Singapore, Dec 19, 2024/PRNewswire/ — Mantle Network, an Ethereum Layer 2 (L2) solution, has announced its transition to a zero-knowledge (ZK) validity rollup, marking an upgrade to its technical framework. The transition is powered by a partnership with Succinct and aims to enhance scalability, speed, and cost efficiency, particularly for institutional-grade settlements.
Launched in July 2023, Mantle Network has quickly gained momentum, securing a position among the top five Ethereum Layer 2 networks with a total value locked (TVL) of $2.2 billion. The network has processed over 175 million transactions, deployed 1.4 million smart contracts, and connected 10 million unique wallet addresses. The addition of EigenLayer’s EigenDA has enabled decentralized data availability, further bolstering Mantle’s infrastructure.
The upgrade to ZK validity rollups will reduce the finality time for transactions from seven days to just one hour. This change will enable faster settlements and greater security for high-value transactions, making Mantle more attractive to institutional participants in decentralized finance (DeFi) and traditional finance.
Improving Capital Efficiency and User Experience
By integrating Succinct’s SP1 technology, Mantle Network aims to improve finality, reduce transaction confirmation time, and improve liquidity and capital flow. The upgrade will also benefit DeFi markets, enabling faster and more efficient asset swaps and deeper money markets and reducing slippage.
Joshua Cheong, Product Lead at Mantle, highlighted the importance of the shift, noting that the integration of Succinct’s SP1 is a key step in supporting institutional-grade Ethereum scalability. The network is set to redefine how high-value transactions are settled and processed with unmatched speed and low costs.
Key Benefits for Developers and Users
The transition to ZK validity rollups brings several advantages for both developers and users:
– Fast Finality: Transactions will now achieve finality within one hour, enabling quicker withdrawals and faster processing.
– EVM Equivalence: Succinct’s SP1 technology offers full Ethereum Virtual Machine (EVM) compatibility, allowing developers to use existing Ethereum tools and smart contracts.
– Cost Efficiency: Transaction costs are minimized with prover fees integrated into the transaction costs, making them as low as fractions of a cent.
– Cross-Chain Interoperability: The upgrade enhances Mantle’s ability to support cross-rollup interoperability, improving the broader Ethereum ecosystem.
Future-Proofing Ethereum with ZK Rollups
Mantle’s transition to a ZK validity rollup is part of a broader trend to improve Ethereum’s scalability. The integration of ZK rollups will reduce fragmentation in the blockchain ecosystem, enabling smoother asset and information flows. Mantle is now better positioned to lead the way in Ethereum’s scalability and innovation, ensuring it remains a key player in the growing blockchain ecosystem.
With a community-owned treasury of $4.3 billion, Mantle is poised to continue its growth and drive innovation in decentralized finance.
About Mantle Network
Mantle is a modular Ethereum Layer 2 network that enhances the development and adoption of decentralized finance, providing a scalable, secure, and efficient platform for high-value transactions.
For more information, please visit: Website | X/Twitter | Devs X/Twitter | Discord | Telegram | YouTube | Blog | GitHub
About Succinct
Through its SP1 technology, Succinct offers zero-knowledge proofs, helping developers create scalable and secure decentralized applications. The company supports rollups, bridges, and other ZK-based solutions with partners including Celestia, Polygon, and Lido.
For more information, please visit: Website | X/Twitter | Discord | Blog | Documentation
