On Wednesday, Bitdao, one of the world’s largest decentralized autonomous organizations, announced the soft launch of its modular Ethereum Layer 2 (L2) network called Mantle. The network claims to power low fees and fast transactions. According to the Bitdao team, Mantle’s public testnet will be released in 2023.
Decentralized Autonomous Organization Soft Launches Mantle, “Connective Tissue of Various Bitdao Initiatives”
2022 saw a ton of innovation focused on the Layer 2 (L2) Ethereum network. November 30, 2022, Decentralized Autonomous Organizations (DAOs) Bit Dao Announcing the soft launch of a new L2 called Mantle. According to the webpage, Bitdao is a collection of “builders, products and a mutually beneficial ecosystem” governed by the BIT token.
At the time of writing, statistics Data from deepdao.io shows that DAO is the second largest behind Uniswap’s DAO. Bitdao’s treasury is worth approximately $2.7 billion, which consists of BIT-like tokens. ethereumUSDC, and USDT, according to deepdao.io data. As far as the mantle goes, Bitdao explained in a press release sent to his Bitcoin.com News that the technology is “the first L2 solution that combines a modular architecture with the security and decentralization capabilities of the Ethereum blockchain.” .
Jacobc.ethhead of product at Windranger Labs, Bitdao, said: [decentralized apps] Enabled by Bitdao. A Windranger Labs executive added:
Mantle is Bitdao’s demonstration of scaling Ethereum and Web3, enabling a whole new generation of use cases and innovations.
Mantle aims to offer “lower gas prices” and faster transaction speeds, along with a “next-generation network design,” BitDAO collective said. It will also be the first recruitment network. EIP-3074an Ethereum Improvement Proposal that defines two new opcodes and extends smart contract functionality and metatransactions.
Mantle is not the only L2 scaling solution introduced in 2022, as there are many L2 products out there these days. This includes L2 scaling solutions such as Loopring, Immutable X, Zksync, Arbitrum, Optimism, Polygon’s Hermez (now called zkEVM). Bitdao details that it aims to have the Mantle public testnet ready “to go live in 2023” alongside a comprehensive incentive program.
What do you think about Bitdao revealing the soft launch of its L2 scaling product Mantle? Let us know your thoughts on the matter in the comments section below.
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