Mantle: Essentials
Mantle Network helps to build an EVM-compatible scaling solution for Ethereum. That makes it possible for contracts and tools running on Ethereum to operate on Mantle Network with minimal modifications.
Thanks to its modular architecture, Mantle Network combines an optimistic rollup with multiple innovative data availability solutions with cheaper and more accessible data while having the security of Ethereum and being user-oriented. Mantle delivers a comprehensive set of infrastructure for the next wave of mass-adopted dApps.
Key Features
- Built as a Rollup
- Uses Ethereum validators and consensus protocols to substantially reduce gas fees, decrease latency, and increase throughput.
- Modular Architecture
- Mantle’s innovative approach separates transaction execution, consensus, settlement, and storage into individual modules as a modular chain.
- Secured by Ethereum
- L2 state transitions are verified by Ethereum validators, having the same processes as L1 transactions.
- Modular Data Availability
- Independent DA modules, such as Mantle DA geared by EigenLayer's EigenDA technology. This helps to save costs of more than 90% compared to on-chain L1.
Mantle Journey in 2024
Mantle Rewards Station is a place for $MNT stakers to get exclusive rewards from Mantle Ecosystem. It started on March 27 with the Mantle Sharding With ETH ena campaign, where participants can receive Ethena Shards in the form of mShards.
Participants can lock or unlock their MNT from Mantle Rewards Station at any time. Any changes in the locked $MNT amount will be updated immediately for reward calculations. To get maximum rewards, users are encouraged to keep their $MNT locked throughout the entire campaign period.
Source: Mantle website
Ethena is a synthetic dollar protocol on Ethereum, offering a crypto-native alternative to the traditional banking system. It provides a universally accessible, dollar-denominated savings tool. Shards measure a user's contribution to the Ethena ecosystem during the campaign period.
Ethena Shards earned by the Mantle Treasury in the form of mShards, are used to reward users for their participation and support Ethena's innovative financial ecosystem.
mShards rewards are allocated based on a time-weighted calculation of the MNT locked on Mantle Rewards Station. The total prize pool is fixed at 2.5 billion Ethena Shards and will be distributed real-time.
The share of shards per second formula is:
User’s locked MNT / Total $MNT locked Per Second By All Participants
* Per Second Rewards Prize Pool
There is no minimum requirement for locked $MNT to get rewards in this event. The more MNT you stake, the more mShards you earn. It will also be possible to trade Ethena Shards (mShards) across various DeFi dApps. Keep in mind, you need MNT to pay for gas fees.
Users may claim mShards daily during the official staking period and nine days after the end of the campaign. mShards holders could withdraw Ethena's native token $ENA in due time.
Source: Mantle’s X account
$MNT Token
BitDAO merged with Mantle meaning that the BitDAO token (BIT) rebrands to Mantle (MNT) and is integrated into the MNT tokenomics while Mantle Network and its ecosystem inherit the BitDAO project financial mechanisms, including the BitDAO treasury.
The BitDAO merger has already provided the Mantle project with some financial benefits, such as a $100 million issuance into the Mantle Ecosystem development fund (Mantle EcoFund). The Mantle EcoFund is a catalyzed capital pool of $200 million that delivers support for developers building on Mantle Network alongside its strategic venture partners.
MNT is the native token of Mantle, and it fuels the project. It covers the tax, utility, and governance system of Mantle Network and ecosystem. All fees for every transaction on the network level are paid in MNT.
Source: Mantle Docs
According to data from the project, the total MNT token supply is over 6 billion tokens with about 3 billion MNT tokens currently in circulation, representing 51% of the total supply. About 3 billion MNT tokens are yet to come into circulation.
Mantle Treasury holds and manages the remaining 49% of the MNT token supply. Mantle Governance, a decentralized autonomous organization (DAO) convenes and vots to decide on the distribution of the tokens, including allocations to community incentives and more.
Source: Mantle’s X account
Is Mantle Safe?
Mantle Network aims to provide a secure and reliable layer-2 (L2) scaling solution, with strong risk control being a crucial safeguard.
The protocol inherits the Ethereum security architecture. Mantle also uses MPC nodes to verify a block’s validity to reduce the challenge period over time.
Mantle's risk analysis comprises three key aspects: Data Availability, Fraud Proofs, and Forced Transaction Inclusion.
Mantle was tested by Secure3, a Web3 audit contest platform that has provided security audits for 140+ projects, such as zkSync, Polkadot, Savvy, and others. Check the Mantle v2 Tectonic here.
Final Thoughts
On the whole, Mantle Network offers users the opportunity to enjoy the capabilities of the network without the current pain points of poor user experience while using the network.
The protocol empowers users with faster transaction speed, lower transaction fees, and a rich ecosystem fund to incentivize development on the platform. By doing this, Mantle is attracting established projects to expand its network, including Pendle and Rarible.
One of the main Mantle’s strong advantages is that even when compared against other Layer 2s like Optimism, which charges a gas fee of 0.16 Gwei, Mantle’s fees are still way lower. So, the protocol is a great option for those seeking to save costs and time.
Disclaimer: Notum does not provide any investment, tax, legal, or accounting advice. This article is written for informational purposes only. Cryptocurrency is subject to market risk. Please do your own research and trade with caution.