4% Jump Outpaces Rivals
The native token (MNT) of Mantle, a Layer-2 blockchain built on Ethereum, has experienced a 4% surge in value following the launch of its mainnet. This growth outperforms that of other Layer-2 networks such as Arbitrum (ARB) and Optimism (OP), whose native tokens have declined in the past 24 hours.
Unique Three-Layer Architecture
Mantle differentiates itself from other Layer-2 solutions by employing EigenLayer’s EigenDA, creating a unique three-layer modular structure.
- Ethereum: Settlement and consensus
- EigenDA: Data availability
- Mantle Network: Execution
BitDAO’s Conversion to Mantle
On May 19th, BitDAO, a decentralized autonomous organization with a substantial crypto treasury, rebranded as Mantle and converted its BIT tokens to MNT, implementing a “One brand, One token” principle.
Institutional Support and Liquidity
Major exchanges such as Bybit, MEXC, and Huobi support the token migration. Bybit is a prominent holder of MNT tokens, owning over 15% of the supply.
Additionally, Jump Capital and Jump Trading have acquired over $5.3 million worth of MNT tokens, demonstrating institutional interest in the project.
Liquidity on Uniswap
Crypto users have deposited significant amounts of ETH and MNT tokens into a liquidity pool on decentralized exchange Uniswap, totaling over $15 million in value.
FAQ: Key Terms and Concepts
- Layer-2 blockchain: A network built on top of an existing blockchain to improve scalability and reduce fees.
- Native token: A cryptocurrency specifically designed for use on a particular blockchain.
- Decentralized autonomous organization (DAO): A self-governing entity that operates on blockchain technology.
- Liquidity pool: A pool of assets on a decentralized exchange that facilitates trading.
Disclaimer: This article provides information for educational purposes only and should not be considered investment advice.
Credit and Rights: This article is written by BITboosters and all rights are reserved.