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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, Mantle’s public testnet is scheduled for release in 2023.
2022 has seen a significant amount of innovation dedicated to the layer two (L2) Ethereum network. On November 30, 2022, the decentralized autonomous organization (DAO) Bitdao announced the soft launch of a new L2 called Mantle. According to the website, Bitdao is a collective of “builders, products and mutually beneficial ecosystems”, which are governed by BIT tokens.
At the time of writing, statistics from deepdao.io indicate that the DAO is the second largest behind Uniswap’s DAO. Bitdao’s treasury has approximately $2.7 billion in value consisting of tokens such as BIT, ETH, USDC and USDT, according to data from deepdao.io. As for Mantle, Bitdao explained in a press release sent to Bitcoin.com News that the technology is the first “L2 solution that combines modular architecture with the security and decentralized features of the Ethereum blockchain.”
Jacobc.ethproduct manager of Bitdao’s Windranger Labs said “Mantle will serve as the connective tissue for various Bitdao initiatives, such as projects from Game7, to research from Edudao, to the ecosystem of [decentralized apps] being enabled by Bitdao.” The Windranger Labs CEO added:
Mantle is Bitdao’s demonstration 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, along with a “next-generation network design,” the Bitdao collective says. Furthermore, it will be the first network to adopt EIP-3074, an Ethereum Improvement Proposal that defines two new opcodes and expands smart contract functionality and metatransactions.
Mantle is not the only L2 scaling solution that has been brought to the table in 2022, as there are a whole host of L2 products these days. This includes L2 scaling solutions such as Loopring, Immutable X, Zksync, Arbitrum, Optimism, and Polygon’s Hermez (now called zkEVM). Bitdao describes that along with an extensive incentive program, Bitdao aims to have the Mantle public testnet ready to “go live in 2023.”
What do you think about Bitdao revealing the soft launch of L2 scaling product Mantle? Let us know what you think about this topic in the comments section below.
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