As a layer 2 network based on BitDAO, Mantle Network is a scalable solution that offers many advantages in the Ethereum blockchain ecosystem. The platform’s modular architecture provides the necessary scalability and guarantees high security. This technological support drives rapid growth in the Mantle ecosystem, increasingly attracting crypto users. To learn more about the current state of Mantle Network and its potential, check out the following article.
Article Summary
- Two weeks since the mainnet launched, Mantle Network has managed to maintain a daily user count of 1,000 to 2,000 users.
- As of August 9, 2023, the total value locked (TVL) in the Mantle Network reached 41.82 million US dollars. Of this amount, Agni Finance contributed 25.5 million US dollars to TVL.
- In building a strong and diverse ecosystem, Mantle Network has successfully delivered several applications. Among them are Agni Finance, Lendle, and Lootex.
Overview of Mantle Network
Mantle Network is a layer 2 network on top of Ethereum developed by BitDAO. BitDAO is a community DAO with the largest asset of 2.1 billion US dollars in various cryptocurrencies.
The Mantle platform works similarly to Optimism and Arbitrum, where transactions are processed using an off-chain validator called a sequencer. However, what makes it different is using a modular network and using EigenDA to improve data availability and security.
Mantle Network is the result of the BitDAO community's decision to change the name of BitDAO to Mantle Network. Mantle also made a change to the BIT to MNT token.
Read more about what Mantle Network is in this article.
Mantle Network Development
On July 17, 2023, Mantle officially launched its main network (mainnet). Within two weeks after the launch, the Mantle ecosystem had grown with the participation of 23 collaborators. Currently, 104 decentralized applications (dApps) are available in the Mantle ecosystem.
Since the mainnet launched, Mantle Network has managed to maintain a daily user count of 1,000 to 2,000 users. Interestingly, the average number of transactions per active user has increased, with each active address making at least 40 daily transactions.
One positive observation that can be made is that despite the increase in both the number of transactions and the number of users, the percentage of failed transactions has remained stable at under 1%.
You can see Mantle’s network growth in the image below. From the latest data as of August 11, 2023, Mantle’s daily transaction count has increased since the mainnet launched. Almost 1.5 million transactions have been recorded, with more than 200,000 active users.
Applications on the Mantle Network Ecosystem
As of August 9, 2023, the amount of TVL accumulated on the Mantle Network reached 41,82 million US dollars. This amount is based on several dApps in the Mantle ecosystem.
In building a strong and diverse ecosystem, Mantle Network has successfully delivered several applications. Among them are Agni Finance, Lendle, and Lootex.
Agni Finance – DEX
Agni is a decentralized exchange (DEX) with an automated market maker (AMM) that is an important part of the Mantle Network ecosystem. Agni outperforms the Total Value Locked (TVL) on the Mantel network by showing 23.49 million US dollars.
This platform operates through an efficient AMM, friendly user interface (UI), and native Mantle token (MNT) support. Agni offers low transaction fees thanks to the integration of EigenDA in Mantle. It also increases scalability through modular architecture and roll-up technology, and highlights security with features from Ethereum and fraud detection mechanisms.
Partnerships with major entities such as EigenLayer, Covalent, Pyth Network, Biconomy, and The Graph also provide a strong foundation for the Agni ecosystem.
Lendle – Lend and Borrowing Platform
Lendle is a crypto asset lending platform that operates on the Mantle network. Lendle implements an over-collateralization system like most other lending platforms. Users can provide assets as collateral and borrow funds from them.
As of August 11, 2023, Lendle has a TVL of 882,974 US dollars, which puts it in 4th place by TVL amount on the Mantle Network, as seen in the image above.
Lendle has a platform token, LEND, with a total supply of 100,000,000 tokens. Borrowers and lenders on the Lendle platform can generate rewards through LEND tokens.
Lendle uses the Loan To Value (LTV) concept to calculate loan limits based on asset volatility and liquidity.
Lenders can earn LEND token by lending assets on Lendle. On the other hand, borrowers can borrow funds against their collateralized assets, thus improving capital efficiency. They can also use Lendle to short-sell assets and explore various DeFi opportunities without selling their assets.
Lootex – NFT Marketplace
Lootex is a decentralized multi-chain NFT marketplace launched in February 2021. It supports in-game NFT trading on the Ethereum, BNB Chain, Polygon, Arbitrum, and Avalanche blockchains.
Lootex is an NFT platform specifically developed for gamers. Lootex aims to be an item shop in the metaverse where players can freely buy and sell equipment or other in-game assets.
This platform partnered with Mantle in early August 2023, making it the first NFT marketplace on the Mantle Network. Mantle’s scalability and EigenDA technology will provide a superior, efficient, and seamless experience for Lootex users.
Mantle Network Roadmap
On November 30, 2022, BitDAO announced the launch of Mantle Network. Then, on January 10, 2023, they released the Mantle Network testnet, showing their commitment to solid development.
On May 5, 2023, the name change from BitDAO to Mantle Network drew attention. This change received support through a seven-day community discussion and voting process.
In preparation for Mantle Network’s mainnet launch, the MNT token was first introduced in July 2023. BIT token holders could exchange their existing BIT tokens for MNT tokens through authorized conversion channels.
On July 17, 2023, Mantle officially launched its mainnet. Mantle Network Mainnet Alpha was the culmination of a six-month development effort, during which the network processed over 14 million transactions, 140,000+ smart contracts, and 48,000+ developers. Mantle also connected 690,000+ users and maintained a monthly active wallet address count of over 157,000.
Conclusion
Mantle Network has built a strong and diverse ecosystem through several innovative applications. Among them are Agni Finance as a DEX, Lendle as a lending platform, and Lootex as an NFT marketplace. Agni Finance brings efficient and secure trading, Lendle provides a secure lending model, while Lootex connects gamers with in-game assets.
After the mainnet launch in July 2023, Mantle Network continues to experience growth in the number of users and daily transactions, demonstrating its value and exciting potential in the blockchain world.
How to Buy MNT Token on Pintu?
You can start investing in MNT by buying it on the Pintu app. Here’s how to buy crypto on the Pintu application:
- Create a Pintu account and follow the process of verifying your identity to start trading.
- On the homepage, click the deposit button and top up the Pintu balance using your preferred payment method.
- Go to the market page and look for MNT.
- Click buy and fill in the amount you want.
- Now you have MNT as an asset!
In addition, the Pintu application is compatible with various popular digital wallets such as Metamask to facilitate your transactions. Go and download the Pintu cryptocurrency app on Play Store and App Store! Pintu is regulated and supervised by CoFTRA and Kominfo.
You can also learn more crypto through the various Door Academy articles which are updated every week! All Pintu Academy articles are for educational purposes, not financial advice.
References
- Mantle Team, Overview – Network, Mantle Docs, accessed pada 10 Agustus 2023.
- Agni Team, Introduction | What is Agni? Agni Docs, accessed 10 Agustus 2023.
- Lendle Team, Lendle’s core use cases, Medium, accessed 11 Agustus 2023.
- Lootex Editor, Lootex — The First NFT Marketplace on Mantle, Medium, accessed 11 Agustus 2023.
- Impossible Finance, Mantle performance since Mantle mainnet launched, Twitter, accessed 11 Agustus 2023.