Not at all. Great. Just mic check. I can hear you fine.
Okay, that is the full house of speakers. So let's just get this AMA started. I'm very happy to have everyone online. So this is AMA for the
BIP 21 proposal on the rebranding and token and tokenomics of bit down and the path forward. We collected questions on Discord and Twitter to address some of the
the questions that like the community is most keen to get an answer of and just a little bit of introduction of me and the speakers. I am a New Serenis, I'm the public liaison for mental and today we
We have a blockbuster lineup with Bivocio, co-founder Ben. We have Hyperplays founder Jacob and he is also a founding contributor for Mental and a core contributor to
and we also have GameFew is joining us to, you know, pontificate our strategy and other things. So, with our further ado, maybe let's have Ben, Jacob and Jody introduce themselves in that order. Ben,
Hey everyone, I'd like to be here and looking forward to discuss for the more about Mento and Vidal and how Biber is going to work with the whole ecosystem.
Hey everybody, thank you so much for having me, Ignis. And super, super excited to be here. I am founder of Hyperplay, which is a Web 3 native game
that's being built in the Pettau ecosystem and also wrote the original proposal for mantle as a layer two.
- Great, great to be here. - Thank you, Jacob and Jody.
Hey guys, I'm Jordi. I'm the founder of Selene Capital, which is a trading firm. And I'm working very closely now on this mental update and focusing the strategy. And I'm very excited to discuss some of the ideas we've been looking at.
Thank you everyone, it's such a pleasure to have you all. And for all the listeners who are online, if you have a question, please feel free to drop a comment here or on Discord and the moderators and the community folks will pick them up.
up and then send it in real time. So we will address as many questions as we can. And let's just segue into the very first question. This is about Manto, the proposal bit down.
and we're not and this is directed to both Ben and Jacob. So from the perspective of ecosystem partners such as Biber and Hyperplay that have been with Bidow for you know the long
of times and when is the growth from the beginning of mental and you know its current developments as well. What's your take on the rebranding? And do you want to start?
Yeah, for sure. So I'm Manas Ben, I'm the co-founder and CEO of Vibits. So when we first saw the proposal, I think it was the right time. Simply because I've been asked, basically,
the whole biopic community has been asked many times about the people are basically just confused. You know how there's a bit of and there's a bit token and and the bit of is launching a layer 2 and how is this layer 2
to incorporate with Bidau because Bidau has been typically seen as a Dau treasury and it represents a voting rights, represents ownership of part of the Dau which is the largest Dau in the world right now. I think the
treasury holds close to $2 billion. So most people consider it a bit as an entitlement to a treasury, an entitlement to a voting rights, but not necessarily understanding the relationship between bit-token, bit-down, and mental.
So, you know, I think what everyone in the Bible is really excited about is the prospect of layers. We think that with the upcoming, you know, Buran or the next kind of competence of the
industry, we think the industry is moving more or less towards layer 2s, as Ethereum has been building an extremely good foundation with the Shanghai update. The throughput of layer 2s has increased tremendously, and I think with the further
coming off newer upgrades like Istanbul and all that. Layer 2 is going to be extremely cost efficient. So a lot of people are saying that next kind of run is going to be between the layer 2s. So you have kind of the coin base, space you have the
OP you have all these other layer tools is coming up. The community is really looking forward to a native sort of layer tool that's coming out of a DAO. So, you know, I think this whole prospect is very exciting, but people are confused.
I think this merge and this rebranding will kind of get rid of the confusion and really kind of really make the community understand that the focus will be the layer two. Even the doll and even the treasury will
emerged into the layer to which kind of ecosystem is fine and really contributed and only focusing on the layer to story and supporting projects listing on the layer to which is mental. And of course, BiBIT is fully support whatever the bit document
community voted for. And therefore, from exchange perspective, we'll fully embrace the rebrand and also support any project wants to list on the mental network by listing, by
supporting it, so liquidity, so different progress variations. So I think this is something that the bit-dow or the mental community has. Literally you have the two things that every project wants. Number one is a massive treasury, which is
the activity and development of any project. And second, you have buy bit supporting the listing and the further development of the project on essentialized exchange. So this is why I'm, you know, everyone's getting excited. I think the layer two stories
It is a track that Bidow Community picked the right track. And I think for sure we're hoping that this whole initiative will bring more interesting value on the token and all of that. Thank you.
