Mantle Network Announces User Incentive Program - Unveiling the Ecosystem Layout

On August 29th, Mantle Network, the Ethereum Layer 2 solution, launched the user engagement program “Mantle Journey,” which aims to incentivize community participants by aggregating both on-chain and off-chain user activities. This initiative leverages the minting of Mantle Journey Soulbound Tokens. During the Alpha season of Mantle Journey, a reward pool of 20 million MNT will be distributed among participating users and applications. The program is set to continue across multiple seasons and is now accessible to all Mantle Network users.

Based on the current price of Mantle Network's token MNT at $0.45 per token, the total amount of rewards for this event would reach $9 million USD.

Participation Method:

Preparation Steps: Using MNT (Mantle) as Gas Fee

• Connect Wallet to the Website: Start by connecting your wallet to the Mantle Network website. This will enable you to interact with the platform using your wallet's capabilities.

• Mantle Journey Soulbound Token (MJSBT) Minting: Once your wallet is connected, you can mint Mantle Journey Soulbound Tokens (MJSBT). This involves the creation of these tokens on the Mantle Network pl



• The official Mantle documentation mentions that the accumulation of MJ Miles will aid participants in unlocking tiered rewards. By accruing MJ Miles, participants become eligible to unlock unique NFT features and various other incentive measures. Detailed information about these specific incentive measures will be introduced later in this season.

Introduction to Mantle Network

Mantle Network is incubated by BitDAO and built using Optimism Rollup, functioning as a Layer 2 solution. It integrates EigenLayer's specialized Data Availability (DA) service, introduces Multi-Party Computation (MPC), and provides a decentralized sequencer. These features aim to achieve reduced transaction fees through modular “compressed blocks” and an increase in the overall throughput of on-chain transactions.



Why is it that Mantle Network, being a Layer 2 solution, has a total value locked (TVL) of less than $40 million USD for the entire blockchain, but the token's market capitalization exceeds $1.4 billion USD, with a fully diluted valuation (FDV) surpassing $2.8 billion USD？This cannot be discussed without mentioning BitDAO and Bybit.



Origin

On May 19, 2023, BitDAO announced its merger with Mantle Network, its sponsored Ethereum Layer 2 solution. The merger was approved by the BitDAO community members through the governance proposal BIP-21. According to the proposal for “Optimization of Brand, Tokens, and Tokenomics,” the entities BitDAO, Mantle, and the BIT ecosystem would be unified under the name “Mantle.” The existing governance and DAO structures would be referred to as “Mantle Governance,” and the BIT tokens would undergo a conversion to MNT tokens at a 1:1 ratio.



BitDAO was established in 2021 by Bybit, a major

cryptocurrency

derivatives exchange based in Singapore. The treasury assets of BitDAO were sourced from fundraising and donations. In June 2021, BitDAO conducted its initial financing round, raising $230 million USD. Supporters included the

cryptocurrency exchange

Bybit, venture capitalist Peter Thiel, investment firms like Dragonfly and Pantera Capital, and projects like Polygon.

In the same year, in August, BitDAO utilized the BIT-ETH crowdfunding pool on SushiSwap's MISO platform to complete an auction, issuing 200 million BIT tokens and raising 112,670 ETH.

BitDAO stands as one of the largest DAO organizations to date, with a treasury exceeding $2 billion USD, primarily composed of MNT, ETH, USDC, and USDT.



BitDAO's governance token is BIT, which has been converted to MNT as part of the merger. During the token conversion process, 3 billion BIT tokens were burned, leading to a 30% reduction in the total token supply. As observed, Mantle has effectively sent these 3 billion BIT tokens to a burn address：



BitDAO generates income from two primary sources. Bybit has committed to contributing 0.025% of its futures contract trading volume to the BitDAO treasury. This is supplemented by periodic donations. Additionally, BitDAO earns investment returns by exchanging treasury assets for investment project tokens.

While BIT (now converted to MNT) serves as BitDAO's governance token, it also holds functional significance as Bybit's platform token. This dual role stems from Bybit's contribution to BitDAO's treasury and the requirement of holding BIT for participation in Bybit's Launchpad.

As a Layer 2 solution, MNT has achieved a significant market capitalization in its early stages due to these factors. After the merger of BitDAO and Mantle Network, MNT is utilized as the network's transaction fee. With substantial funds in the Mantle Treasury, Mantle is actively building its ecosystem.

In conclusion, the merger of BitDAO and Mantle Network, backed by Bybit's support and a substantial treasury, highlights the proactive ecosystem development to empower tokens. The future developments are indeed worth anticipating.