Mantle Network is an Ethereum Layer-2 protocol developed by BitDAO, one of the largest decentralized autonomous organizations (DAOs), and a partner of Bybit. The public testnet is now live, along with a community incentive program. You can potentially earn $MNT token airdrops from using the protocol. In this article, we will explain what Mantle Network is and what you can do to position yourself for the airdrop.

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Mantle Network ($MNT) Airdrop Step-by-step Guide

Here’s how to receive a potential Mantle Network ($MNT) token airdrop:

Set up Mantle Testnet

Claim testnet $MNT tokens from Mantle Faucet

Bridge Assets from Goerli to Mantle Testnet

Complete Mantle Quests on Crew3 and join the Mantle Guild

Bridge assets to Mantle Network mainnet

Get $MNT tokens

Vote on governance proposals

Interact with dApps on the Mantle ecosystem

See below for more details

What is Mantle Network?

Mantle Network is an Ethereum Layer-2 scaling solution created by BitDAO that focuses on enhancing security, reducing fees, and increasing transaction throughput. It leverages roll-up technology and adopts a modular approach to create a separate, decentralized data availability layer in collaboration with EigenLayer. By implementing this strategy, it accomplishes the following:

Facilitates hyperscaled throughput for heavy-duty applications.

Removes the need for forking capital to motivate validators, thus reducing the marginal cost of capital when setting up new protocols.

Enables restaking mechanisms — re-staking allows anyone who has staked ETH on layer-1 to re-stake a pegged asset (stETH, rETH, cbETH, etc) and provide security to Mantle’s data availability layer.

Does Mantle Network have a Token?

Mantle Network uses $BIT, BitDAO’s governance token, as its native gas token. BitDAO has announced the approval of a proposal to deploy $100 million into the Mantle Ecofund, aiming to incentivize developers to build within the Mantle ecosystem. Additionally, the team is considering an airdrop for its testnet users. They have a subchannel on Discord where they discuss airdrop plans with the community.

What is the $MNT and $BIT token?

The $BIT token is BitDAO’s governance token. ByBit exchange is partnered with BitDAO and therefore use $BIT as their “unofficial official” token. Bybit frequently has campaigns and perks for $BIT coin and token holders. For example, there had a BIT Trading Fiesta where frequent $BIT traders on Bybit got up to US$100,000 in rewards. $BIT holders are also eligible for higher VIP levels and discounted trading fees.

On 19th May 2023, BitDAO rebranded itself to become Mantle and most importantly, voted to covert its $BIT token to $MNT tokens at a 1:1 ratio. So now, the $MNT token will be used across the entire Mantle Network ecosystem, for its products and for governance.

How do I convert my $BIT tokens to $MNT tokens?

From 17th July 2023 at 6:00am UTC onwards for a period of 6 months, $BIT token holders can convert their $BIT tokens to $MNT tokens. Here’s how to convert or migrate $BIT to $MNT:

Connect your wallet to https://migratebit.mantle.xyz/

Approve the use of your $BIT tokens on your wallet.

Enter the amount of $BIT tokens you wish to convert.

Approve and wait for the conversion to be completed.

How to receive a potential Mantle Network $MNT token airdrop?

Airdrop Review

When reviewing an airdrop, there are several factors to consider. First, the likelihood the project will even do an airdrop in the first place. Then, to look at how many tokens the project intends to allocate towards airdrop campaigns, as well as the difficulty in participating in their airdrop. It is also important to look at the utility of the token so that there will be an actual use and purpose in participating in the airdrop in the first place. Finally, a factor to consider when reviewing an airdrop is whether the airdropped tokens are subject to any lockup period.

Likelihood of Airdrop: BitDAO allocated $100 million to incentivize developers to build on the Mantle Network. Moreover, they are also considering conducting an airdrop for protocol users.

Airdropped Token Allocation: Token allocations for the community are not yet confirmed.

Airdrop Difficulty: The steps are easy to do. All you have to do is bridge testnet $BIT and ETH from Goerli to Mantle Testnet. Crew3 and Guild tasks are optional.

Token Utility: $BIT, the native utility token of BitDAO, offers holders benefits like voting rights, revenue sharing, and exclusive access to features within the BitDAO ecosystem. This includes Mantle Network.

Token Lockup: There is no information available on token lockup for airdrops.

The post Mantle Network ($MNT) Token Airdrop Guide: LIVE NOW! appeared first on Boxmining.

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Filed under: Bitcoin - @ September 26, 2023 4:01 am