Although the Mantle mainnet has been live for less than a year, it has already made a name for itself. The project is based on BitDAO, ByBit’s decentralized exchange, and was able to attract major investors such as Peter Thiel and Pantera Capital. With a $200 million development fund for dApps, the Layer 2 chain received a good boost.
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Modular blockchain with better performance?
One of the project’s innovations is modular blockchains. Like the project on the official homepage The various blockchain operations such as executing transactions, finding consensus or processing data are carried out on specially designed layers. This reduces the load on the network as a whole and allows various operations to be carried out in parallel.
For comparison: Common blockchains such as Ethereum, Solana and Bitcoin carry out all of these processes at the node or network level. This means they lose a lot of time compared to modular blockchains.
For all of this, Mantle relies on the Ethereum blockchain, but carries out most of the processes on its own. The Optimistic Rollup process known from Arbitrum and Optimism is used. The rollups make it possible to relieve the main chain by outsourcing processes.
Meanwhile, they are always “optimistic” and assume that offchain transactions are correct. In order to protect yourself despite this optimism, the Mantle system has an additional procedure for detecting false information, called fraud proofs.
Mantle’s Liquid Staking Protocol (LSP)
With these technological innovations in its luggage, the project provides, among other things, a non-custodial Ethereum-based liquid staking protocol. Here, users can deposit Ether coins (ETH) and receive Mantle Staked Ether (mETH) in return. mETH is an ERC-20 token that can be multiplied through staking. In other words: Users are paid for Ether staking via Mantle, but do not necessarily have to deposit such a large amount of Ether as is the case with Ethereum staking.
The Mantle Token (MNT)
The in-house cryptocurrency is used throughout the ecosystem as a mix of governance tokens and utility tokens. Anyone who holds it in their wallet can take part in decisions in the network and take part in voting. As a utility token, it is used to pay network fees. Additionally, it can serve as collateral for node operators to provide this additional security.
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