ByBit, the crypto exchange based in Singapore, has recently made public the full integration of its freshly launched Mantle Network, a layer-2 Ethereum blockchain.
Mantle Network is built on the blockchain network of Ethereum. Since it is a layer-2 or L2 blockchain, it rests on an already established network. Primarily, Mantle Network’s purpose is to solve the issues encountered with the original layer-1 blockchain, mainly those related to scalability.
With the L2 blockchain, hyper-scalability is reportedly at hand, alongside user data reliability and lower gas fees, all piled over the Ethereum-grade security of the network. The Mantle Network leverages EigenDA, a layer for decentralized data availability, to help keep its transaction costs low and increase its decentralized apps’ potential.
Mantle was launched by BitDAO in November 2022. Its creator is a DAO that enables users to manage their virtual assets in a collective. The ecosystem is run by BIT, the governance coin.
BIT will also be used on Mantle to cover transaction costs as the network’s native token.
ByBit recently announced that Mantle will be launched in 2023, according to the exchange’s co-founder and CEO. Sometime in January 2023, Mantle’s will have its testnet launch. ByBit was another exchange that has been affected by the so-called crypto winter, experiencing layoffs in favor of investing in products and structures.
