What is Mantle?

Introduction

The scaling ability of Ethereum is one of the few issues that has always plagued the project. In an attempt to solve this problem, Layer-2 solutions were born, and each solution has come up with innovative ideas to battle the issue. One Layer-2 solution making waves is Mantle, a high-performance Ethereum Layer-2 network equipped with features guaranteed to give it an edge.

In this article, we will take a look at what Mantle is made of, what its approach is, and if the project is worth the recent hype.

What Is Mantle?

Source: Mantle

Mantle is a high-performance Ethereum layer-2 network developed with a modular architecture that delivers low fees with heightened security. It is the first modular Ethereum layer-2 solution that completely changes how the different parts of a blockchain, including data availability, performance, and security, work together.

It has achieved this by incorporating new features like Modular Blockchain Rollups, Decentralised Sequencer, Data Availability, transaction lifecycle, and Bridging. All of these features enhance not only the security of Mantle but also the scalability, aiding the network to carry out transactions faster and at a cheaper rate.

Mantle is a Layer-2 project that is compatible with the Ethereum Virtual Machine (EVM) and has been designed so developers on the Mantle chain will be able to easily use smart contracts and other tools that are available on Ethereum.

Mantle makes use of a modular architecture that makes use of optimistic rollups along with an improved data availability solution. By using optimistic rollups, both computation and storage of state are done outside of the chain. Transactions on Mantle are also processed in batches. This reduces the amount of work that needs to be done on the Ethereum mainnet, which boosts Mantle’s throughput at a much lower cost.

Mantle presents its users with a chance to test exciting new web3 apps and allows developers to launch smart contracts easily at an efficient and cost-effective price.

Brief History of Mantle

Mantle was developed by the BitDAO community and soft-launched on November 30, 2022. It was developed as part of a wave of new Layer-2 projects that aim to solve the scalability issues that plague the Ethereum mainnet. On January 10, 2023, the public testnet of Mantle went live.

The project is part of the BitDAO community’s vision to spread the adoption of Web3 by making the network user-friendly, and its mainnet is set to be released during the third quarter of 2023.

It was an idea brought to life by Bybit’s CEO Ben Zhou and other renowned members of the crypto community like Sreeram from EigenLayer, Dow Jones, and Cooper Midroni. They originally thought of the project and later decided to build an L2 that could solve the existing scaling problem of Ethereum.

After the proposal, the group has kept working on prototypes, making use of different rollup technologies and experimenting with new scaling innovations that were just recently released in other L2 projects.

How Does Mantle Work?

The layer-2 Ethereum project was built to fix the scalability issues that faced the Ethereum mainnet. To achieve that goal, Mantle consists of Modular Blockchain Rollups, Decentralised Sequencer, Data Availability, transaction lifecycle, and Bridging.

Modular Blockchain Rollups

Mantle is able to carry out different functions like the network’s execution, consensus, settlement, and data availability on specialized layers that can be run by network actors at different levels. This works especially well because it cuts gas costs in the network by a lot and improves performance overall.

Different blockchains handle processes like execution, consensus, settlement, and data availability all at the node/network stage, which leads to higher gas fees and lower performance. Mantle’s modular blockchain rollup separates these functions into layers. This creates an optimized system that lowers gas fees and speeds up the network.

Mantle makes use of modular rollup to boost the core functions of blockchain operations. It also solves the blockchain trilemma: scalability, security, and decentralization. The network’s efficiency goes up because each layer does a specific job and every user works at the same level of security, which is different from full node validators on layer 1.

The separation of layers makes it easier for technologies like ZK proofs and fraud proofs to be executed and validated since they don’t have to check the validity of every transaction. This saves time on the nodes.

Data Availability

Mantle makes use of the EigenLayer re-staking protocol that makes use of Ethereum’s existing trust network, enabling Layer-2 solutions to ensure the availability of data. All this is done while maintaining the same security level as the Ethereum mainnet.

This is done through a process called “re-staking,” in which L1 validators can use the ETH they have already staked as collateral to help provide data availability services.

EigenDA is used by Mantle, which lets nodes offer data availability services to the rest of the network. By staking $BIT, EigenDA can also take part in Mantle’s economic model. This makes sure that block data is complete and correct at the mantle execution stage, and it also lets us use the security features of Layer 1. This system actively provides the high transaction throughput necessary for next-generation blockchain applications.

EigenDA helps to separate the consensus layer and the data availability layer. It also helps to set up a unicast channel for exchanging data between network participants to make the sending and storing of data more efficient. It also maintains an erasure rate so that block data can be re-staked through block data pieces from layer-2 and layer-1 sources.

Decentralized Sequencer

In traditional optimistic rollup models, a rollup core team runs a single sequencer. Once a user’s transaction is recorded on layer 1, the user receives a soft confirmation, which, though without error, poses a minor threat due to reliance on a single team to handle the sequencer. This is because the sequencer is the only body with priority write access on the layer-2 network and can submit transaction bundles to the layer-1 contract.

