Explanation of Mantle Public Chain: The upgrade path of decentralized organization BitDao.

Original Title: "Mantle Blockchain Explained: BitDao's Journey of Transformation and Upgrade as the Largest Decentralized DAO Organization"

Original author: Yinan Yinan said

Introduction:

Mantle is an L2 scaling solution incubated by BitDAO that utilizes Optimistic rollup, modularity, and decentralized data availability to achieve higher throughput and scalability.

What makes Mantle different from other L2 solutions? 

Modular Data Availability: By using EigenLayer, Mantle is able to improve transaction throughput, surpassing traditional L2. Accessible data availability also means that Mantle can increase throughput without compromising security and reducing node operation costs. This reduces the processing requirements of validators and promotes decentralization.  

Multi-Party Computation (MPC): Mantle uses MPC to minimize the trust risk of L2 execution results. Using Threshold Signature Scheme (TSS) technology, specialized nodes contribute to multi-party signatures, improving the accuracy of off-chain transaction execution results. This enables the shortening of the withdrawal challenge period.

Decentralized Sequencer: Mantle will decentralize its Sequencer to provide secure and trustless block production. By rotating a permissionless set of sorters, Mantle will reduce the possibility of single points of failure or censorship on the network. Mantle will gradually decentralize its Sequencer over time to provide secure and trustless block production.

Based on the above characteristics, Mantle adopts a modular approach and uses Eigenlayer as the data availability solution to avoid publishing transaction data on the ETH mainnet. This means that Mantle enjoys the security of ETH while avoiding trading on ETH, providing new possibilities for scalability.

除了使用 Biconomy 提供账户抽象外，Mantle 还解决了 optimistic rollups 面临的两个主要问题。 Translation: Apart from using Biconomy for account abstraction, Mantle also solves the two main problems faced by optimistic rollups.

The first is the single point of failure that may be caused by highly centralized sorters.  

The second is the current 7-day fraud proof challenge period. By implementing multi-party computation (MPC), Mantle shortens the challenge period to 1 to 2 days. Independent verification blocks are validated through nodes to increase overall confidence.

Node roles in Mantle:

Sorter

Real-time reception and recording of user-sent transactions.On L2, block production is taking place.

Summarize transactions to generate batches with execution state roots.

Get blocks verified by MPC network.

Through network broadcasting block data (L1 and L2).

Multi-Party Computation (MPC) Node

"Sign" the transaction batch generated by Sequencer and send it to L1.

Using validation and broadcasting batches through L2 networks for multi-party computation.

Rollup Validator

From the trusted sorter of Mantle, synchronize and summarize data.

Verify the state root submitted by Sequencer on L2.

When invalid state data is detected, initiate fraud proof.

Provide users with summarized data.

DA Node

Select a copy responsible for storing Mantle transaction data so that it is ready for access when necessary.

By using the BLS signature scheme that guarantees its availability, they sign the block data provided to make commitments. These signatures are verified by the EigenDA contract on Ethereum.

BitDao：

It is currently one of the largest DAO organizations, with a treasury holding $3.8 billion in reserve assets, and raised $230 million in June 2021.

Currently, there is no formal discussion on macro goals or restrictions on the distribution of MNT tokens. However, the core contributor team has provided the following estimated priorities:

After the MIP-22 vote is passed, it will be converted to $MNT at a 1:1 ratio.

Governance

Mantle governance mainly follows the off-chain governance process. Discussions are initiated by the Mantle core contributors team or community members, and then introduced to the wider Mantle community through forum discussions. Discussions that generate sufficient interest and positive sentiment may enter the formal proposal "MIP", which is then voted on by MNT token holders. Once the proposal is approved, core contributors team members will support its implementation based on the terms outlined in the proposal. This approach is considered an "off-chain" governance process because the results of governance voting do not automatically trigger product code updates or automatic financial operations.

Latest Progress

Since the launch of the testnet on January 10, 2023, Mantle has been tirelessly implementing its decentralized data availability layer, innovative fraud proof, decentralized sorter, etc., all with the highest possible quality of work. After five months, the team is pleased to announce that it will officially upgrade to the second stage of the Mantle Testnet, "Ringwood," on May 25, 2023 at 6:00 AM UTC.

On May 29th, the latest contributors to AMAMantle, Igneus Terrenus, Jordi Alexander, and afkbyte, answered some community questions.

When will the token conversion be implemented?

The token conversion from $BIT to $MNT may take place at some point in June. The token conversion will occur prior to the launch of the Mantle Network mainnet to ensure that $MNT tokens can be used as the network's fuel token (and more).

除了 GAS 之外，代币将用于什么？

What will the token be used for besides GAS?

The team has carefully studied various L2 and other network tokens that exist today. The goal is to create a powerful ecosystem of rewards and incentives to help promote the sustainability of network growth.

Airdrops and incentive programs are effective in this regard, and TVL statistics show that they help maintain activity on the network. However, since $MNT token holders will manage these funds, the team is taking measures to prevent them from being exploited by sybil attackers. The specific details of Mantle's incentive measures will be discussed in the future, but the goal will be to ensure that the product and ecosystem benefit from the use of funds.

Currently, MIP-22 is being voted on for token conversion details on Snapshot. The voting period is from 3:57 PM on May 31, 2023 to 3:57 PM on June 7, 2023.

Ecological System

Mantle currently references 49 projects on its ecosystem page (https://mantle.xyz/ecosystem).

A large part of it is in the gaming industry, with only a few DeFi/infrastructure projects.

Summary

Mantle, as a public chain in the L2 track, faces fierce competition. Those adopting Optimistic rollup include Optimism and Arbitrum, while those adopting Zk-Proof include Zksync and Starknet. Based on OP Stark, Consensys launched the EVM-compatible chain Linea, and Polygon launched Zk-EVM. The launch of L2 is essentially to improve the scalability of ETH and reduce costs. So, how can Mantle stand out from the many L2 public chains is a question. The core of Mantle uses Optimistic rollup construction, and combines with the DA layer of modular components using EigerLayer, introducing MPC multi-party computation and more decentralized sorters to improve TPS and reduce costs. This is the solution proposed by the project.

As a component of BitDao, the BitDao Treasury has over 3 billion dollars in funds, making Mantle relatively well-funded. However, as a Dao organization, BitDao has a strong relationship with Bybit, which has donated over 1 billion dollars in the past year. Bybit holds a large amount of $BIT, which is one reason why many exchanges do not list $BIT. Additionally, after Bybit donates 2.7 billion $BIT to the BitDao Treasury, it will hold the largest amount of $BIT. Therefore, this is not very decentralized. Furthermore, the $BIT token has gone from $1.4 during the ICO to $0.5 currently, which has caused many people to be concerned about Mantle's future performance.

Currently, the majority of Dapps in the ecosystem are gaming-related, while there are fewer Defi and infrastructure products. Head mainstream protocols such as Ethereum have not yet been integrated into the Mantle test network, and it remains to be seen whether they will gradually be integrated after the mainnet launch. This requires further observation.

Finally, as testing incentives have been mentioned in the document and by core personnel in AMA, those interested can experience the Mantle testnet on their own. As for the future development of the ecosystem, please stay tuned.

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