Singapore, Singapore, December 19, 2024, PakGazette
Succinct Alliance Establishes Mantle Network as Highest TVL ZK Validity Rollup
Mantle Network, a Layer 2 (L2) known for its modular design and being the first EigenDA user of EigenLayer, today announced its architectural transition to a zero-knowledge (ZK) validity rollup through a pioneering alliance. industry with Succinct. Combining its modular architecture, data availability solutions through EigenDA and now zero-knowledge proofs through SP1, Mantle Network embarks on creating the liquidity chain for institutional-level settlement and value transfer in the crypto ecosystem.
Since the Mantle Network mainnet launch on July 7, 2023, the burgeoning on-chain ecosystem has grown to become a top 5 L2 by total value locked (TVL) at $2.2 billion and counting. The network has processed 175 million on-chain transactions, deployed 1.4 million smart contracts, connected to 10 million unique wallet addresses, and maintained 4.9 million monthly active wallet addresses since its inception. Mantle Network continues to drive capital efficiency in the on-chain economy with the integration of ZK’s validity accumulation technology, providing crucial next-generation technical infrastructure to support and amplify the secure growth of high-value asset settlements. Backed by one of the world’s largest community-owned treasuries with $4.3 billion in asset reserves, Mantle Network’s technical roadmap directly supports its vision of accelerating the smooth, secure and efficient movement of institutional capital across markets. traditional and decentralized.
Accelerate institutional-grade asset settlements through ZK Validity innovation
With the testnet launching in Q1 2025 with the intention of upgrading the mainnet, Mantle Network will evolve from an optimistic cumulative model to a ZK validity summary through Succinct SP1. This architectural change dramatically reduces on-chain finality from seven days to one hour, enabling rapid institutional-grade asset settlements that support and address capital efficiency opportunities across traditional finance and the blockchain industry.
The transformative efficiency gains from ZK validity testing have gained significant market traction. Already powering applications with a cumulative capital of $4.4 billion across major ZK L2 ecosystems, Mantle Network maintains an optimistic belief in the advancement of ZK technology to advance the broader Ethereum ecosystem. The performance benefits may allow Mantle’s flagship assets such as $mETH, $cmETH, and $FBTC, with an aggregate TVL of $3.9 billion, to proliferate in the broader decentralized finance (DeFi) domain. This allows for better spreads in the swap market, lower slippage, deeper money markets, better interest rates, and greater asset availability. Market intermediaries can quickly rebalance inventories between Mantle Network (Layer 2) and Ethereum (Layer 1), and users can quickly move permissionless to access a unique set of routes and subsequent integrations.
Key technical benefits
The strategic integration of Succinct SP1 offers a set of advanced features aimed at developers and users:
- Quick Purpose: With a 168x improvement in connection capabilities, transactions reach completion within an hour, enabling fast withdrawals and seamless operations to redefine the user experience.
- EVM Equivalence: Full support for Succinct’s EVM SP1 bytecode ensures that developers can leverage existing Ethereum smart contracts and tools without compromise.
- Profitability: Testing fees built into transaction costs eliminate additional financial burdens for accrual teams with minimal impact on costs for users – just fractions of a cent per transaction.
- Enabling a multi-chain future: The advancement reaffirms Mantle Network’s alignment with Ethereum’s security ethos while laying the foundation for cross-interoperability at scale through ZK testing.
Driving the future of ZK rollups
OP Succinct combines the power of Succinct’s SP1 zkVM with the modularity of OP Stack, bridging the gap between easy-to-use optimistic rollups and complex zero-knowledge technology. The innovation promotes interoperability, flexibility and standardization that addresses Ethereum’s existing challenges. By adopting ZK validity proofs, Mantle Network transactions are cryptographically verified so that they are sequenced and settled correctly. This higher level of security allows everyone to more easily and safely explore frontier areas that improve the Ethereum experience, such as supporting more advanced application logic, enabling cross-chain actions, improving latency, and adopting multi-sequencer architectures.
Joshua Cheong, Product Leader at Mantle said: “In my previous banking career, I witnessed traditional banking infrastructure and legacy banking business models struggling to keep up with the emergence of FinTech disruptors built on cloud services that boast cost advantages. The introduction of programmable blockchains alongside stablecoins heralds the natural next step in the disruption of financial services: becoming even more operationally efficient and resilient. The integration of Succinct’s SP1 marks a decisive chapter in Mantle Network’s strategic blockchain journey to support next-generation banking. By uniting zero-knowledge proofs with the proven versatility of the OP Stack, we are not only evolving as a Layer 2 solution: we are setting a new benchmark for institutional-grade Ethereum scalability that enables highly efficient and unparalleled security for high -Value transactions at the cost of a few cents with 24/7 settlements.”
Uma Roy, CEO and Co-Founder of Succinct added: “Succinct SP1 allows any developer to create ZK applications by simply writing Rust, accelerating ZK adoption and verifiable computing. With OP Succinct, we can push any OP Stack build into the future by providing fast and seamless finalization. By fusing the ultra-fast performance of SP1 with the progressive vision of Mantle, we enable developers to reimagine decentralized applications with unprecedented speed, efficiency, and reliability. Together, we are building the foundation for Ethereum’s interconnected and scalable future.”
A unified Ethereum ecosystem
The synergy of rapid finality, support for the Ethereum standard, and cost-effectiveness promises profound impact, reducing fragmentation and unlocking the potential of next-generation decentralized applications (dApps).
The transition enhances Mantle Network’s commitment to Ethereum’s decentralized security model as an ETH-aligned Layer 2, enabling a more cohesive ecosystem with seamless flows of assets and information. Mantle Network is now poised to be a future-proof L2 chain as a native ZK rollup.
As the Ethereum landscape evolves, Mantle Network’s adoption of Succinct SP1 positions it as a leader in scalability and innovation. Developers, users, and ecosystem partners can look forward to a faster, more secure, and interconnected Ethereum future.
About succinct
Succinct offers zero-knowledge proofs to any developer with SP1, the world’s fastest zkVM. Succinct’s decentralized testnet provides affordable and reliable test generation infrastructure for buildups, bridges, coprocessors, and other applications using ZKP. SP1 is used by the most renowned teams in the industry including Celestia, Avail, Lido, Polygon, AggLayer and many more.
About the cloak
Mantle is building the largest sustainable hub for on-chain finance. Through its core products (Mantle Network, mETH Protocol and FBTC), Mantle is unlocking the future of finance by combining institutional expertise with the transformative power of blockchain. Anchored by the Mantle Treasury, the largest community-owned treasury in the ecosystem, Mantle ensures strong liquidity and financial stability. With over $4.3 billion in assets, it actively funds core product development and fosters the growth of asset partners such as Agora, Ethena USDe, Ondo USDY and EigenLayer, improving sustainable performance, deep liquidity and financial profitability in Mantle Network.
ContactMantle[email protected]
