Mantle Crypto (MNT): What It Is, Future and How It Works

Mantle Crypto and its native token, MNT. In a landscape defined by constant innovation, the emergence of Mantle Network has captured the imagination of enthusiasts and experts alike. Today, we embark on a journey to decode the essence of Mantle Crypto, exploring its history, uncovering the inherent advantages, and peering into the promising future it paints for the blockchain realm. Join us as we navigate through the intricacies of MNT, delving into the very fabric of its existence and understanding why it stands as a pivotal force in the dynamic world of cryptocurrency.

What is Mantle Crypto (MNT) Network?

Mantle Crypto (MNT) Network serves as a layer two solution for Ethereum, aiming to enhance the network’s speed, security, and efficiency through the implementation of Optimistic Rollups and a modular architecture. Developed by BitDAO, a decentralized autonomous organization, the network utilizes the MNT token as its native currency. In collaboration with EigenLayer, Mantle Network presents an optimal solution for accessing chain data.

Moreover, Mantle Network seamlessly integrates with the Ethereum Virtual Machine (EVM), facilitating the execution of smart contracts and Ethereum tools with minimal disruption. While still in its early developmental stages, currently existing as the alpha version on the mainnet, Mantle Network harbors immense potential to elevate the scalability, security, and efficiency of Ethereum. An impressive $200 million ecosystem fund has been earmarked to bolster projects based on this groundbreaking technology.

Mantle Network’s native token, MNT, holds multifaceted utility—enabling users to pay network fees, partake in governance, and access decentralized applications (DApps) within the Mantle Network. As Mantle Network continues to evolve, one can anticipate a surge in its utilization across various applications.

Mantle Crypto (MNT) Development Team

Behind the scenes, the BitDAO team spearheads the development of Mantle Network. Functioning as a decentralized autonomous organization supporting projects in diverse domains, BitDAO’s governance token, BIT, follows the ERC-20 standard on the Ethereum network. The Mantle Network development team comprises experts spanning blockchain, cloud computing, roll-ups, Ethereum virtual machine, and more. Key members of the team include:

• Brendan Asselstine: Solution architect and technical manager of Mantle Network, with a background in renowned companies such as ConsenSys, NuCypher, and OpenZeppelin.
• Alex Beregszaszi: Technical consultant for Mantle Network and one of the founders and project managers of Optimism, a rollup solution for Ethereum.
• Alex Gluchowski: Another technical consultant for Mantle Network, he is a founder and project manager at Matter Labs, a rollup solution for Ethereum.
• Yong Zhen Chua: Mantle Network Project Manager, with previous roles at Binance, Huobi, and OKEx.

Mantle Network Roadmap

Mantle Network’s trajectory is outlined as follows:

• November 2022: Unveiling of Mantle Network as the second modular layer for Ethereum.
• First Quarter of 2023: Launch of the alpha version of Mantle Network, accompanied by the allocation of a $200 million ecosystem fund to support projects based on the network.
• Second Quarter of 2023: Anticipated release of the beta version of Mantle Network, featuring new elements like compatible EVM, EigenLayer, and BIT Bridge.
• Third Quarter of 2023: The final version of Mantle Network is set to launch, introducing key features such as MNT (Mantle Network Token), DAO (Decentralized Autonomous Organization), and Governance.

Purpose of Mantle Crypto (MNT) Network

While still in its nascent stages of development, Mantle Network holds tremendous potential to revolutionize the Ethereum ecosystem, addressing key challenges such as scalability, security, and efficiency. The primary objective of the Mantle Network is to create a new paradigm for blockchain developers and users. Achieving this goal involves leveraging optimistic roll-ups and compatibility with the Ethereum Virtual Machine (EVM). Here’s how Mantle Network aims to make a significant impact:

1. Scalability and Efficiency Boost: Mantle Network acts as a second-layer solution, streamlining transaction verification in the Ethereum network through the use of roll-ups. This approach reduces costs and enhances transaction speed, contributing to increased scalability and efficiency.
2. Adaptability and Variability: Employing a modular architecture, Mantle Network empowers users and network participants to influence its parameters. For instance, the network’s native token, MNT, is dynamic and adjusts its parameters based on user and network preferences. Furthermore, MNT introduces a reward system, fostering network security and performance.
3. Accessibility and Openness: Through collaboration with EigenLayer, Mantle Network provides an optimal solution for accessing chain data. EigenLayer simplifies data access for programmers, analysts, and users through APIs and SDKs. Compatibility with the EVM ensures that smart contracts and Ethereum tools can seamlessly operate on the Mantle Network.

Mantle Network finds application across a diverse range of use cases, including complex smart contracts, decentralized applications (DApps), blockchain games, and decentralized finance (DeFi).

How Does the Mantle Crypto (MNT) Network Protocol Work?