Thank you, Ben. We share enthusiasm and thank you for your support on Wavering Support. Jacob.
Yeah, I think Ben covered it very well. My perspective is almost identical. I think that
The narrative that we had between Bit and BitDow and its relationship to mantle was often really confusing and that this could create user experience challenges where users don't know what is the gas token of the network that they're using.
And it's also unclear what the relationship of a Dow token is to a network. And I think many people were expecting that there was a separate gas token for a mantle. And then they didn't understand that the
utility of bit was actually growing. And there's also unique opportunities with what we're doing here. So by making the brand of the L2
It also makes the relationship of the Dow to its layer to the many other projects that are building in the Bidow ecosystem more clear. It makes it clear that as you know that the
that this layer 2 is a common binding thread for the products that are being built across the BITDOW ecosystem. So, for example, for us in HyperPlay, we are building a Web3Native Game Launcher that Game Launcher has an achievement system that's coming soon.
that will exist on-chain and will be leveraging mantle in some pretty interesting ways. That is, you know, how do we, how to separate brand, you know, around bit down and those things. I think there would be a risk that the user experience would be
confusing or what tokens people needed and things like that might be confusing. So we on the hyperplay side were really supportive of this rebrand as we have clarifying those things of improving the user experience and
And also just making it clear that this layer too is a unifying thread for our whole ecosystem. I am also super glad that we are doing, you know, given the overwhelming support of the community, like the
The token migration should happen now, not after a layer 2 is in production. People shouldn't be migrating the gas token of an already existing network. So I think the timing of this was really well positioned.
And it gives us an open canvas that we can also balance other additional proposals off of in the future. And so I'm excited for some other proposals and starting to really reimagine and color outside the lines of what's possible to build right now.
Thank you Jacob and Ben appreciate your thoughts on the clarity and cohesion this brings to the brand and to the entire ecosystem. Ben and Jacob were the people who kind of broke ground our mental and set this project emotion with the initial
Proposals but that's now here from Jody who is a new entry to relatively new entry to the ecosystem. Jody has a strategic advisor to mantle. What do you think? Mental network brings to the table for you know the L2 ecosystem, the L2 kind of world.
Sure, I mean, I can also touch on the bigger picture as well. I think the idea of mantle is basically that the Tao, which was a very amazing experiment, a very interesting experiment, did different investments, tried
tried different verticals and have the group community support on going after different projects. I think there's been a lot of learning from this project over the last many months and ultimately the vision is to be focusing more on
products, right? Like actual ecosystem, actual blockchain products instead of just investments. And I think the rebrand shows that it's no longer kind of around the bit token, it's around mantle. So mantle is layered too. And you could easily choose a layer one. I think the
The reason for a layer 2 is a theorem at this point is kind of proven to be the focus of the entire kind of smart contract based ecosystem, the non-monitorial kind of ecosystem for crypto. And it's great to be aligned with
Ethereum obviously the treasury holds a lot of Ethereum that's the main holding of the treasury. So in that sense, it makes a lot of sense to focus on Ethereum as the ecosystem. And when you look at layer two, ultimately everything's a blockchain. And L2 is supporting the Ethereum ecosystem.
and aligning with that, but also allowing a Dow to have its own vision and its own flavor. So you have optimism. You have, you know, they're, let's just say they're very like non-commercial and they're very philosophical and they're great. You know, they've done a lot of the hard work sort of like the The Theorem Foundation.
And you have arbitrum, which I would say is being the most successful L2. There is maybe another 10 L2s and we're going to see some ZK ones and of course like you know who knows exactly along the technology is going to play out for different ones, but ultimately I think what
mental realizes there's an opportunity to build a new type of L2 that combines some of the best learnings and lessons that we've seen and this is kind of why I've gotten involved in the project. So I'm actually really excited to take things forward, you know, create new ideas and not just kind of copy paste.
