What is MNT (Mantle)
Mantle Network (MNT) is a Layer 2 technology that is interoperable with the Ethereum Virtual Machine (EVM). It utilizes Optimistic Rollup technology to securely process off-chain transactions, enabling lower fees, greater security, and higher transaction throughput.
Mantle Network is scalable and compatible with facilitating the development and deployment of decentralized applications (dApps) and smart contracts. The network focuses on improving blockchain performance and user experience.
The network's primary purpose is to design a modular network, which divides the functionality of resources into layers, resulting in increased transaction throughput and network adaptability. This demonstrates the commitment to improving network performance through modular development.
Mantle Network: Key Features
Rollup: will enable Ethereum validators and consensus work to reduce gas fees, reduce data latency, and increase transaction throughput. Users can customize the terms of transaction confirmation to ensure security.
Modular Architecture: Unlike monolithic chains that process transactions, consensus, payment, and storage at different layers on a single network, Mantle uses Modular Architecture to separate these functions into modules on each modular chain. This includes support for the EVM developed by Mantle for transaction processing and consensus work. The payment part is completed on Ethereum and external DA components. (Currently, Mantle's DA is powered by EigenDA technology. We will switch to EigenDA when it is launched on a stable mainnet.)
The Ethereum network ensures security. Layer 2 transactions are confirmed by Ethereum's validators through the same consensus process and payment as Layer 1 transactions.
Modular Data Availability is the data layer that ensures all data on the blockchain is accessible by Mantle. It is independent of other layers and works with EigenLayer to increase efficiency and reduce costs by 90% compared to Layer 1.
Who’s Behind Mantle Network?
Mantle Network is a founderless network controlled by a Decentralized Autonomous Organization (DAO). MNT token holders make important decisions. In the early stages, jacobc.eth and Ben Zhou were key contributors.
Mantle Network originated as an Ethereum Layer 2 project supported by BitDAO in June 2022. It was first launched on Testnet in January 2023 to create a modular solution that extends Ethereum's smart contract capabilities.
In May 2023, BitDAO passed a governance proposal, resulting in the name change to Mantle and the conversion of the ERC-20 BIT to ERC-20 MNT. Mantle Network then launched its Mainnet alpha in July 2023.
On 29 August 2023, Mantle Journey was launched, adding the network's multi-sig capabilities. On 8 September 2023, the Mantle Liquid Staking Protocol (LSP) alpha was launched, allowing users to stake native ETH to earn mETH on Ethereum. On 15 March 2024, the Mantle Network’s Tectonic (V2) upgrade was completed. This included the introduction of EIP-1559 support, the removal of Threshold Signature Scheme (TSS) nodes, and a fixed block schedule where blocks are generated every two seconds. Additionally, after the Mantle V2 Tectonic upgrade, MNT became the native token of Mantle, whereas it was previously a "bridged version" of Ethereum ERC-20.
What is MNT used for?
MNT Token is a utility token that plays two key roles in the operation of the entire Mantle ecosystem:
- Gas Fees: MNT Token is used to pay gas fees on the Mantle Network Layer 2.
- Collateral Assets: MNT Token can be used as a collateral asset for Mantle network nodes, incentivizing participation and contributing to the security and stability of the network.
- Governance: MNT Tokens carry equal voting weight, allowing token holders to participate in the decision-making process through DAO voting. This ensures a decentralized, community-driven approach to shaping the future of the Mantle ecosystem.
The MNT token is the foundation of the Mantle Reward Station, which rewards ecosystem participants and expands the token's usability, going beyond transaction fees and collateral for nodes. This includes easily exchanging wrapped versions of MNT with liquidity platforms like STON.fi, offering an alternative method for earning rewards within the Mantle network. Additionally, the Mantle Liquidity Staking Protocol (LSP) allows users to stake their ETH and receive mETH (Mantle Staked Ether) in return.
How does Mantle's technology differ from other Layer 2 protocols on Ethereum?
Source: Mirror
The Mantle ecosystem differs from other Ethereum Layer 2s by its modular architecture. This separates each resource into a new layer. Unlike monolithic blockchains, which are operated entirely by network operators, the modular design uses separate software for each layer.
Modular blockchains allow each layer to be swapped, changed, and reused to tailor performance to the network's needs. Mantle also features Multi-Party Computation (MPC), which reduces trust requirements during protocol operation.
Source: Mirror
Mantle has gained support from technology partners. The project has a large ecosystem of partners supporting developers on the Mantle blockchain, as well as a large Web3 community. This allows developers to target more users of decentralized applications (Dapps). It also enables developers to independently develop, upgrade, or change individual components or modules without affecting the entire system. This allows for faster innovation and easier maintenance. Additionally, users can customize the network to suit their specific needs by selecting only relevant modules on a case-by-case basis, making the blockchain more efficient and scalable.
Supply and Token Distribution
MNT token distribution starts on 7 July 2023. Details are as follows:
The distribution of MNT tokens from the Mantle Treasury is overseen by Mantle Governance. The budgeting, capital call, and distribution processes are strictly outlined in BIP-19. While there have been no formal discussions regarding macro goals or limits on the distribution of MNT tokens, the following main categories are expected:
User Incentives: Increase Mantle product adoption through strategies such as milestones, missions, and other incentive programs. Metrics are targeted at usage, including daily usage, total transactions, transaction fees on the protocol, and total value locked (TVL). These incentives are designed to attract and engage users in the Mantle ecosystem.
Technology Partner Incentives: Incentivize the development of DApps, infrastructure, service providers, and technology partners that are core protocols supporting the growth and development of the Mantle ecosystem. This aims to foster collaborations and partnerships that strengthen the overall ecosystem and expand its capabilities.
Core Contributors and Advisors: This category is subject to the same budget proposal process, ensuring transparency and accountability in allocating resources to teams and advisors who are actively supporting the success of the project.
Other Opportunities: This category includes potential opportunities such as acquisitions, token exchanges, bond sales, and other deals. Potential opportunities are evaluated on a case-by-case basis, taking into account the potential benefits to the Mantle ecosystem and alignment with the project’s goals.
Interesting information about MNT
According to CoinMarketCap data on 3 September 2024, the MNT token had a market capitalization of $1,937,300,171 or 66,331,228,699 Thai Baht.
At the time of writing, MNT was trading at approximately $0.593 or 20.30 Thai Baht per token. MNT had reached an all-time high of $1.51 or 51.53 Thai Baht per token on 8 April 2024.
References
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