What Is Mantle Network (MNT)?

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31 Dec 2023

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Have you ever heard of something called "Mantle"? Well, it's a new thing in the world of cryptocurrency that's making quite a buzz. On July 17, 2023, Mantle started for real – we call this the "mainnet launch". Since then, it's done a lot! Imagine sending over 130,000 messages (or transactions, as we call them in crypto language) without a glitch. Pretty cool, right?

Before this big launch, the Mantle team was busy testing everything for six months to make sure it was as tough as a superhero’s armor. They checked over 14 million transactions, set up more than 140,000 smart contracts (which are like little programs that run on the blockchain), and connected with over 690,000 wallets (that's where you keep your digital money safe).

To make extra sure everything was safe, they had pros come in and look for any sneaky bugs that could cause trouble. Thanks to that, everything was smooth sailing when they moved to the mainnet.

And guess what? The digital money that Mantle uses, called $MNT, has gotten more popular since the launch. It’s up by about 20% - even the cool kids on crypto Twitter are talking about it.

Now, you might be asking, "What’s Mantle anyway"? Imagine Ethereum (that's a place where lots of cryptocurrency stuff happens) is a busy highway. Now, Mantle is like a super-fast scooter lane on this highway. It's built on top of Ethereum to help everything move faster without causing a traffic jam.

Mantle is special because it's like Lego; it can fit right in with Ethereum and other places like it, letting apps move over easily. It uses something called "optimistic rollups", which is like squishing transactions into a small, fast package, and then a sequencer (think of it as a traffic cop) puts them in order and sends them off quickly, saving time and money.

To keep all the info safe and easy to get, Mantle has its own way of storing data with something fancy called EigenDA.

So why is Mantle a big deal? The Ethereum network is like a busy airport that's now trying to handle way more flights than it was built for. Mantle is here to help by building extra runways so more flights (or transactions) can land and take off quickly without bumping into each other. This makes everyone's journey smoother and cheaper. And with a big fund to support its growth, Mantle is like a new theme park opening up with lots of cool rides (apps) that everyone will want to try.

And there you have it - Mantle might just be the next big thing that makes using Ethereum as easy as playing your favorite video game!

Overview of Mantle Network

If you've ever been stuck in traffic, you know how frustrating it is when you're in a rush and the road is jam-packed. Ethereum, one of the busiest highways in the world of cryptocurrencies, has been facing a similar issue. But now, there's a new express lane to ease that congestion: meet Mantle, a Layer 2 solution.

What's Layer 2, you ask? Imagine a highway overpass that helps manage the traffic below. This Layer 2 is built over the existing Ethereum 'highway', allowing for a faster flow of transactions, like cars, without them having to merge into the slower, busier lanes below.

Mantle has some pretty powerful backers, including the BitDAO group, which is akin to having financial heavyweights funding a high-tech infrastructure project. They've got a substantial war chest, reportedly over $2.1 billion, ready to invest in making Mantle the next big thing.

Here's where it gets interesting: Mantle uses a technology called "optimistic rollups". It's like a carpool system that takes a bunch of transactions and efficiently combines them into a single, streamlined package, which significantly eases the burden on the network.

For developers and users, Mantle is like moving from a traffic-jammed street to a clear expressway. It's compatible with everything they're used to on Ethereum, so there's no need to learn new rules of the road or buy a new vehicle. Plus, this express lane comes with some cutting-edge features that allow transactions to be confirmed in a blink, compared to the slower standard lanes.

Mantle also introduces a modular setup—think of it as a road that can quickly adapt or repair itself without major disruptions to traffic flow. This innovation addresses the 'blockchain trilemma', aiming to balance speed, security, and decentralization without compromise.

Thanks to Mantle, we're looking at a future where transactions on Ethereum could be completed up to 20 times faster, and it's getting ready to show what it can do. BitDAO is fueling up Mantle with a $200 million investment to develop its ecosystem.

