BitDAO launches Mantle L2 testnet

Decentralized autonomous organization (DAO) BitDAO has launched the Mantle public testnet for a modular second-layer solution.

1/ 🚀 The #Mantle Testnet has arrived!

Build on a high-performance, low-cost & high-security chain that is:

✅ Modular in design
✅ Community owned & governed#BuildonMantle and create your dream dApps. Sign up here: https://t.co/f7XejYdKU7 pic.twitter.com/T2XV6dgnhV

— Mantle Network (@0xMantle) January 10, 2023

The team announced the launch of the testnet in November. Since then, 37,000 developers have registered to participate in the network, according to The Block.

The Mantle L2 project uses its own technology based on Rollups and a modular architecture. Three distinct layers handle transaction execution, finalization, and data availability. BitDAO believes that for EVM developers this will be a ‘very familiar’ tech stack.

The Wadsley testnet will also allow the team to test and roll out new features ahead of the mainnet launch, scheduled for the end of 2023.

It is expected that the solution will deliver ‘hyper-scalable throughput for resource-intensive applications’ at low fees. BIT—the DAO governance token—is used to pay fees in the network.

In the last 24 hours, the asset has fallen 3.9% and is trading around $0.45 (CoinGecko). This is roughly 85.5% below its all-time high recorded in November 2021.

BitDAO began operations in June 2021 and raised $230 million in a private funding round. Investors included Founders Fund, Pantera Capital, Dragonfly Capital, and Peter Thiel.

Earlier in August 2021, BitDAO issued its governance token and raised 112,000 ETH (about $356 million at the time) in an auction.

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