With a focus on advancing users’ experience, prominent crypto exchange, Bybit has unveiled a Layer-2 solution identified as Mantle. In an announcement on its Twitter page today, the cryptocurrency exchange described Mantle as an advanced, hyper-scaled blockchain solution that enhances scalability. Also, through the announcement, Bybit said the latest innovation will ensure that transactions are well-protected and swiftly completed.
Further, the cryptocurrency exchange established that Mantle separates available data and execution layers to process transactions. Also, the innovation uses a mechanism known as Threshold Signature Scheme to fast-track the processing of transactions. Mantle by Bybit is designed to breed game-changing projects in sectors like Play-to-Earn games and DeFi.
Mantle is a high-performance Ethereum layer-2 network built with modular architecture aiding builders to advanace their game. Worth establishing, that the Layer 2 solution will share the same native token; BIT with BitDAO. According to market data provided by CoinCodex, BIT is presently trading at $0.476931.
With the solution, developers can design dApps with exceptional UX, all while relying on Ethereum’s unrivaled security. The unveiling of Mantle came into existence a few weeks after Bybit collaborated with Pyth network. As reported by Binbits, the collaboration will aid the provision of live-data on price of crypto assets for Bybit users.
Side notes about Bybit
Bybit also suffered from the prevailing crypto winter that affected numerous projects in the industry. Early last month, the CEO of Bybit, Ben Zhou announced the firm’s move to reduce its workforce by 30%. Zhou cited that the firm took the decision due to the deepening bear market. The development represented the second time in 2022 Bybit laid off its employees.
Then, Zhou established that the firm intended to focus on how to scale through the ravaging bear market. Similarly, top cryptocurrency firms like Coinbase, BlockFi, ConsenSys, Crypto.com, Blockchain.com, Huobi, SuperRare and many others have all reduced their workforce in recent times.
For the crypto sphere, 2022 was characterized as a testing year as top projects struggled for stability. However, the space seems to be on a recovery path due to the recent price rally of BTC, ETH and other altcoins. More so, Bybit like many other firms in the industry will be hoping to banish the harsh memories of the previous year behind.