Mantle Network TVL Surpasses $120 Million – Reasons for the Growth

Mantle Network TVL surpasses $120 million…why?

According to L2BEAT data, the total value of cryptocurrency locked up deposits (TVL) on Mantle Network (MNT), an Ethereum layer 2 solution, has increased by 42.10% in seven days to $124 million.

Previously, on July 14, Mantle Network launched on the mainnet.

 

Discover more about the Mantle Network

Mantle is an EVM-compatible Optimium designed for use on the Ethereum network and is based on the Optimism OVM architecture. Mantle has a modular architecture that utilizes EigenDA as its data availability layer and the Spectral Network Fraud Prevention System for fraud prevention. Currently, these two technologies are not yet fully launched on the mainnet, so Mantle should be considered “under development.” Mantle also uses a set of nodes that are required to co-sign the state root using a threshold signature scheme (TSS). This component is ultimately run by a third party and serves to independently validate state before bulk submission.

 

Technical note

  • Proof of fraud is currently under development. Mantle will eventually use fraud proofs to enforce the accuracy of state. This feature is currently under development and will allow for invalid state roots in the system. Because it relies on external data to derive the chain, it may not be able to detect fraud off-chain.
  • The system has a centralized operator. The operator is the only entity that can propose a block. The existence of a trusted operator is critical to the health of the system.

 

Market Price

MNT / Coinmarketcap
MNT / Coinmarketcap

 

On Coinmarketcap, MNT is trading at $0.325, down 0.90% from the previous day.

In August, crypto data analytics firm Nansen reported that “Mantle Network’s TVL topped $40 million within a month of launch.”

MNT’s market capitalization is down 1.05% from the previous day to about $1 billion. Its 24-hour trading volume is up 2.83% from the previous day to approximately $26 million. Its total supply is 6,219,316,795 MNT.

 

View other articles

(Content created on Web3 Builders is copyrighted by Web3 Builders. Please credit the source when quoting. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.)

Leave a Comment