This testnet, which will allow Mantle to test and deploy new features ahead of the mainnet launch scheduled for later this year, is now available. Community and developers have been urged to sign up to test their apps on the chain.
Previously, BitDAO announced Mantle at the end of November 2022 as a modular Ethereum Layer 2 network or handling network functions such as consensus, transaction execution and settlement. They are a design of a newer blockchain, different from previous blockchains, where all network functionality runs on the same base layer.
BitDAO’s announcement for the new testnet has reaffirmed that Mantle will deliver faster results with cheaper transaction costs. In addition, Mantle is also expected to enhance the utility of the BitDAO governance token, known as BIT.
BIT will act as Mantle’s native token. Improving the utility for BIT has become the main focus of DAO. Recently, the BitDAO community voted for buying back $100 million of BIT tokens, a significant effort to boost the price of BIT sharply amid the turmoil market.
“A large ecosystem of partners already exists and will continue to grow within BitDAO. Mantle is the blockchain that binds all of this together and helps build value for each moving part,” said a BitDAO spokesperson.
BitDAO is a prominent name in the DAO space, set to invest in growing its ecosystem by supporting a wide range of projects. The DAO currently holds the second-largest treasury among DAOs with $1.9 billion in its reserves.
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