What is Mantle? Mantle is the predecessor of BitDAO, the market’s largest decentralized DAO backed by the Bybit exchange. Mantle continues to maintain BitDAO’s system and build a Layer 2 network called Mantle Network, which is the infrastructure for dApps in the Ethereum parent ecosystem.
So what is Mantle Network? It’s nothing special. Let’s find out in this article!
To understand more about Mantle, you can read the following articles:
- What is EigenLayer? EigenLayer Cryptocurrency Overview
- What is ReStaking? Potential Projects in the ReStaking Array
- What is Sequencer, Prover? The Role Of Sequencer & Prover In Layer 2
- Layer 2 Is The Biggest Battle In The Next Cycle
What is Mantle Network?
Overview of Mantle Network
Mantle Network is a Layer 2 on Ethereum, using Optimistic Rollup technology to provide infrastructure that inherits Ethereum’s security, increasing scalability and flexibility for dApps. Or you can see Mantle as a technology stack on Ethereum because it is designed according to Modular architecture.
Validator Nodes collect transactions from users and commit them to Ethereum as “compressed blocks”. This compression helps users save on expensive gas fees and increases the throughput available for transactions. And especially Mantle uses EigenLayer’s EigenDAs to store data, making the service fee very cheap.
With Modular architecture, Mantle will solve some of the following problems:
- L2 users incur expensive fees because Optimistic Rollup (OR) posts transaction data to Ethereum.
- Using Ethereum as the data availability layer limits throughput for L2 nodes.
- Traditional ORs must allow a long probationary period (typically 7 days) before ultimately being able to withdraw their funds from the L2 chain.
Mantle DA, allows nodes to provide data-available services to the Mantle network and participate in Mantle’s economic model through MNT staking. This ensures completeness and accuracy of block data on the Mantle execution layer, while leveraging L1 security features. This model will increase staking utility for MNT in addition to governance capabilities.
In addition to providing regular Layer 2 services, Mantle also provides a Liquid Staking Derivative product. Allows Mantle users or treasuries to Stake ETH on the Ethereum network through Mantle. People who stake ETH will receive mntETH to be used on the Mantle network and receive profits such as MEV, network fees,…
Mantle’s architecture
Mantle Network uses a modular architecture for its on-chain design. In the initial Mainnet version, Mantle Network operates as Smart Contract Rollup with modular data availability.
- Mantle’s execution layer provides an EVM-compatible environment for transaction execution in which the sequencer generates blocks on L2 and sends the state’s original data to L1.
- Consensus and settlement take place on L1 Ethereum.
- Data availability services are provided to network agents through Mantle DA, an implementation of EigenDA in collaboration with EigenLayer.
Mantle DA is composed of 4 components and they interact with each other to form a system that supports data storage on L2 Mantle:
- Operators: Service providers of the DA network need to confirm their commitment through digital signatures, placing staking assets as collateral securing their participation. Operators perform the following tasks such as running nodes that store data blocks, divided according to rewards from fees collected on the DA network.
- Dispersers: They are users of the available data services of the Mantle DA network, paying for economic guarantees of data availability. A Disperser performs tasks such as encrypting its data into blocks, depositing the data for a fixed period of time, and distributing the encrypted blocks to Mantle DA operators, aggregating signatures from operators and posting a certificate to the blockchain, confirming the availability of the data.
- Challengers: They are interested parties that play an important role in the Proof of Custody protocol. Challengers perform tasks such as monitoring certain verifiable activities of the protocol, forcing problematic activities to be resolved on-chain, and penalizing Operators.
- Smart Contracts: A collection of DA-related smart contracts running on Ethereum that do things like ensure that data is only accepted when qualified, implement a proof-of-custody protocol, and provide a mechanism for challengers to reveal data on-chain, verifying the validity of data sent by Challengers.
Mechanism of action
The diagram of the figure above illustrates how different network modules and components interact with each other during transaction execution, publishing updated state data to Ethereum L1, and storing rollup data on Mantle SKIN. The process will take place as follows:
- Users submit signed transactions via an available RPC node.
- Sequencer receives transactions and packages them into blocks. The DTL (Data Transport Layer) service synchronizes this block data. Verifier synchronizes L2 block data from DTL.
- Rollup data is sent to the submitter. The batch sender then sends it to the TSS (Threshold Signature Scheme) nodes to be verified and signed. Verifiers can also fetch state root data and confirm their validity.
- After TSS nodes establish the validity of the updated state root and sign off on rollup batches, the batch sender publishes the state root data to the State Commitment Chain (SCC) contract on L1 Ethereum .