Let's just say make a version of UniSwap and make a version of Ave and just put it on a new chain and new token. That would not be interesting and I would not be here talking if that was kind of like division. We have it down.
a huge treasury, there's a lot of support from BIVIT, there's a lot of support from other ecosystem partners, but this is not a BIVIT project or one specific project. This is going to be an open community much bigger than that project that will innovate, will actually try to be a better
better version of Arbitrum and a better version of Optimism and push the ball forward. There's a lot of amazing ideas. I worked with the Bibid sort of ecosystem or the ecosystem, I worked with Mantle and the amount of talent is
is really, really strong. So I'm really excited to start sharing slowly some of the ideas that have been worked on. And I think the Ethereum world will ultimately be quite surprised with the amount of innovation and new ideas that will come out of this.
of decentralized economy and showcase the potential of the house. Do you think, kind of, where is this rebranding, where is the restructuring, the vision and mission are state of same or should they be slightly tweaked? Just like basically your opinion, maybe we can hear from Ben and Jacob afterwards as well.
It's definitely changed. Bit was on the one side trying to do investments on the other side, tried to support some projects. I think now we kind of close this circle and it becomes all around the ecosystem and creating a blockchain ecosystem around metal.
So there will be investments, there will be support, there will be bootstrapping, there will be partnerships, but those will all be within the framing of mantle itself. And that's why we change the name and the token, everything. It just becomes, it's all around this ecosystem.
or Jacob do you want to take that?
Sure, I can go. Yeah, the thing that was the most inspiring to me when I first joined the Bittarika system was the idea of fractal growth around many different projects and many different
communities coming together, building many different products and helping the builders empower the builders who are closest to the problems that they're working on in a really interesting growth model. And in the early days of bits
out, you know, we've been trying to figure out how that model works the best. And one of the things that makes me really excited about this proposal is that by creating a layer 2, that can be a unifying thread for these many different
products and projects to collaborate and to be empowered. I think that a lot of the original vision of BITO makes even more sense than it did historically. So in some ways it's a continuation of what
we were already doing, but in other ways it's a new beginning to build things in new and interesting ways. I am in my sole builder and the opportunity to really be
building more products around the BITDO ecosystem and to make these maximally synergistic and in value creating is a really, really, really exciting thing. And, you know, I think that we have, you know, a
We have a unique opportunity to build things that are more deeply aligned with the Ethereum ecosystem. The earliest statements and things around the Dow, we had a lot of eith, but we didn't have a vision for how we were accelerating the Ethereum ecosystem.
was the contribution we were making and how we were accelerating the adoption of Web 3. So with this layer too, we have clarity on those questions and we actually have a unifying thread for all of our ecosystem and I think it makes much more sense to people.
Thank you, Jacob. I like the perpetual improvement and incremental change, but in several months you'll be seeing a very different picture. Just a little on when you said about diffractal growth. So, BITDA has supported the creation
and the world of many independent autonomous initiatives. We mentioned recently that the initiatives will continue to function as they are now and they will still continue to have their individual governance and strategies and decide for themselves. But I think
You know, people would like to hear from your perspective, you know, someone who, I mean, we're still is a key part of the bit that you go system, or you know, the mental ecosystem should vote past, but you are also, you know, the leader of, you know, a fractal, you know,
initiative that has now formed its own path, forged its own path. What does you as kind of like playing these two different roles, see how the rebranding packed to initiatives like game 7 or hyperplay?
Yeah, so maybe for anyone that's not familiar, I'll just give a little bit of background. So, I've been a core contributor of both BITDOW and of Game 7. Game 7 is an autonomous entity that was created
around the bit.dow ecosystem through a collaboration of bit.dow and forte. Forte is one of the most significant projects to accelerate the adoption of WebThru Gaming. Game 7 came with a really similar mission.
to make web through gaming sustainable to help build the core infrastructure and products and Initiatives around making web through gaming something that's more than you know what we saw in 2021 where there was a lot of adoption of these
games, but most of the games were very simple, and then they had very short-term incentives, and many of those games burned out as quickly as they rose to prominence. So, bit down Forte joined together. They created Game 7, and we
Game 7 did something called the developer report where we interviewed over 100 different game developers infrastructure projects and tried to identify a set of problems that we wanted to solve for the ecosystem.
