Following the previous announcement by ByBit relating to BitDAO (BIT), today a new update has unfolded.Bybit has publicized the ByStarter Genesis Offering for MNT tokens. These tokens are integral to Mantle Network, an emergent Ethereum layer-2 (L2) blockchain.
Mantle is also known for its modular structure, as well as Mantle Governance, one of the most prominent decentralized autonomous organizations (DAO) globally. MNT tokens function as both gas and staking tokens within the Mantle Network.
Early contributors to the Genesis Offering will receive complimentary MNT tokens, which can be employed to partake in Mantle Network’s expansion. Mantle Network is built as an L2 solution and is in sync with the Ethereum Virtual Machine (EVM).
Its modular structure, coupled with an optimistic rollup design and adoption of EigenLayer’s data availability enhancements, positions Mantle Network to pursue a trajectory of hyper-scalability. This way it will offer Ethereum-level security with significantly reduced fees compared to existing L2 solutions.
Controlled by a DAO community, Mantle Network democratizes access for both users and developers. Bybit has demonstrated steadfast support for the Mantle Treasury by contributing tokens valued at over $3 billion.
The collective backing by the DAO community and affiliated projects like Game7 and EduDAO endows Mantle Network with a robust Web3 ecosystem right from inception. ByStarter, Bybit’s novel token sale platform, is reputed for its stringent selection criteria. One that ensure only top-tier projects are featured.
This grants participants the opportunity to invest in early-stage projects prior to their introduction to centralized exchanges. Additionally, ByStarter is a fundraising platform for projects at any stage of evolution.
Ben Zhou, Bybit’s co-founder and CEO, stated,
“We are excited to support Mantle Network’s innovative approach to improving Ethereum’s infrastructure. By listing MNT on our ByStarter platform, we’re providing participants with a unique opportunity to get involved in a promising project at an early stage, and this time at zero cost. We look forward to seeing Mantle’s growth and success.”
It is important to note that to be eligible to participate, users must hold a minimum of 100 BIT tokens, have at least 100 USDT, and pass KYC1. The whitelisting subscription will commence on July 6, 2023, at 10 AM UTC, and conclude on July 11, 2023, at 6 AM UTC.
A total of 5,000,000 MNT is available in the prize pool. Moreover, participants will be selected randomly to receive an MNT allocation without any cost.
For this partnership, Arjun Kalsy, Head of Ecosystem at Mantle, said,
“We are thrilled to have Bybit host MNT’s Genesis Offering on its ByStarter platform. We thank Bybit for their enduring support and vote of confidence, as we work towards the imminent launch of Mantle Network Mainnet to help hyperscale Ethereum and make Web3 secure and affordable for everyone.”
Given these notions and the extent of development, the future of DeFi seems bright. Let’s see how things unfold for this partnership.