You've heard about Celestia / Fuel, you've heard about EigenLayer.
What if I told you there was something that is a mixture of both?
Let's dive in to what @0xMantle is and whether it's beneficial for $BIT.
ps: Alpha near the end so you better read it all
A 🧵 👇
What if I told you there was something that is a mixture of both?
Let's dive in to what @0xMantle is and whether it's beneficial for $BIT.
ps: Alpha near the end so you better read it all
A 🧵 👇
1/ What is Mantle Network?
An Ethereum based modular L2 blockchain (Optimistic rollup for now, with plans to upgrade to a zkRollup in the future).
But before we go further, below is a layman explanation on what modular blockchains are.
An Ethereum based modular L2 blockchain (Optimistic rollup for now, with plans to upgrade to a zkRollup in the future).
But before we go further, below is a layman explanation on what modular blockchains are.
2/ Imagine you were at a restaurant, and the owner himself played the role of:
Manager
Chef
Sommelier
Server
Runner
Busser
Host
Bartender
Cashier
Dishwasher
A 1-man-private restaurant with limited capacity and high costs for diners. This is Ethereum.
Manager
Chef
Sommelier
Server
Runner
Busser
Host
Bartender
Cashier
Dishwasher
A 1-man-private restaurant with limited capacity and high costs for diners. This is Ethereum.
3/ Now imagine if the owner hired each position individually.
The restaurant would be able to handle more than 1 customer at any time and can scale to become a restaurant capable of serving multiple customers concurrently while being affordable for diners.
The restaurant would be able to handle more than 1 customer at any time and can scale to become a restaurant capable of serving multiple customers concurrently while being affordable for diners.
4/ Modular blockchains separate execution, settlement, consensus and data availability into 4 different stacks to external chains/parties to improve scalability.
5/ Who is behind Mantle Network?
@BitDAO’s decentralization initiative, binding together the entire BitDAO partners and ecosystem initiatives that include @Bybit_Official, @Mirana Ventures (Bybit's venture arm), @G7_DAO, @zkdao_official, and @Edu_DAO amongst others.
@BitDAO’s decentralization initiative, binding together the entire BitDAO partners and ecosystem initiatives that include @Bybit_Official, @Mirana Ventures (Bybit's venture arm), @G7_DAO, @zkdao_official, and @Edu_DAO amongst others.
6/ Arguments vs Solutions
1️⃣ "$BIT is just a governance token!"
$BIT was designed as a governance token, but with the implementation of @0xMantle, BIT will also be used as the native gas token on the network which will be swapped to ETH during settlement.
1️⃣ "$BIT is just a governance token!"
$BIT was designed as a governance token, but with the implementation of @0xMantle, BIT will also be used as the native gas token on the network which will be swapped to ETH during settlement.
7/ The main idea of using $BIT as the gas token is because Mantle will be continuously producing fees in $BIT which can be used to develop partnerships with different technology stacks (such as Optimism in the case of #Mantle being an optimistic rollup)
8/ Maybe even zkSYNC when they pivot to a zkRollup) and be integrated in the staking/infrastructure layer of their technical ecosystem partners, which grows the $BIT economy.
9/
2️⃣ "Another modular blockchain ugh its the same!"
Integrating EigenDA as their data availability module is 1 of Mantle’s main USPs as it is aligned with Ethereum being the most secure and decentralized L1 currently in existence.
2️⃣ "Another modular blockchain ugh its the same!"
Integrating EigenDA as their data availability module is 1 of Mantle’s main USPs as it is aligned with Ethereum being the most secure and decentralized L1 currently in existence.
10/ EigenDA uses #Ethereum's trust network to guarantee data availability for rollup-based L2s while maintaining mainnet security by leveraging staked ETH, increasing throughput, which allows not just DeFi, but even Game-Fi / Social-Fi to be developed on Mantle.
11/
3️⃣ "Rollups have long withdrawal periods!"
Rollups such as Optimism and Arbitrum have a 7 day withdrawal period to protect against malicious transactions. Mantle’s MPC utilizes TSS (Threshold Signature Scheme).
3️⃣ "Rollups have long withdrawal periods!"
Rollups such as Optimism and Arbitrum have a 7 day withdrawal period to protect against malicious transactions. Mantle’s MPC utilizes TSS (Threshold Signature Scheme).
12/ TSS is where a group of parties are required to jointly sign a message while ensuring that they produce a valid signature, each party has a different part of the private key and a threshold of valid signatures must be signed for a tx to be valid.
13/ This will greatly improve the correctness and reliability of signed transactions, reducing the need for a longer withdrawal period.
14/
4️⃣ "Why would I use Mantle? Hassle to bridge"
They plan to adopt EIP-3074 which allows EOA’s to delegate control to smart contracts.
4️⃣ "Why would I use Mantle? Hassle to bridge"
They plan to adopt EIP-3074 which allows EOA’s to delegate control to smart contracts.
15/ This can allow developers/protocols to incentivize usage by subsidizing gas fees on their Dapps for easy onboarding when it comes to GameFi or drawing TVL to their Dapps in DeFi.
16/ Timelines
Mantle's testnet was launched on January 10th and is still live.
They have also hinted that it would be incentivized
Mantle's testnet was launched on January 10th and is still live.
