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Mantle Network, the modular Ethereum Layer-2 (L2) blockchain, has announced the launch of its highly anticipated mainnet. This milestone was unveiled at the Ethereum Community Conference (EthCC) in Paris and follows a rigorous six-month testnet phase.
The launch also marks the activation of the $200 million EcoFund, set to fuel the growth and development of the Mantle Ecosystem.
The Mantle Network is the first Ethereum layer-2 chain incubated and governed by a decentralized autonomous organization (DAO). It uses optimistic rollup technology, enabling it to process transactions at a lower cost and with higher throughput than Ethereum, while leveraging Ethereum’s network for security.
The mainnet launch comes shortly after the completion of a significant merger with BitDAO, the world's largest DAO by treasury value. This merger has given birth to the Mantle Ecosystem, a unified DAO-led Web3 ecosystem that brings together the strengths and resources of both entities under the Mantle.xyz brand.
The Mantle Network's architecture is characterized by its modular design, which separates the key components of execution, data availability, consensus, and settlement into distinct layers. This innovative approach enables Mantle to harness the security of the Ethereum network while delivering enhanced performance and significantly reduced costs, the network said in a blog post on Monday.
During the testnet phase, Mantle Network demonstrated its robustness and scalability by successfully handling over 14 million on-chain transactions and deploying more than 140,000 smart contracts from a diverse community of over 48,000 developers.
According to Mantle, its ecosystem not only demonstrates the technical capabilities of Mantle Network but also emphasizes the power of tokenized governance. By connecting one of the world's largest DAO-led ecosystems, comprising partners, builders, and innovators, Mantle Network enables token holders to govern the use and allocation of the substantial treasury inherited from BitDAO.
The platform is currently the chain where most of the shitcoin DeFi action is taking place. According to DeFiLlama, Mantle has attracted $120,000 in TVL since its launch.