Mantle Network employs a modular architecture incorporating optimistic roll-ups, an innovative data availability solution, and a Proof-of-Stake (PoS) consensus mechanism. This approach enables Mantle Network to inherit security from Ethereum while providing more affordable and accessible data. The protocol operates through key components:

1. Mantle Rollup: Designed to enhance Ethereum network scalability and efficiency, Mantle Rollup groups transactions outside the main chain. This reduces storage and processing demands on the main chain, improving overall network performance. Compatible with the Ethereum virtual machine, Mantle Rollup supports smart contracts and various tools.
2. Mantle Network Token (MNT): A dynamic token adjusting its parameters based on user and network preferences. Currently distributed in an alpha version on the Mantle Network, MNT plays a crucial role in incentivizing and maintaining network health.
3. Mantle DAO: A Decentralized Autonomous Organization governing the Mantle Network. Using the BIT token as a governance token, Mantle DAO provides the community with the ability to govern various projects.
4. Mantle Bridge: Serving as a bridge between Mantle Network and other networks, this component facilitates the secure and transparent transfer of tokens and data. Initially compatible with Ethereum and Bitcoin networks, Mantle Bridge aims to extend compatibility to other networks such as Binance Smart Chain, Polkadot, and more.

In operation, transactions are initially recorded in the Ethereum network, then aggregated in the optimistic roll-up before being transmitted to the Mantle Network. Subsequently, processed roll-ups are recorded in the Ethereum network, enhancing scalability, security, and efficiency.

MNT Token: Empowering the Mantle Network

The MNT token, standing for Mantle Network Token, operates as the native token on the Mantle network’s layer one blockchain. As of the time of writing, it holds the 31st position in the cryptocurrency market. Notably, the MNT token has taken the mantle, so to speak, from the BIT token previously issued by the decentralized organization BitDAO. The MNT token encompasses governance features, interest-bearing capabilities, and voting rights within the Mantle Network.

Uses of the Mantle Crypto (MNT) Token

The MNT token on the Mantle network serves a pivotal role with various applications, allowing users and network actors to actively participate and shape the network’s dynamics. Here are some key uses:

1. Adjusting Network Parameters: MNT provides users and network actors the authority to alter diverse network parameters, aligning them with their preferences and requirements.
2. Reward Mechanism: The MNT token operates as a rewarding system for crucial network actors. This includes individuals in roles such as accountants (responsible for transaction processing on the Mantle network), custodians (tasked with storing and validating data), and stakers (those who stake their tokens in the Mantle network and receive profits in return).
3. Creating Network Value: Beyond its functional roles, the MNT token acts as a symbol representing the value and appeal of the Mantle Network. As demand and usage of the Mantle Network grow, the MNT token’s price and market standing are poised to rise.

Distribution and Supply of Mantle Crypto (MNT) Token

Aligned with the goals and vision of the Mantle Network development team, the total supply of MNT tokens stands at 6,219,316,795 units. Notably, the initial coin offering (ICO) for this project successfully raised over $10 million in capital. The distribution of MNT tokens is as follows:

• 40% for Mantle Network Ecosystem Fund: Equating to 2,487,726,718 units, this portion is dedicated to fostering the growth and development of the Mantle Network.
• 20% for Mantle Network Development Team: Comprising 1,243,863,359 units, this allocation rewards the dedicated efforts of the development team behind Mantle Network.
• 15% for BitDAO: A total of 932,972,519 units are allocated to BitDAO, the decentralized organization integral to the network’s evolution.
• 10% for Mantle Network Keepers: This portion, equal to 621,931,679 units, incentivizes those responsible for maintaining the network’s stability.
• 5% for Mantle Network Stakers: With 310,965,839 units, this allocation acknowledges the contribution of stakers who play a crucial role in the network’s dynamics.
• 10% for Mantle Network Accountants: The remaining 10% is earmarked for network accountants, emphasizing the importance of their role in the Mantle ecosystem.

These allocations underscore the commitment to creating a sustainable and robust ecosystem within the Mantle Network.

Factors Determining the Price of the Mantle Crypto (MNT) Token

The value of the MNT (Mantle Network Token) is influenced by various factors, with the primary ones being:

Supply and Demand: The fundamental economic principle of supply and demand plays a crucial role in determining the MNT token’s price.

Network Parameters: Key network metrics such as transaction fees, confirmation speed, and minimum reward amounts contribute to the token’s valuation.

Ecosystem Activity: The growth of Mantle Network-based projects, transaction volume, and the total value locked within the ecosystem are pivotal indicators influencing the MNT token’s value.

Cross-Chain Bridging: The ability of Mantle Network to interact with other blockchain networks, coupled with news and events related to the network, also contribute to price determination.

