BitDAO unveils Mantle, a modular L2 solution

The decentralised autonomous organisation (DAO) BitDAO announced a ‘soft launch’ of Mantle, a modular Layer-2 solution. The announcement was made in a press release.

Mantle combines a modular architecture with the security and decentralised features of the Ethereum blockchain. According to project representatives, for EVM-developers this will be ‘a very familiar tech stack’.

According to BitDAO, the network features high throughput and low fees. The latter are paid with BIT — the DAO’s governance token.

Mantle consists of three distinct layers. The first is intended for executing transactions, the second and third are responsible for their finalisation and data availability. The EigenLayer team helped in the implementation.

BitDAO added that the aim is to fix the issues facing L2 solutions and create a ‘future-ready Web3’ ecosystem Web3. A public testnet launch together with an incentive programme was planned for 2023.

‘Mantle will serve as a bridge for BitDAO’s various initiatives, such as projects from Game7, research from EduDAO and the dapps ecosystem supported by BitDAO,’ said Windranger Labs’ head of products Jacob Cantelé.

The initiative was welcomed by Bybit CEO Ben Zhou:

‘Mantle has the potential to help every developer and decision-maker step to the forefront of innovation and seamlessly connect to Web3.’

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

Bybit was among the first to back the organisation and pledged to regularly allocate a portion of its futures trading volume on the platform to BitDAO’s fund.

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

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