So there you have it: Mantle is poised to make the Ethereum experience smoother, faster, and more affordable. It's like the highway of the future for the crypto world.

How Does Mantle Work?

At the heart of Mantle, there’s this clever system called EigenDA, thanks to the brainy folks at EigenLayer. They’ve figured out a way to use Ethereum’s network, which everyone already trusts, to make sure all the data in Mantle stays safe and sound. It’s like having a communal garden where everyone keeps an eye out, so the flowers (or in this case, the data) stay perfect.

In Mantle’s world, anyone who holds its $MNT tokens can join the party, staking their tokens to help keep the garden tidy and earning a bit of extra cash while they’re at it. It’s a win-win: they help Mantle, and Mantle helps them back.

When it comes to making sure no one's cheating, Mantle’s got a fresh take. They use the Ethereum Virtual Machine, or EVM for short, to check everything’s in order. It’s like having a universal translator for network security – everyone understands it, so it's much harder for the bad guys to pull a fast one.

Here’s how a transaction takes a spin through Mantle: You send something off from your digital wallet, and it zips over to Mantle's system. Mantle checks it, bundles it with other transactions, and then passes it back to Ethereum to make it official. Because Mantle can handle a bunch of transactions at once, it spreads out the costs, making it cheaper for everyone.

These transactions are double-checked by a team of nodes that use a special code to sign off on them before sending them on their way. And to make sure everyone can see and use this data, Mantle's got a bunch of nodes that store it and get paid in $MNT tokens for their trouble.

Lastly, because Mantle and Ethereum are like two cities in a country, they need bridges to connect them. That’s what Mantle does: it builds digital bridges so that Ethereum and Mantle can quickly and safely exchange transactions and tokens. This keeps everything running smoothly in the bustling economy of the blockchain world.

MNT Token

MNT is the go-to coin within the Mantle network, serving multiple roles within its digital ecosystem. This coin used to be known as BIT, but after a thumbs-up from the community in BIP-21, it got a new identity as MNT. The switch from BIT to MNT is a one-for-one deal, officially sealed with the Mantle Improvement Proposal (MIP-22). This proposal also gave the green light to new features for the MNT token, like the ability to create (or "mint") more coins and to tweak how the token works down the road.

The Mantle Governance community, which is the new crew for what used to be BitDAO, all agree that they can shape the MNT token's destiny through their collective decisions.

The MNT token's starring role is to let people have their say in Mantle's democracy, pretty much like ARB and OP tokens do in their own projects. But MNT isn't just about voting power; it's also the currency you need to do stuff on Mantle, like paying for transaction fees. What’s neat is that Mantle can swap MNT for ETH automatically for its users.

There's also something cool in the works: Mantle is toying with the idea of a double token staking system, where you can invest your MNT tokens. The details of how MNT will play with Eigenlayer's fancy restaking tech are still being ironed out. And there’s chatter about creating a new kind of Mantle-flavored Ethereum, known as mntETH, which would be a type of LSD token. This plan is still just a hot topic over at the Mantle Governance forums.

Any future twists and turns for the MNT token will have to get a nod from the community through the Mantle Governance process, keeping the power of change in everyone's hands.

Conclusion

The Mantle network is making waves in the crowded space of Ethereum's Layer 2 solutions by promising a smoother and more efficient user experience. By speeding up transactions and slashing fees, it’s becoming an appealing option for developers and users. With hefty financial support from BitDAO and innovative tech like EigenDA for data handling, Mantle is on track to outpace rivals like Arbitrum and Optimism in performance. Projects like Pendle and Rarible are already considering it as a growth avenue.

Despite the buzz, the future of Layer 2 networks, including Mantle, remains a bit of a question mark. Will they merge to form a singular super-solution, or continue to develop independently? Although they're a hot topic in 2023, it’s always wise to tread carefully with new tech on the blockchain.

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