And one of the most prominent problems that we heard, actually two of the most prominent problems that we heard was one, there is a problem with the distribution of WebThru games, particularly that game developers were being de-platformed by
being being de-platfired by Apple, Steam, and two, that the wallet to game interaction was really bad. It was really hard to carry your wallet into games. So we built a Web 3 Native game launcher around that set of problems that we call hyperplay.
Hyperplay was also built within game 7 in tight collaboration with Metamask. So you can see these, the fractal growth vision that we started with with BitDow actually being executed where you have multiple different projects in
players of this fractal coming together game seven and metamask coming together to build hyperplay, bit out and fourth day coming together to build game seven. And so for us in hyperplay, we're then deploying a lot of
of the functionality and the on-chain aspects of our launcher on the mantle chain, which then is integrated with other dApps.
and other products that are being built in the ecosystem, including some other products that are being built in game 7, like Summon, just a reputation protocol. So there's this ecosystem of synergistic collaboration.
that's happening. And for this proposal around the rebrand, like it's beneficial for us just to have clarity that the relationship of what
bit.au is the relationship of what is the gas token on the chain. We just want a maximally good user experience and a maximally clear relationship between the different products that are part of this ecosystem. It's just generally beneficial to us.
And one of the most frequently asked question in the community since the SOP proposal was published was how does this rebranding affect or does it not the relationship or by its contribution by its pledge towards
bit down or you know, mental if the vote goes through. So questions such as how will bibe continue to support mental and you know if there's a new token, well the new token still be used for bibe launch pool launch pads or
Does this kind of like, uh, unbinding of, uh, like, similarity, name impact that kind of like relationship? Uh, is this something that, Ben, you can help answer? Yeah. So I think this is one of the most common questions. Yeah.
Number one is that we want to make it clear it is that the support from the bi-bit teams and the bi-bit exchange has never been changed. So even if we are changing to from BITDA or to MENTO, as long as the community voted,
our commitment is the same and it would be a very intimate. So down the road, whether it's a token conversion or after the code token conversion, whether it's lunch per lunch for, by it will support in the same way that how it supported
I think to go back to your previous question is why we're supporting this whole transformation is that by the you know from the perspective we believe that beta has always been about embracing and is always
about interoperability, meaning that we want to we want a bit of community and we want a bit of project to be able to support and embrace the whole community. And this is why I think layer two is a good choice.
It's because it's based, it's what the Ethereum is, what the general, you know, in a core crypto community wants, so that it is built on the security and the data layer of the current Ethereum. At the same time, it's
It's offering a lot more, giving more, you know, based on decentralization and also the security part. So this is something we think very excited about and the whole concept of the layer to where we're also excited about and because we are also
on board with this whole idea, again, the biopic commitment stays the same. So nothing will change. And we are working with the mental team to fully cooperate with whole token swap and the future coming up progress.
Thank you, Ben, for the reiteration of Bivitz's reliable support. As we talked about token a little bit, we have a lot of questions on token. Just as a caveat, we did
that in the soft proposal that the details on the token design as well as the conversion methods, conversion channels and so on and so forth will be the subject of a new update after the vote. But let's maybe kind of address some of the
I guess I'll just kind of go through these and then either ban or Jacob or Jordy, whichever one you think you have announced before that.
we can just address that. So the first one comes from George Gowicz. He asked how does a mental project plan to balance the interest of its token holders and the development of the ecosystem as a whole?
Yeah, while I'm trying to go through this optimization brand token and tokenomics. Any take this? Jody Jacob, then.
Yeah, sure. I mean, there's nothing to balance. The two things are fully in line and together. So the holders of the token are going to be benefiting massively by the new ecosystem that's going to be built.
