Layer by Layer: Mantle Mainnet Sees Increased Interest Following Base Launch

Layer 2 (L2) scaling solutions have captured significant attention and market share this year, as exemplified by the recent launch of Coinbase’s Base mainnet, an optimistic rollup built on the OP Stack. Since the beginning of August, total value locked (TVL) in the Base ecosystem has reached new all-time highs (ATHs) on a daily basis, sitting at ~$171 million as of this writing and demonstrating the continued interest in rollup-based smart contract platforms. Today, we take a look at the new Mantle optimistic rollup launched in mid-July, departing briefly from our typical focus on Layer 1 (L1) blockchains in Layer by Layer. For regular analysis of the L2 landscape, please refer to our extensive research database on the leading scaling solutions. 

Prior to launching as an L2 network this year, Mantle was previously known as BitDAO, a decentralized autonomous organization (DAO) backed by the Bybit exchange, along with the BIT token originally serving solely as a governance token for the DAO. On July 17th, BIT tokens were auto-converted to MNT, simultaneously marking the official launch of the Mantle network to the public.