Ensuring Mantle Network Security

Mantle Network ensures robust security through the implementation of the Proof of Stake (PoS) consensus mechanism. Validators stake their tokens to validate transactions and uphold network security. This decentralized approach includes random selection of validators, who are rewarded for accurate validation but face token loss if errors occur. Such a system incentivizes validators to act responsibly, maintaining the overall security of the Mantle Network.

Popular Mantle Crypto (MNT) Wallets

Choosing a secure wallet is crucial for managing MNT tokens. Some popular wallets supporting the ERC-20 standard include:

1. Mantle Wallet: The official wallet exclusively designed for the MNT token, ensuring compatibility with the Mantle Network, high security, an attractive user interface, and features like balance display and transaction history.
2. Metamask: A widely used free wallet available as a browser extension and smartphone app.
3. TrustVault: A popular free wallet offered as a mobile phone app.
4. Ledger Nano S: A hardware wallet providing enhanced security.
5. Trezor: Another hardware wallet known for its high security features.

The choice of wallet depends on individual needs and preferences. For a user-friendly option, Metamask or TrustVault is recommended, while those prioritizing security may opt for hardware wallets like Ledger Nano S or Trezor.

MNT Token Future Outlook and Analysis

The MNT token’s future is promising, with several factors influencing its trajectory:

1. Ethereum Ecosystem Growth: The expansion of the Ethereum ecosystem positively impacts the Mantle network.
2. MNT Token Acceptance: Increased adoption by users and developers can contribute to the token’s price appreciation.
3. Mantle Network Development: Ongoing development and the introduction of new features enhance the MNT token’s market value.

While these factors suggest long-term growth potential, it’s essential to acknowledge the inherent volatility of the digital currency market, where short-term fluctuations are common.

Mantle Network’s Distinctiveness in the Ethereum Layer 2 Landscape

Mantle Network stands out in the Ethereum Layer 2 realm, not only for its technical innovations and modular approach but also for the comprehensive ecosystem initiatives empowered by the MNT token.

Modular Architecture: A Game-Changer

Mantle Network’s primary distinction lies in its modular architecture. Unlike conventional blockchains such as Ethereum, where execution, settlement, and consensus tasks are consolidated within a single network, Mantle Network distributes these tasks among independent node networks. This innovative approach not only enhances efficiency but also reduces operational costs significantly.

Innovative Technologies at Play

Roll-Up Technology: Mantle Network employs roll-up technology to boost scalability, expedite transaction speeds, and alleviate gas fees by shifting computational tasks off-chain.

EigenDA by EigenLayer: Introducing EigenDA, an advanced data access solution by EigenLayer, Mantle Network addresses the challenge of escalating data storage demands. EigenDA functions as a data availability layer, facilitating the processing and storage of a larger volume of transactions off-chain. This strategic approach minimizes the on-chain data to essential components, further optimizing the network’s performance.

Citizens of Mantle: NFT Avatars and Gamification

Embracing popular trends in the crypto space, Mantle Network introduces “Citizens of Mantle.” Crafted by the globally acclaimed visual artist Chen Man, these NFT avatars evolve with user engagement within the ecosystem. From playing to earning and trading, each activity contributes to the unique features of your Citizen, weaving a personalized journey through the Mantle ecosystem.

$200 Million Ecosystem Development Fund:

Mantle Network’s commitment to fostering its ecosystem is exemplified by the announcement of a $200 million ecosystem development fund. This initiative, backed by the full support of the treasury, surpasses other projects’ funding endeavors, such as Polygon’s $100 million fund and Inject’s $150 million ecosystem grant (INJ).

Key Aspects of the Ecosystem Development Fund:

• Allocation: The fund is earmarked for substantial investments in projects built on the Mantle blockchain.
• Supportive Measures: Beyond financial backing, the fund aims to assist startups with operational support, guidance, networking opportunities, and other essential resources crucial for the advancement of the Mantle cryptocurrency.

Impact and Scope:

Over the next three years, the $200 million grant scheme is poised to nurture more than 100 early-stage projects within the Mantle network. This unparalleled support demonstrates Mantle Network’s commitment to propelling innovation and adoption within its cryptocurrency ecosystem.

Final Thoughts

Mantle Network, as an Ethereum layer 2 protocol, stands poised to enhance the scalability, security, and efficiency of Ethereum. Leveraging optimistic rollups for processing up to 10,000 transactions per second, the network’s native token, MNT, serves as a versatile utility. From paying network fees to participating in governance and accessing decentralized applications (DApps), the MNT token plays a pivotal role in the Mantle Network ecosystem.

In its early developmental stages, the Mantle Network holds immense potential to shape the future of blockchain development and user experiences. Consider the Mantle Network and the MNT token if you seek a blockchain project with high growth potential—a project that could significantly impact the blockchain industry in the years to come.