What is Mantle

Mantle is a Layer 2 (L2) blockchain that’s built on top of Ethereum. It is a scaling solution for Ethereum that is being incubated and developed by the BitDAO community. There were various different proposals and questions about potentially creating a BitDAO chain earlier in the year.

To understand this in context, BitDAO is a decentralized autonomous organization (DAO) that has a multi-billion dollar treasury — it is the largest treasury in the world when measured by hard assets, and the second largest when measured by all assets. This DAO is creating a number of different initiatives and it has been funding a number of different projects to accelerate web3 and the Ethereum ecosystem. And through that time, there’s been a lot of demand and questions for how we can create a strategic thread to bring these different projects together — to create cross-pollination between communities and projects that have been building in the BitDAO ecosystem and to truly continue to innovate.

Mantle is an L2 network. It uses $BIT as both its governance token and gas token, where $BIT is swapped for ETH for settlement back to Ethereum. So it derives security from Ethereum. It has a number of innovations that surpass the current L2 landscape and allows us to achieve lower gas fees, faster transaction times, and to create a common thread for the data ecosystem and better incentives. We’re accelerating the development of L2s.