for various Bitdao initiatives, such as Game7’s projects, from Edudao to research, to the ecosystem,” said the head of product at Bitdao’s Windranger Labs. [decentralized apps] Being enabled by Bitdao.” A WindRanger Labs executive said:
Mantle is Bitdao’s demonstration to scale Ethereum and Web3, enabling a whole new generation of use cases and innovations.
Mantle aims to offer a “next generation network design” as well as “low gas fees” and faster transaction speeds. In addition, it will be the first network to adopt EIP-3074, an Ethereum improvement proposal that defines two new opcodes and expands 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.”
