An Ethereum Layer 2 solution, Mantle Network, has merged with its backer BitDAO. The merger was approved by BitDAO’s community through a governance proposal.
The merger will allow Mantle Network to leverage BitDAO’s resources, including its treasury and community, to accelerate its development and adoption. BitDAO is a decentralized autonomous organization (DAO) that was launched in 2021 with a treasury of over $3 billion.
Mantle Network is a Layer 2 solution that aims to improve the scalability and efficiency of Ethereum. The network uses optimistic rollups to batch transactions and submit them to Ethereum in a single transaction. This allows Mantle Network to process transactions at a much higher speed and lower cost than Ethereum.
The merger between Mantle Network and BitDAO is a significant development for the Ethereum ecosystem. It will allow Mantle Network to accelerate its development and adoption, and it will provide BitDAO with a new platform to deploy its resources.
The merger is expected to be completed in the coming weeks. Once the merger is complete, Mantle Network will be rebranded as BitDAO Mantle.