BitDAO Launches Testnet for Ethereum Layer 2 Solution Mantle

BitDAO has officially launched the testnet for its Layer 2 scaling solution, Mantle, with 37,000 developers already signed up.

This testnet will allow Mantle to trial and implement new features before its anticipated mainnet launch later this year. It is now available to the community, with developers encouraged to register and start deploying their initial applications on Mantle.

BitDAO first announced Mantle in late November 2022 as an Ethereum Layer 2 solution using a modular network model. This modular network design separates the blockchain into distinct layers that handle various functions like consensus, execution, and transaction settlement. This contrasts with earlier blockchain designs where all network functions operated on a single base layer.

The announcement of the new testnet reiterated that Mantle aims to deliver faster results with lower transaction costs. Additionally, Mantle is expected to enhance the utility of BitDAO’s governance token, BIT.

BIT will function as the native token of Mantle, and improving BIT’s utility has become a primary focus for the DAO. Recently, the BitDAO community voted to acquire $100 million worth of BIT tokens, a significant move that has spurred a strong increase in BIT’s value amid ongoing market challenges.

A BitDAO spokesperson also highlighted that using BIT as the main token for Mantle will significantly contribute to the ecosystem's development.

“A large ecosystem of partners already exists and will continue to grow within BitDAO. Mantle is the blockchain that ties all these elements together and helps build value for each component.”

BitDAO is a prominent player in the DAO space, established to invest in and develop its ecosystem by supporting a range of projects. The DAO currently holds the second-largest treasury among DAOs, with $1.9 billion in its reserves.