On Wednesday, one of the world’s largest independent decentralized entities, Bitdao, announced the launch of a modular layer two (L2) solution for Ethereum called Mantle. The collective claims that it will provide lower fees and faster transaction speeds, and the public testnet will go live in 2023.
Decentralized Autonomous Organization Reveals Mantle, A Connective Fabric For Various Bitdao Initiatives
The Innovation Year of 2022 has seen a surge of activity related to layer two (L2) Ethereum networks. On February 30th, 2021, the decentralized autonomous organization (DAO) Bitdao announced the soft launch of Mantle. According to the website, Bitdao is a collective of “mutually beneficial builders, products, and ecosystems,” and is governed by BIT tokens.
As deepdao.io data shows, Bitdao is the second-largest DAO in the world after Uniswap’s DAO. The treasury is valued at approximately $2.7 billion and includes tokens such as BIT, ETH, USDC, and USDT.
In a press release, Bitdao outlined the technology, which they claim is the first “L2 solution that combines the modular architecture with the security and decentralization features of the Ethereum blockchain.” Jacobc.eth, Bitdao’s Windranger Labs Head of Product, said:
Mantle will be the connective tissue that will support various Bitdao initiatives, projects, and other decentralized applications being enabled by Bitdao.
Mantle aims to provide “low gas fees,” “next-generation network design,” and transaction speeds of up to 80%. It will also be the first network to adopt EIP-3074, an Ethereum Enhancement Proposal that defines two new opcodes and extends the functionality of smart contracts.
There are many L2 solutions available on the market, so Mantle is not the only solution for scaling. Other solutions include Loopring, Immutable X, Zksync, Arbitrum, Optimism, and Polygon’s Hermez (now zkEVM). Details on an incentive program for the Mantle testnet are included in the press release, which is scheduled to go live in 2023.
What do you think about Bitdao’s L2 soft launch of the Mantle scaling product? Please let us know your thoughts in the comments below.