- Total transaction data is stored on the Mantle Data Availability (DA) network. Verifiers can take this data at any point in time and verify its validity. This action is taken when challenges to evidence of fraud are raised.
- Mantle DA nodes also post valid certificates to L1 to ensure viability and availability with each new batch.
- In case the validity of the original state is challenged with evidence of fraud, the contract on Ethereum will fetch L2 data from the DTL service to perform the execution and check the validity of the state transition on L1.
There are 4 main components directly participating in the Mantle network and the tasks of each component are as follows:
- Sequencers: Receive and record transactions sent by users in real time, sort, create blocks on L2, aggregate transactions to create batches with execution state roots, receive blocks validated by TSS module, broadcast block data on the network (L1 and L2).
- Threshold Signature Scheme (TSS) Nodes: “Sign off” transaction batches generated by Sequencers will be sent to L1, broadcast the batches on the L2 network after verification, verifying the state root generated by Sequencers to determine their correctness. State roots must be signed by a TSS node before they are sent to Ethereum to be recorded.
- Rollup Verifiers: Synchronizes rollup data from Mantle’s Sequencers, verifies state root sent by Sequencer on L2, initiates fraud proof when invalid state data is found, provides rollup data to user.
- DA Nodes: Opt-in is responsible for storing a copy of Mantle’s transaction data for ready access whenever needed. Making the commitment by signing the block data they provide using the BLS signature scheme ensures its usability. These signatures are verified using the EigenDA contract on Ethereum.
Highlights of Mantle Network
- Guaranteed by Ethereum: L2 state transitions are verified by Ethereum validators, going through the same consensus and settlement process as L1 transactions.
- Infrastructure for developers: Smart contract development frameworks like Truffle, Hardhat, Foundry, Remix etc, languages like Solidity, Vyper, Yul etc and libraries like Web3.js and ethers.js etc can all be used on Mantle.
- Gas fee reduction: Users enjoy over 80% reduction in gas fees thanks to data compression and modular data availability.
- Reduce latency and improve throughput: Users can customize transaction confirmation requirements, with the lowest security setting providing near real-time confirmation latency (approximately 10 milliseconds compared to Ethereum’s 12 seconds). And Mantle Network can achieve a transaction throughput of about 500 TPS.
Development Roadmap
On May 19, an important development in the cryptocurrency world took place: BitDAO, a decentralized autonomous organization with backing from Bybit, officially announced its merger with Mantle. , a Layer 2 project. This move follows the BIP 21 proposal receiving consensus.
This merger marks the coming together of two forces: financial management and governance from BitDAO along with technical and technological capabilities from Mantle Network. The main goal is to work towards creating a strong and unified digital ecosystem.
Key features of the plan include brand innovation, tokenomics, and key product development. Another notable change is that BitDAO’s BIT token will be renamed MNT.
Furthermore, through this merger, Mantle Network will receive significant funding from BitDAO, including approximately $300M in stablecoin reserves and over 270,000 ETH, equivalent to approximately $485M. This capital source will effectively support the expansion and development of Mantle Network in the future.
Core Team
Mantle Network is run by Mantle DAO.
Investors
Mantle Network inherits huge Treasury resources from BitDAO.
Tokenomics
Information about Mantle Network tokens
- Token name: Mantle Network
- Code: MNT
- Blockchain: Ethereum
- Token classification: ERC 20
- Contract: 0x3c3a81e81dc49a522a592e7622a7e711c06bf354
- Total supply: 6,219,316,768
Token Allocation
- Mantle Treasury: 49%
- Circulating: 51%
Token Release
- The project token will be used according to the vote of the DAO. That’s why MNT doesn’t have a vesting.
Token Use Case
- Play an administrative role on the Mantle Network.
- Pay transaction fees and serve as collateral for Node Operators on Mantle Network.
Exchanges
Currently, users can trade MNT on a number of exchanges such as Bybit, MEXC, KuCoin,…
Mantle Network’s Information Channel
- Website: https://www.mantle.xyz/
- Twitter: https://twitter.com/0xMantle
- Discord: https://discord.com/invite/0xMantle
- Blog:
Summary
Mantle Network is an L2 designed with Modular architecture and uses Optimistic technology. Bringing more optimization to Layer 2 technology, but the direction of the current Layer 2 is connection like Supperchain (Optimism), Hyperchain (ZKsync) whether Mantle can keep up with the trend.
So I have clarified what Mantle Network is? Mantle cryptocurrency overview. Hope this article brings you a lot of useful information!