Mantle’s decentralized sequencer opens the door for anyone to take part in a permissionless set of layer-2 block producers. The incorporation of this decentralized sequencer also enhances the resilience of the Mantle network.

Fraud-Proof

Optimistic rollups detect incorrect transactions by utilizing the fraud-proof system, which, while secure, has its own set of challenges. The contract that sorts disputes can only execute instructions in a lower-level virtual machine like MIPS or WASM. It essentially generates the fraud-proof from beyond the Ethereum Virtual Machine (EVM), which makes it impossible to ensure that its contents come from a compliant EVM client.

Mantle solves this problem by using EVM-level instructions to compile and check fraud proofs. This lets all Ethereum clients interact with a single proof system. As a result, Mantle minimizes the trust assumptions across verifiers, compilers, and clients.

Transaction Lifecycle

Transactions on the Mantle network go through three main stages: Initiation, Handling, and storage. In initiation, the transfer of funds or tasks on the Mantle network is handled by the wallet user, a dApp, or a script. It ensures that there is enough to cover the gas fees and then composes and signs the transactions. Once that is done, the task or fund is sent to the sequencer node for processing.

In the handling stage, the EVM verifies the transaction and sends it to a pending block, which is then merged with other pending blocks to create batches that are sent to Ethereum for finalization.

Lastly, Multi-Party Computation (MPC) nodes check the block data before sending it to the Ethereum network via the sequencer so that it can be received by the different actors on Mantle and Ethereum.

Bridging

Since Mantle and Ethereum have their own blockchains, they need to be connected so that assets can move into and out of both networks. Bridging ensures that the various blockchain assets are recognized and accepted in a secure manner.

What Makes Mantle Unique?

There are a lot of layer-2 projects out there, and each one tries to solve the trilemma problems that the Ethereum network is facing, especially the problem of scaling. Mantle, however, has set itself apart from the crowd with the following features:

Mantle’s Specialized Data Availability

Mantle differs from other L2 projects in the way it handles the issue of data availability. This is because it is built in a modular way and uses EigenDA instead of optimistic rollups to send transaction data to Ethereum. EigenDA nodes are specially developed to handle the data availability task and can be upgraded independently, greatly lowering costs while boosting the improvement cycles for the network as a whole.

Multi-Party Computation (MPC)

Mantle is able to challenge the issue of challenge periods by borrowing from the area of Multi-Party Computation (MPC). With MPC nodes, Mantle can confirm the validity of blocks produced by the sequencer faster. MPC nodes will compute state roots independently from transaction data and make available a signature for valid state transitions. As more nodes sign the block, collective block validity confidence increases. This creates a path that cuts down the challenge period to as little as 2 days.

What is BIT?

BIT is the official token used by BitDAO, a decentralized autonomous organization whose goal is to build a decentralized token economy that incorporates everyone. It is one of the largest decentralized self-governing organizations, with its main focus solely on De-Fi.

The self-governing organization is managed by community members who possess the BIT tokens. The main goal of the community is to bring in talented developers through token exchanges and joint development. The token swap helps the BitDAO Treasury gather a collection of the top crypto project tokens out there.

As the brainchild of the BitDAO community, Mantle will use BIT for the platforms’ gate fees, staking, and other processes needed in the ecosystem. This allows the token’s utility to grow exponentially, increasing the demand for the token.

Source: Mantle

Mantle’s goal is to create as much utility as it can for the $BIT token. The network currently plans to use the token for gas fees and as a governance token. It would be swapped for ETH for settlement back to Ethereum. On the other hand, users can carry out transactions amongst themselves with $BIT, boosting the demand for the token.

Overall, the use of $BIT in the Mantle ecosystem is a plan made to ultimately boost the Mantle community as well as the already existing BitDAO community.

BIT Tokenomics

The total supply of BIT tokens is capped at 10,000,000,000. The BitDAO treasury will hold on to 30% of all BIT tokens and token holders only possess the treasury tokens according to their token holdings.

News on Mantle

Mantle is seeking $200 million worth of funds to grow Web3-focused startups around the network. The BitDAO Governance Forum was the name of the Mantle EcoFund proposal that was sent in on February 2023. The proposal explains how the funds are to be shared across the ecosystem in three years.

How To Own BIT?

One way to own BIT is to go through a centralized crypto exchange. BIT is available on crypto exchanges like Gate.io. The first step is to create a Gate.io account and complete the KYC process. Add funds to your account and check out the steps to buy BIT on the spot or derivatives market.

Conclusion

Mantle has effectively come up with features that set it apart from other layer-2 solutions today. Its commitment to improving areas where other solutions have failed has placed it as a key factor in attracting more tech startups to revolutionize the web3 ecosystem.