Mantle Network, a Layer 2 blockchain network operating on Ethereum, has seen notable growth since its launch last month.
The network’s growth has been further substantiated by the influx of assets sent to Mantle from the Ethereum bridge. Around 5,000 unique addresses have bridged nearly $56 million from Ethereum to Mantle, according to a NansenSandra Leow, a research analyst at Nansen, attributed Mantle Network’s TVL growth to the current trend of Layer 2 chains launching and"the capital rotation from Ethereum’s mainnet.
“Mantle Network holds one of the largest on-chain treasuries , with $3.2 billion in liquid assets, most of which are in Mantle tokens, followed by stablecoins. This provides insight into their branding and credibility of the L2,” Leow told The Block.$200 million fund to support early-stage apps on the Ethereum Layer 2. This fund could enhance Mantle’s prospects for building a rapidly expanding ecosystem, Leow added.
Unlike traditional blockchains, where all transactions are funneled through a single layer, Mantle has introduced a more dynamic approach. It employs a modular chain system, breaking down execution, data availability, consensus and settlement into separate layers. © 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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