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Upper Crust Farmers - Yield Optimization for Mantle Network

January 17, 2024

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It’s a New Year; time for a New Start. Refreshed from the change of the holiday season, we love arriving in January with a refined mission and a renewed sense of purpose. It’s the best time of the year to push forward with ambitious new ideas, and to double down on the successes of last year.

For Beefy, this invariably means more next-generation technology and more inspiring and invigorating partnerships. It also means continuing to pursue our strategy of growing the newest and most exciting ecosystems by bringing the first yield optimization strategies to the latest new blockchains.

So to kick off 2024, we’re excited to say hello to Mantle Network - Beefy’s 25th blockchain! We’ve been following Mantle’s progress closely since the Mainnet Alpha launch last July, and are super excited to get to farming on one of the most exciting new Ethereum rollups in the game. So, let’s talk Mantle! 📣

The Mantle of Modularity

Ethereum rollups are a dime a dozen these days, and often lack originality. Unfortunately, most of them still come with some form of "training wheels," meaning they continue to depend on a centralized controlling entity to mitigate security risks, rather than relying solely on the decentralized proofs as originally intended.For early rollups, these “training wheels” enable an early launch and scaling without frontloading all of the development work. But we’re seeing over time that these constrained designs are proving to be increasingly monolithic and difficult to decentralize.

So what’s the solution? Well, from its earliest days, Mantle assumed leadership and responsibility over the burgeoning modular rollup movement. By “modularity”, Mantle means separating out the execution, consensus, settlement and data availability functions of a rollup into distinct specialized layers. By allowing separate conditions to apply to each layer, Mantle aims to lower costs and optimize performance in each of the network’s core functions.

Coupled with this functional modularity, Mantle introduces the next generation of blockchain data availability technology, using EigenLayer’s EigenDA technology to get rid of the “training wheels”. It’s Mantle DA protocol enables decentralized access to proof construction data without having to post all of that data onchain. To date, all significant rollup chains have either had to pay the heavy burden of posting their layer 2 batch data directly to layer 1, or have relied on centralized committees to provide external access to the data. But with Eigenlayer’s distributed data availability technology, Mantle can facilitate truly decentralized proofs at a fraction of the cost.

Token-governed Technologies

Mantle’s technology is a breath of fresh air, as it aims to realign the EVM community’s focus on technical solutions to security, scale and decentralization problems (in stark contrast to the excessive rollup hype of the last year or two!). But it’s not just the technical solutions on offer that are getting us excited. Mantle is also one of those rare Web3 projects that is built from the ground up around core community governance.

Mantle’s team plans to deliver its exciting stack of novel rollup technologies and tools as wholly token-governed solutions, putting governance from its community at the core of its mission. This means that the heart of Mantle’s ongoing work and success is centered on the $MNT governance and utility token and the Mantle community treasury. $MNT serves multiple functions, including (i) allowing community members to participate in the Mantle DAO and vote on key decisions shaping the entire ecosystem, (ii) serving as the collateral asset for use in the various forms of Mantle Network nodes, and (iii) serving as the gas token for the Mantle Network.

The primary force behind the distribution and utilization of $MNT is the Mantle community treasury, which retains 47.5% of the $MNT supply outside of circulation. This community-owned and governed treasury is designed to allocate the remaining $MNT supply towards the development and upkeep of the broader Mantle ecosystem. With current budgets running at only 0.5% of total supply, Mantle’s DAO has an enormous runway to continue growing and developing the project. And this clear focus throughout on token-governed technologies means the rapidly growing Mantle community has primary control over the entire ecosystem. No ifs, buts or maybes.

Get Me There

If, like us, you're persuaded that Mantle is an ecosystem that’s worth exploring, then it’s time to bridge over some funds to the Mantle Network. The coree Mantle Bridge facilitates transfers of a range of assets from mainnet Ethereum, or you can use third-party bridges like Stargate and Orbiter to bridge from a range of other blockchains.

The main gas token used in Mantle is the $MNT token, which you'll need to obtain initially. You can purchase it on Uniswap or from various centralized exchanges such as Bybit, Gate.io, and MEXC. Since all of these are Ethereum versions of $MNT, they will need to be bridged over after purchase using the core Mantle Bridge.

Once you’re up and running, you can check out your balances and transactions using the Mantle Explorer. From there, you can find a huge range of applications on the Mantle ecosystem page, or via our trusted frens at DefiLlama.

Why not kick things off with some awesome yields and bountiful borrowing opportunities on Lendle Protocol, the leading lending market on Mantle. With Lendle, you can participate in capital markets with your $MNT or several blue chip tokens and stablecoins, and earn bonus $LEND tokens on your assets. Or if you’re wanting to benefit passively from all of the epic opportunities on Lendle, you can always take part through Beefy...

Upper Crust Farmers

Mantle Network’s reimagined modular approach to rollup technology is a key step forwards that’s well worth exploring. As the project continues picking up steam with its goal of forming the upper crust of planet Ethereum, Beefy will be there every step of the way to optimize your farming on these fertile new soils.

That’s why we’re excited today to announce our first few vaults with Lendle which are now live for your autocompounding needs. And with many more in the pipeline, make sure to follow along as your Trusted Yield Optimizer takes the Mantle ecosystem by storm.

Now… back to farming 🚜

Mantle Docs | Mantle Explorer | Mantle Bridge | Lendle Protocol | Beefy App

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