They have also hinted that it would be incentivized
https://twitter.com/0xMantle/status/1613852503594135553so maybe worth playing around for potential airdrops.
17/ Updates from the team whom I had a chance to ask:
1️⃣ No public raise for Mantle intended
2️⃣ The Mantle team is working together with @EigenLayer constantly, and they recently had an AMA with the founder of EigenLayer here.
1️⃣ No public raise for Mantle intended
2️⃣ The Mantle team is working together with @EigenLayer constantly, and they recently had an AMA with the founder of EigenLayer here.
https://twitter.com/0xMantle/status/1618758543628443648
18/
3️⃣ Current BitDAO treasury is not being used to fund Mantle’s development.
However, a proposal will be pushed soon to seek the community's approval to start an ecosystem fund for grants to attract protocols to build on Mantle.
3️⃣ Current BitDAO treasury is not being used to fund Mantle’s development.
However, a proposal will be pushed soon to seek the community's approval to start an ecosystem fund for grants to attract protocols to build on Mantle.
19/
4️⃣ Sequencers and MPC nodes are currently centralized (run by BitDAO and trusted institutions) but they could not disclose the list of entities at the moment but plan to in the future.
4️⃣ Sequencers and MPC nodes are currently centralized (run by BitDAO and trusted institutions) but they could not disclose the list of entities at the moment but plan to in the future.
20/ Now that you've had an idea of what Mantle Network is, let me present my thesis on what this does to $BIT.
21/ Thesis on $BIT:
BitDAO still buying $2M of BIT a day as per proposal (ends Feb 19th). Controlling even more of the supply. Only BIT still being vested is to ByBit which is part of BitDAO.
snapshot.org/#/bitdao.eth/p…
BitDAO still buying $2M of BIT a day as per proposal (ends Feb 19th). Controlling even more of the supply. Only BIT still being vested is to ByBit which is part of BitDAO.
snapshot.org/#/bitdao.eth/p…
22/ Last unlock to private sale/VCs was September last year so whoever wanted to liquidate probably would have already post FTX.
BIT will be the main incentive to bring on devs/teams to build on Mantle via their large treasury (although mainly denominated in their own tokens).
BIT will be the main incentive to bring on devs/teams to build on Mantle via their large treasury (although mainly denominated in their own tokens).
23/ Onboarding protocols with PROPER vetting (avoid grant farming) and incentivizing them adequately can bring TVL in, and since users need gas to farm/interact with projects, buy pressure on BIT will be induced.
24/ Game Vertical > Game7 is backed by not only BitDAO, but also Aleo, Avalanche, Offchain Labs and even Warner Music Group so they’re no lightweights.
https://twitter.com/PlayToEarnGames/status/1597593928424906753
25/ ZK Vertical > Has the support of zkDAO which is actually a collaboration between BitDAO and Matter Labs, the creators of zkSync.
https://twitter.com/CoinDesk/status/1486685956874948608
26/ Finally, here's the alpha. Remember how Polygon grew so much during the bear market with constant partnerships with giant web2 platforms?
27/ The ex-VP of Growth recently left Polygon, and guess where he went.
linkedin.com/in/arjunkrisha…
linkedin.com/in/arjunkrisha…
28/ The balance between the amount of incentives being paid out and demand for $BIT as the gas tokens is crucial.
Without sufficient TVL/users = less usage = less need for gas tokens = less buying pressure which may put downward pressure on price.
Without sufficient TVL/users = less usage = less need for gas tokens = less buying pressure which may put downward pressure on price.
29/ Will be keeping a close eye on the development of #Mantle for the time being.
@0xMantle seems interesting in my opinion if they could gain the traction necessary for sustainability between supply and demand, coupled with their wide support of different verticals.
@0xMantle seems interesting in my opinion if they could gain the traction necessary for sustainability between supply and demand, coupled with their wide support of different verticals.
That's it for this one! Full disclosure this thread was sponsored by @0xMantle (my first sponsored work 💓).
Thank you for trusting me to help write about Mantle!
Thank you for trusting me to help write about Mantle!
Links to their socials below, and if you’re interested in working for Mantle, they’re hiring!
Twitter: @0xMantle
Website: mantle.xyz
Docs: docs.mantle.xyz/introducing-ma…
Discord: discord.com/invite/0xMantle
Job Openings: jobs.ashbyhq.com/windranger
Twitter: @0xMantle
Website: mantle.xyz
Docs: docs.mantle.xyz/introducing-ma…
Discord: discord.com/invite/0xMantle
Job Openings: jobs.ashbyhq.com/windranger
Taggerinos for my favs:
@rektdiomedes
@DeFiMinty
@DAdvisoor
@Subli_Defi
@Only1temmy
@defi_mochi
@crypto_linn
@Chinchillah_
@CryptoShiro_
@Slappjakke
@DefiIgnas
@0xCrypto_doctor
@byChadManDan
@defi_mochi
@LouisCooper_
@rektdiomedes
@DeFiMinty
@DAdvisoor
@Subli_Defi
@Only1temmy
@defi_mochi
@crypto_linn
@Chinchillah_
@CryptoShiro_
@Slappjakke
@DefiIgnas
@0xCrypto_doctor
@byChadManDan
@defi_mochi
@LouisCooper_
If this thread helped, do like and share and follow @C4dotgg
https://twitter.com/CJCJCJCJ_/status/1621150210494976000
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