Mantle

Mantle In-depth Report Generated by AI - For further details, please review:

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1)What is MNT?

Mantle (MNT) is an Ethereum-scaling Layer 2 technology and the primary product of the Mantle Ecosystem. Its unique architecture allows for enhanced performance and faster transaction finality. Governed by a DAO, key decisions are made by MNT holders, with notable early contributions from jacobc.eth and Ben Zhou. MNT tokens, with a total supply of 3.17 billion, are used for transaction fees, ecosystem growth, and governance. Mantle Network partners with EigenLayer for security and is available on various exchanges. Key initiatives include the Mantle Grants Program and Mantle EcoFund to support new projects.

2)Which sector does MNT belong to?

Mantle (MNT) belongs to the Layer 2 (L2) sector in cryptocurrency. This sector is focused on improving the scalability, speed, and overall efficiency of existing blockchains, primarily Ethereum. The L2 technology addresses the limitations of traditional blockchains like Bitcoin and Ethereum, particularly in terms of transaction speed and cost, which are crucial for everyday applications and DApp performance. By facilitating a large volume of transactions through off-chain or more streamlined processes, L2 solutions help alleviate network congestion and reduce transaction costs on the main blockchain. The current situation and development prospects of the Layer 2 sector are as follows:

Current Trends:

• L2 projects have been gaining significant momentum due to issues like high gas fees and slow transaction speeds on Ethereum.
• There has been a continuous increase in the amount of Ether spent on Layer 2 activities, indicating a growing trend and widespread adoption.
• The popularity of L2 solutions has been on the rise, with significant progress in recent years. Projects like Polygon, Arbitrum, Optimism, Immutable X, and dydX are among the notable L2 crypto projects shaping the future of blockchain technology.

Challenges:

• Despite the progress, L2 projects face scalability issues as they attempt to increase transaction speed and efficiency.
• Security concerns are also prevalent due to vulnerabilities associated with the primary blockchain.

Future Prospects:

• The proliferation of Ethereum Layer 2 networks and the rise of zero-knowledge cryptography are some of the leading trends.
• With the success of Ethereum's transition to proof-of-stake, Layer 2 solutions are seen as key to scaling Ethereum and avoiding high gas fees.
• The fast-paced development of Layer 2 blockchains atop Ethereum, aiming to provide venues for cheap and easy transactions, is a notable trend. This includes new launches and plans for Layer 2 networks by major crypto exchanges.

Interoperability is another theme gaining momentum, suggesting that these networks might eventually be interconnected, which could create a more complex but versatile blockchain ecosystem.

3)What is tokenomics of MNT (includes allocation and supply schedule)?

Token MNT was launched in Jun 2023. The initial supply is 6.2 billion, the current circulation is 3.12 billion, the circulation accounts for 50%, the market value is 1.71 billion US dollars, and the FDV is 3.4 billion US dollars. The token is currently close to its issuance price. The tokenomics of Mantle (MNT), represented by $MNTL, are designed to support the AssetMantle ecosystem:

Token Allocation

• The total supply at genesis is 300 million tokens.
• Distribution aims to create sustainable growth and involve the community, which governs 50% of the supply.
• Allocation includes 35% to the Foundation, 10% to the Team, 5% to Strategic Partners, 30% to the Community Treasury, and 20% to MantleDrops.

Utility:

• $MNTL functions as a governance and staking token.
• It is used in the MantlePlace (NFT marketplace) for transactions like minting, trading, royalties, and fees.
• Initially, it will support activities like genesis creator bootstrapping, liquidity provision, and NFT minting/trading through rewards and airdrops.

Release Schedule:

• At genesis, 26% (78 million $MNTL) of the supply was circulating.
• The release schedule includes various locking and vesting periods for different allocations, like immediate unlocks for some portions and up to 36 months of vesting for others.

Supply and Rewards Distribution:

• The supply follows an inflationary schedule with halving every two years.
• Starting with a 75% inflation rate, the $MNTL is projected to reach a maximum supply of 6 billion over 20 years.
• Staking rewards incentivize token holders to secure the network.

4)What about the team and the investors of MNT?

Team Behind MNT

Mantle Network (MNT) is a Layer-2 technology stack designed for scaling Ethereum. It's part of the Mantle Ecosystem, which aims for widespread adoption of decentralized and token-governed technologies. The team behind Mantle Network comprises 25 dedicated individuals, including notable figures like Arjun Krishan Kalsy, an expert in web3 and Ethereum scaling, and Joshua Lapidus, a senior DAOplomat at Mantle. The strategic direction of Mantle Network is influenced by advisors such as Ben Zhou, CEO and co-founder of Bybit, Jacobc.eth, founder of Game7 and HyperPlay, and Jordi Alexander, a strategic advisor to Mantle.

Funding History

Regarding its funding history, Mantle Network is a product of BitDAO, which is operated by the $BIT community. BitDAO was launched in June 2021 and raised $230 million in a private funding round, with significant contributions from notable investors such as Founders Fund, Pantera Capital, and Dragonfly Capital. Additionally, Mantle proposed a substantial $200 million Web3 fund, with half of this amount coming from BitDAO's treasury and the remaining $100 million sourced from external matching capital provided by strategic venture partners. Furthermore, Mantle Network has proposed allocating $238 million to promote its ecosystem development.

