ByBit to Fully Integrate Ethereum L2 Network Mantle in 2023

Singapore-based crypto exchange ByBit announced in its recently concluded keynote event for 2022 that it will fully integrate its newly launched Ethereum layer-2 blockchain, Mantle Network.

What is the Mantle Network?

The Mantle Network is a layer-2 (L2) blockchain built on the Ethereum network. A layer-2 network is built on an existing blockchain network. The primary purpose of such networks is to solve the scalability issues faced by the traditional layer-1 blockchain.

The L2 network seeks to bring hyper-scalability, lower gas fees, and data reliability to its users while harnessing the security of the Ethereum network. Mantle utilizes the decentralized data availability layer, EigenDA, to aid its low transaction fees and bolster its throughput for decentralized applications.

In November 2022, BitDAO launched the Mantle network. BitDAO is a decentralized autonomous organization where users can collectively manage their digital assets. The decentralized ecosystem is powered by the governance token, BIT.

BIT will serve as the native token to cover transaction fees on the Mantle network.

Mantle to Fully Launch in 2023

As stated earlier, ByBit noted in its latest keynote event that it will fully launch the Mantle network this year. 

While mentioning a list of ByBit’s latest products, Ben Zhou, the co-founder and CEO of ByBit, stated that the Mantle network is expected to see its testnet launch in January 2023.

“The latest update we’ve got is they are going to launch their testnet in January, after the holiday season. ByBit will be fully and be the first one [to be] fully integrated with the Mantle network and fully support that,” he said.

ByBit to Reduce Workforce

Despite the latest developments set up by ByBit and its affiliated communities, the exchange is just another platform that has been impacted by the prolonged crypto winter.

In December 2022, the exchange signaled its plan to reduce its workers. Zhou stated that the move will be taken to help the company focus its finances on building adequate structures and products. In June, the exchange had slashed 30% of its headcount, reducing its workforce by 600 employees.

Several other platforms have made similar moves to combat finances.