DUBAI, UNITED ARAB EMIRATES – Media OutReach – 6 July 2023 – Bybit, the world’s third most visited crypto exchange, has announced the ByStarter Genesis Offering of MNT, the gas and staking token of Mantle Network, an upcoming modular Ethereum layer-2 (L2) blockchain, and the governance token of Mantle Governance, one of the world’s largest decentralized autonomous organizations (DAO). The Genesis Offering rewards early participants with free MNT tokens, with which they will be able to participate in the growth of Mantle Network.
Mantle Network is an L2 solution that is compatible with the Ethereum Virtual Machine (EVM). With its modular architecture, optimistic rollup design, and implementation of EigenLayer’s data availability innovations, Mantle Network aims to chart a hyper-scalable future with Ethereum-grade security and considerably lower fees than incumbent L2s.
Governed by a DAO community, Mantle lowers the barrier to entry for both users and developers to use the network. Bybit has been a strong supporter of the Mantle Treasury, to which it has contributed more than $3 billion worth of tokens. Mantle Network’s full backing by the entire DAO community and sister initiatives such as Game7 and EduDAO make it a vibrant Web3 ecosystem from day one.
ByStarter, Bybit’s innovative token sale platform, offers a rigorous selection process to ensure only the best projects are showcased. It is an opportunity for participants to gain exposure to early-stage projects before they hit centralized exchanges. ByStarter is also a platform for projects looking to raise funds, regardless of their stage of development.
“We are excited to support Mantle Network’s innovative approach to improving Ethereum’s infrastructure,” said Ben Zhou, co-founder and CEO of Bybit. “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.”
“We are thrilled to have Bybit host MNT’s Genesis Offering on its ByStarter platform,” said Arjun Kalsy, head of ecosystem of Mantle. “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.”
To participate, users must hold more than or equal to 100 BIT tokens, have more than or equal to 100 USDT, and pass KYC1. The whitelisting subscription starts on July 6, 2023, at 10AM UTC and ends on July 11, 2023, at 6AM UTC, with a prize pool of up to 5,000,000 MNT. Participants will be drawn from a lot to receive MNT allocation at no cost.
To learn more about the MNT token listing, visit https://www.bybit.com/en-US/
About Bybit
Bybit is a cryptocurrency exchange established in 2018 that offers a professional platform where crypto traders can find an ultra-fast matching engine, excellent customer service and multilingual community support. Bybit is a proud partner of Formula One’s reigning Constructors’ and Drivers’ champions, the Oracle Red Bull Racing team, esports teams NAVI, Astralis, Alliance, Made in Brazil (MIBR), and Oracle Red Bull Racing Esports, and association football (soccer) team Borussia Dortmund.
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About Mantle
Mantle is a fast-growing, DAO-led web3 ecosystem whose goal is the mass adoption of decentralized and token-governed technologies. Mantle Ecosystem comprises Mantle products such as Mantle Network, Mantle Governance (DAO), and Mantle Treasury. Mantle token ($MNT) is the unified product and governance token of the ecosystem.
Mantle’s first core product is Mantle Network, a high-performance Ethereum Virtual Machine (EVM) modular layer-2 (L2) blockchain. Mantle Network’s modular rollup architecture separates transaction execution, data availability, and transaction finality into distinct layers. By virtue of being the first L2 network partner for restaking protocol EigenLayer, Mantle Network inherits security from Ethereum while offering high performance at low fees. As the world’s first DAO-spawned L2, Mantle Network is pioneering a vision for a more collaborative decentralized economy to showcase the potential of tokenized governance. Mantle Network offers a Grants Program that provides milestone-based funding to promising projects that help expand, secure, and decentralize the network and the wider ecosystem.
Mantle token will power Mantle Network as its native gas token, multi-party computation (MPC) validator node staking token, data availability (DA) node staking token, and ecosystem growth token, as well as its sequencer node staking token in the future. All future Mantle products will likewise be powered by Mantle token, as it continues to serve as the governance token of Mantle Governance.
To support the next-generation of innovators, builders, and developers, Mantle is growing its ecosystem via Mantle EcoFund, which helps to manage a catalyzed capital pool of $200M.