5)What is the development history of MNT?

Significant Milestones in MNT's Development（updated to 2023）

1. Testnet Launch:Mantle Network's Testnet went live on January 10, 2023. This marked the beginning of a critical phase in the development of the network, focusing on improving technology and growing the ecosystem.

2. Testnet Performance:During its six-month testnet phase, Mantle Network processed over 14 million on-chain transactions, saw more than 140,000 smart contracts deployed, and connected with over 690,000 unique wallet addresses. This period was crucial for demonstrating the stability and performance of Mantle Network's modular tech stack, which includes the Mantle DA powered by EigenDA technology.

3. Community Engagement:Mantle Network placed significant emphasis on engaging the developer community. This included hosting over 20 hackathons with more than 400 project submissions on the testnet. Mantle also created educational content like blogs and videos to explain blockchain development and Solidity concepts.

4. Grants and Funding:The Mantle Grants Program was introduced to support builders deploying their dApps on Mantle Network. Over 50 teams were selected for deployment on the mainnet. Additionally, the Mantle EcoFund, with a capital pool of $200 million, was established to accelerate the growth of the Mantle Ecosystem.

5. Mainnet Alpha Launch:The Mantle Network Mainnet Alpha was launched on July 17, signaling a new phase in the project's development. The mainnet alpha aims to bridge the gap between builders and users in the web3 space.

6)What is the progress and future roadmap of it?

Future Roadmap and Developments

To foster its ecosystem, Mantle has implemented various strategies. The Mantle Grants Program and Mantle EcoFund, with a capital pool of $200M, support builders in deploying their dApps on the Mantle Network. Over 50 teams have been selected to deploy their dApps on the mainnet. Mantle's approach to ecosystem building includes active management of the ecosystem, focusing on the interoperability of protocols, and offering comprehensive support to developers and dApps. This includes hosting hackathons, creating educational content for developers, and maintaining a strong partnership with top exchanges and institutions. Mantle's future initiatives are geared towards enhancing user engagement and ecosystem growth. Upcoming projects include the Mantle Journey, an incentive program aimed at rewarding user activities within the ecosystem, and the Citizens of Mantle NFT collection, which will offer rewards and benefits to engaged community members. Additionally, Mantle plans to launch a liquid staking protocol, Mantle LSD, on the Ethereum Mainnet, which will leverage synergies with the Mantle Network and provide operational advantages for the ecosystem. The community plays a central role in Mantle's development, with critical decisions being made through community votes. This includes decisions about the Mantle Network's budgets, EcoFund structure, and tokenomics revisions. Mantle also introduced a public treasury monitor and a delegated voting system to enhance transparency and decentralized governance.

7)List all important links related to MNT

Mantle Network's Official Website:

https://www.mantle.xyz/

Documentation and Technical Details:

https://docs.mantle.xyz/

Mantle Grants Program and EcoFund Details:MIP-24:

https://snapshot.org/#/MIP-24

Forum Discussion on Mantle's On-Chain Treasury:

https://forum.mantle.xyz/

Social Media and Updates:

https://linktr.ee/mantle

8)Bullishness index for this token from the perspective of token valuation and future potential from Chatgpt 4

The valuation and future prospects of Mantle (MNT) as of 2023 are shaped by several predictions and analyses:

Short-Term Predictions and Current Valuation:

• As of December 2023, Mantle's price is around $0.548839, with a prediction of a slight decrease to $0.538376 by December 7, 2023. The sentiment is predominantly bullish, with a Fear & Greed Index at 74 (Greed), indicating a positive market outlook. The volatility stands at 8.93%, and Mantle recorded 60% green days over the last 30 days.
• Mantle's price is positively correlated with major cryptocurrencies like Bitcoin (BTC), Maker (MKR), and Ethereum (ETH), and negatively correlated with others like Bitcoin Cash (BCH) and TRON (TRX).

Long-Term Price Predictions (2024 - 2030):

• The yearly low and high price predictions for Mantle from 2024 to 2030 suggest a gradual increase in its value. For instance, in 2025, the price is predicted to range between $0.640696 and $1.185058, which would represent a significant gain from its current price. By 2030, Mantle's price is forecasted to be between $1.048932 and $1.327659.
• Another analysis indicates that Mantle could reach its all-time high (ATH) of $0.59 in 2023, with potential highs of $1.12 in 2023, $2.06 in 2024, $2.69 in 2025, and a peak of $8.34 in 2030.

Prospects for Mantle (MNT):

• Mantle's increasing popularity in the cryptocurrency market is a positive sign for its long-term prospects. Its innovative technology and use case in the blockchain ecosystem are key factors driving this optimism. There is speculation that Mantle Coin could reach a value of $10 by the end of the decade, reflecting a substantial growth potential.
• The Mantle Network offers a variety of services for programmers, and its market valuation rapidly climbed into the top 50 cryptocurrencies after its release. This rapid ascent demonstrates the potential for future growth, particularly given the cutting-edge technology and appeal among cryptocurrency investors.