BitDAO Unveils Mantle, a Future-Ready Layer-2 Solution to Help Builders and Makers Hyperscale Web3

• The BitDAO community welcomes the first modular layer-2 blockchain designed for hyper scalability
• Mantle's ultra usability, affordability and high performance will accelerate broader adoption and expand use cases of smart contracts

HONG KONG SAR - Media OutReach - 1 December 2022 - BitDAO, one of the world's largest decentralized autonomous organizations ("DAO") by treasury size, has today announced the soft launch of Mantle, the highest performing secure layer-2 ("L2") blockchain solution in the market.

Mantle is the first L2 solution to combine modular performance and the secure and decentralized features of the Ethereum blockchain. Starting today, eager builders — EVM developers — can experience and experiment with Mantle on its Testnet during Phase One, as the team improves the network for its official launch.

Mantle aims to solve current challenges facing L2 solutions and truly enable a future-ready web3 ecosystem that welcomes everyone. Early adopters will find building on Mantle much easier compared with other L2s due its hyper-scaled throughput and low fees. This is made possible by EigenDA, a highly customizable and hyper scaled data availability service on EigenLayer, designed for Optimistic and ZK rollups.

BitDAO: Enabling an Egalitarian Web3 Space

The BitDAO collective has been a trailblazer in blockchain innovations and web3 capacity building since its inception. Mantle's debut epitomizes BitDAO's ambition to champion web3 ecosystems of people, products, services, and public goods.

"The BitDAO community is creating the first layer-2 blockchain that is built using a hyperscaled modular chain approach," said jacobc.eth, head of product for BitDAO's Windranger Labs. "At the same time, Mantle will serve as the connective tissue for various BitDAO initiatives, such as projects from Game7, to research from EduDAO, to the ecosystem of dApps being enabled by BitDAO. Mantle is BitDAO's demonstration to scale Ethereum and web3, enabling a whole new generation of use cases and innovations."

Owned and accelerated by BitDAO, the Mantle network has the backing of the entire BitDAO ecosystem. With low gas fees, intelligent design and architecture, superior user experience — even for the most imaginative use cases — is expected. It also stands to be the first network to adopt EIP-3074, which extends contract functionality and meta-transactions to externally owned accounts such as those of MetaMask.

"It is always time to build. This is a community that recognizes the true value of transformative technologies," said Ben Zhou, co-founder and CEO of Bybit. "Mantle has the capability to help every builder and decision-maker get to the forefront of innovation and plug into web3 — seamlessly. The path to the promise of a decentralized future is the mass adoption of blockchain, and community-driven technological solutions like Mantle will take us there."

Established in 2018, Bybit is one of the most resilient and transparent cryptocurrency exchanges in the world. Bybit is BitDAO's foremost proponent and a recurring contributor to the BitDAO treasury.

A product of BitDAO, Mantle will use BIT, BitDAO's governance token as the native gas token on the network.

Using Blockchain to Solve Blockchain's Problems

The ability to onboard users to web3 and empower them to take part in the fast-growing decentralized economy has implications beyond BitDAO's own development. Mantle will fast-track web3 accessibility, unlocking even more blockchain technology use cases on a global scale.

L2 solutions are the global blockchain community's answer to the limitations of traditional layer-1 blockchain solutions, with which millions were priced out by unpredictable and sometimes exorbitant gas fees. Mantle is the culmination of uncompromising innovation to address unsolved issues on L2, including security gaps on sidechains, technological and economical limitations on hyper scalability, and data dependency on centralized entities in existing projects.

Hashtag: #Bybit

The issuer is solely responsible for the content of this announcement.

About BitDAO

In under one year, BitDAO has become one of the largest decentralized treasuries in the world with billions in assets. Leveraging a tokenized governance system, BitDAO continues to display and execute on its open mandate to foster technologies that present entirely new ways for people to work, engage, and transact together. BitDAO's mission is to support builders of the decentralized economy and showcase the potential of DAOs.

A primary activity of the BitDAO ecosystem is to partner with BitDAO Initiatives, like Game7, that are funded in part by the BitDAO treasury. These Initiatives consist of independent governance systems, and create aligned economic links back to the treasury itself, enabling the viral growth of more value producing AEs. To learn more, please visit: https://www.bitdao.io/

About Bybit

Bybit is a cryptocurrency exchange established in March 2018 that offers a professional platform where crypto traders can find an ultra-fast matching engine, excellent customer service and multilingual community support. Bybit is a proud partner of Formula One's reigning Constructors' and Drivers' champions, Oracle Red Bull Racing team, esports teams NAVI, Astralis, Alliance, Virtus.pro, Made in Brazil (MIBR), City Esports, and Oracle Red Bull Racing Esports, and association football (soccer) teams Borussia Dortmund and Avispa Fukuoka.

For more information please visit: https://www.bybit.com/

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