Mantle Launches V2 Iteration On Testnet Following Impressive Growth

Mantle ranks as the top L2 by throughput over 24 hours

By: Samuel Haig Loading...

Mantle Launches V2 Iteration On Testnet Following Impressive Growth

Mantle, the recently surging modular Ethereum Layer 2, has deployed its v2 iteration on the Sepolia test network.

Mantle announced the launch of its v2 testnet on Jan. 12. Mantle v2 is built on top of Optimism’s OP Stack, paving the way for future compatibility within the OP Superchain — the forthcoming unified ecosystem of Layer 2 networks leveraging the OP Stack. Optimism launched the open-source OP Stack alongside its Bedrock upgrade in June 2023.

“In contrast to Mantle v1 built on the old OVM codebase, Mantle v2 enjoys the benefits of the Bedrock upgrade, while providing the critical infrastructure for future interoperability in the OP Stack ecosystem,” Mantle said.

Other OP Stack-based chains include OP Mainnet, Base, Manta, and the BNB Chain Layer 2, opBNB.

Mantle v2 will also facilitate gasless transactions in addition to transactions supporting EIP-1559.

Mantle storms L2 rankings

Mantle completed its alpha mainnet launch in July 2023, and has recently emerged as a front-running Layer 2 scaling solution. Mantle aims to offer cheaper transactions compared to rival L2s thanks to its modular architecture.

The network utilizes Mantle DA, a decentralized data availability layer powered by EigenLayer's EigenDA, to minimize fees. Mantle also boasts separate execution and consensus layers.

“This enables hyperscaled performance at significantly reduced transaction fees on a network that is secured by Ethereum,” Mantle said.

Mantle currently ranks as the top Layer 2 network by daily throughput, processing an average of 16.8 transactions per second (TPS) over the past 24 hours, according to L2beat.

Mantle processed a record high of 25.5 TPS on Dec. 27 amid the launch of inscriptions on the network. The network also hosted a brief spike to 21 TPS on Jan. 13, overtaking the Ethereum mainnet for the third time in as many weeks.

Mantle is also the eighth largest L2 by total value locked (TVL), boasting a TVL of $294M after growing 80% since Nov. 27. The combined TVL of Layer 2 networks is at $22.1B, down from an all-time high of $23.7B on Jan. 12.

Mantle’s MNT token is the ninth-best performing top 100 cryptocurrency over the past seven days following a 17.4% gain, according to CoinGecko.