Bybit, the world's third most visited crypto exchange, has announced the ByStarter Genesis Offering of MNT, the gas and staking token of Mantle Network, an upcoming modular Ethereum layer-2 (L2) blockchain, and the governance token of Mantle Governance, one of the world's largest decentralized autonomous organizations (DAO). The Genesis Offering rewards early participants with free MNT tokens, with which they will be able to participate in the growth of Mantle Network.
Mantle Network is an L2 solution that is compatible with the Ethereum Virtual Machine (EVM). With its modular architecture, optimistic rollup design, and implementation of EigenLayer's data availability innovations, Mantle Network aims to chart a hyper-scalable future with Ethereum-grade security and considerably lower fees than incumbent L2s.
Governed by a DAO community, Mantle lowers the barrier to entry for both users and developers to use the network. Bybit has been a strong supporter of the Mantle Treasury, to which it has contributed more than $3 billion worth of tokens. Mantle Network's full backing by the entire DAO community and sister initiatives such as Game7 and EduDAO make it a vibrant Web3 ecosystem from day one.
ByStarter, Bybit's innovative token sale platform, offers a rigorous selection process to ensure only the best projects are showcased. It is an opportunity for participants to gain exposure to early-stage projects before they hit centralized exchanges. ByStarter is also a platform for projects looking to raise funds, regardless of their stage of development.
"We are excited to support Mantle Network's innovative approach to improving Ethereum's infrastructure," said Ben Zhou, co-founder and CEO of Bybit. "By listing MNT on our ByStarter platform, we're providing participants with a unique opportunity to get involved in a promising project at an early stage, and this time at zero cost. We look forward to seeing Mantle's growth and success."
"We are thrilled to have Bybit host MNT's Genesis Offering on its ByStarter platform," said Arjun Kalsy, head of ecosystem of Mantle. "We thank Bybit for their enduring support and vote of confidence, as we work towards the imminent launch of Mantle Network Mainnet to help hyperscale Ethereum and make Web3 secure and affordable for everyone."
To participate, users must hold more than or equal to 100 BIT tokens, have more than or equal to 100 USDT, and pass KYC1. The whitelisting subscription starts on July 6, 2023, at 10AM UTC and ends on July 11, 2023, at 6AM UTC, with a prize pool of up to 5,000,000 MNT. Participants will be drawn from a lot to receive MNT allocation at no cost.
To learn more about the MNT token listing, visit https://www.bybit.com/en-US/bystarter/.
RELATED ARTICLE : Crypto Exchange Bybit Clinches UX Wins at iF Design Awards 2023
