Author: MooMs Compiler: Cointime.com 237
Looking for the next 100x coin? You can pay attention to the L2 network Mantle.
Here are 7 reasons why Mantle will be the new top Layer 2
What is Mantle?
Mantle was the first modular Layer2 to be created.
Modular blockchain = different layers perform specific operations.
Single blockchain = all functions are executed on the same layer.
Mantle utilizes a diverse network of nodes to perform three tasks:
- Settlement
- Consensus
- implement
This approach makes Mantle more efficient than Optimistic Rollups systems like Arbitrum and Optimism, and improves performance and reduces transaction costs.
Partnership with Eigen Layer
Modular blockchains are a great innovation as they are more efficient compared to monolithic networks. However, they face a big problem, which is reduced security.
However Eigen Layer is addressing this key issue and Mantle has formed a partnership with them.
Mantle is exploring a data availability solution for the Eigen Layer, called EigenDA, which allows nodes to provide data availability services to the Mantle network through staking. Simply put, users use $BIT as a stake to provide Ethereum security to the network.
What you need to know is that Mantle will be secured by Ethereum’s security model.
Account Abstraction
Mantle will provide an account abstraction wallet, enabling a simplified user experience, especially for Web2 users.
This feature is needed and it is one of the most meaningful innovations as it will allow newcomers to easily interact with people on-chain.
Collaboration with Lido Finance
The largest liquidity staking platform with $14.1 billion TVL is planning to allocate $72 million worth of ETH to the Mantle network.
This is an important partnership as it means that many other LSD protocols will follow Lido’s steps in bringing more liquidity to the chain.
Rumor has it that Mantle is already working with other protocols in the LSD space to have it deployed on their chains.
Partnership
ByBit is one of the financial partners of BitDAO, the entity behind Mantle. This means that ByBit is supporting Mantle.
Having the support of a CEX is a big thing, think about BSC and Binance.
From what I understand, ByBit will enable its users to interact with Mantle’s ecosystem. This means that more projects will connect with Mantle to attract more users.
Ecological project recommendation
There aren’t a lot of projects on the web right now, except for GameFi’s project. Here are three good protocols I’ve found:
1、@PinnakoDex
This is a DEX that provides leveraged trading in cryptocurrencies, stocks, and forex. Their trading system is based on a hybrid LP (multi-asset liquidity + synthetic liquidity). They first deployed on zkSync and will also build a bridge on Mantle.
2、@JoinStashed
It’s a super app that allows you to trade cryptocurrencies and NFTs, stake, lend, and refer friends.
What’s interesting about it is that you can use their tokens to pay for Gas on each chain.
3、@ReaxFinance
This is a protocol product:
- Perpetual Fund
- Loans and borrowing
- Swaps
- Structured products (indices, composable vaults, etc.).
This wide range of products is available for cryptocurrencies, stocks, and forex.
They are all works in progress as Mantle is not deployed yet, and their social media profiles are not too active.
However, these protocols can do well because they have a first-mover advantage.
BitDAO
As mentioned before BitDAO is developing Mantle. They are doing this to accrue the value of $BIT by generating another revenue stream.
$BIT will be used for three main functions:
- Pay Gas Fees
- Pledge
- Ecosystem growth
For those who don’t know, BitDAO manages a $3.2 billion treasury, 74% of which is BIT.
This means that if they wanted, they could back Mantle with $2.4 billion.