On Wednesday, one of the world’s largest decentralized autonomous organizations, Bitdao, announced the soft launch of a modular Ethereum layer two (L2) network called Mantle that claims to empower lower fees and fast transactions. According to the Bitdao team, the Mantle public testnet is expected to be released in 2023.
Decentralized Autonomous Organization Softly Launches Mantle, a “Connective Tissue for Various Bitdao Initiatives”
2022 has seen a significant amount of innovation dedicated to Ethereum layer two (L2) networks. On November 30, 2022, the Decentralized Autonomous Organization (DAO) Bitdao announced the soft launch of a new L2 called Mantle. According to the webpage, Bitdao is a collective of “mutually beneficial builders, products and ecosystems”, which is governed by BIT tokens.
At the time of writing, statistics from deepdao.io indicate that the DAO is the second largest under the Uniswap DAO. Bitdao’s treasury holds around $2.7 billion worth, consisting of tokens such as BIT, ETH, USDC, and USDT, according to data from deepdao.io. Regarding Mantle, Bitdao explained in a press release sent to Bitcoin.com News that the technology is the first “L2 solution to combine a modular architecture with the security and decentralized features of the Ethereum blockchain.”
Jacobc.ethproduct manager for Bitdao’s Windranger Laboratories, said, “Mantle will serve as the connective tissue for various Bitdao initiatives, such as projects by Game7, research by Edudao, the ecosystem of [decentralized apps] be activated by Bitdao. The Windranger Labs executive added:
Mantle is Bitdao’s demo for scaling Ethereum and Web3, enabling a whole new generation of use cases and innovations.
Mantle aims to offer “low gas fees” and faster transaction speeds, alongside a “next-generation network design”, says the Bitdao collective. Additionally, it will be the first network to adopt EIP-3074, a proposed Ethereum enhancement that defines two new opcodes and extends smart contract functionality and meta-transactions.
Mantle isn’t the only L2 scaling solution that hit the table in 2022, as there are a whole host of L2 products out there these days. This includes L2 scaling solutions such as Loopring, Immutable X, Zksync, Arbitrum, Optimism, and Polygon’s Hermez (now called zkEVM). Bitdao details that in addition to a comprehensive incentive program, Bitdao aims to have the Mantle public testnet ready to “go live in 2023”.
What do you think of Bitdao revealing the soft launch of the L2 Mantle scaling product? Let us know what you think about this topic in the comments section below.
Image credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. This is not a direct offer or the solicitation of an offer to buy or sell, or a recommendation or endorsement of any product, service or company. Bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