When you look at a treasury, there's just like a lot of contribution and a lot of value there, but ultimately you want to be feeding things with the community and creating value for the world and creating products, right? The product is really the vision. So the token
holders will benefit greatly from this roadmap. It's not into balance, I think it's just a great unification of the Dow, the holders, and all the products and the ecosystem that's going to be built on top of Ethereum.
And it's actually great for Ethereum. There's going to be more community stuff built on Ethereum and a new way of doing things in an L2. And we know Ethereum loves L2s. That's kind of the chosen method that they've chosen for
scaling instead of sharding. And so it's going to be aligned. And the DAO is aligned. The DAO has a lot of Ethereum in it. And the token holder is obviously control the treasury. So everything's aligned.
I think the most important thing is growing the utility of growing the utility. I don't want to get into speculation about value or anything like that.
But we're things that the community and the original community and the mantle ecosystem are really deeply aligned because we are growing the utility of our products.
and making this ecosystem more robust and making it more possible for people to build in a way that's synergistic with the Dow. Whereas in the past it was much more difficult to clearly align the incentives of the products that were being
built in the BITW ecosystem and the down and by having a common core infrastructure that serves as a binding thread that is precisely an expansion of the alignment of our products and our community.
Thank you, Jacob. Ben, do you want to add something?
Yeah, for me, I think it's really not a re-mechanism. It's really a re-branding. So I think all of the representation of FITDA holders and titlements are built into it as far as I understand from this proposal. No new token of issues.
All of these issues are converted from the Bidau token holders. So to be honest, I don't think there's any loss in the title. I think there's only pretty much gain out of it. And yeah, I don't know how it's that being a person is the individual.
Yeah, I think they already hit the nail-ins head. It's actually set very clearly in the soft proposal under the token conversion plan that the rules and ratios that currently exist will be proportional applied to all token holders equally. And then there's going to be a conversion period that is flexible so people can do it at their own convenience.
And we will minimize the amount of preparatory actions needed so that it's seamless and it's almost can be effortless. And the new token design conversion mechanism in the channels will be shared after an audit and the following the result of BIP 21's vote, you know,
the votes need to be carried for the conversion to happen in the first place. So I hope that addresses some of the questions from such as our tramato and Catalina and Victor. So the tokenomics and all that will be shared and then what happens to be token, you know, all that is
It's already covered and there's not going to be a new token sale but rather a conversion into the new token at the existing ratios and then proportions and retaining all the governance rights and other interests of the token holders. And I think one thing we could kind of like, it's not necessarily a
speculation, but like, do you guys have any preference on the ticker symbol? Like, what do you think? Not to say like, you know, this is actually going to be the ticker symbol. But like, if it's a new token, it's the mental token, what should the three-letter-four-letter ticker symbol be? Jody?
That's a funny question because you know there's many ways that you can go with that I think
There's been already a lot of debate within the ecosystem, I think, around what a ticker could be. I think ultimately it doesn't matter too much. The more important thing is, is the reality of what's going to be built and all the innovation, whether the ticker is
So it's man or Mtl or Mntl or exactly I think there's a few options that I'll have some benefits and downsides and the community maybe can choose or there can be some proposal for the ticker.
with tickers now there's like a hundred thousand millions of tickers out there right like every coin has existed every combination is out there so you also have to be careful not to choose something that's already listed and I'm sure the team will will choose something appropriate
Jacob Opens, we want to weigh on what the ticker symbol should be.
I think that a number of people are advocating a three letter token. I don't have a whole lot of opinion on this. I do think that man is a really
money token name man the token for men. I've heard some advocacy for MNT. I've also personally thought it would be something like
M&TL, but I think maybe some people think that like a four letter token isn't as good, but M&TL is like a little bit more clear. But the
The name is ultimately not so important other than maybe for some meme virality purposes, but the important thing is what we're building.
Yeah, whatever name we select and the community vote will be successful.
Yeah, thank you everyone. So let's move on to governance a little so we have this user by the name of onions. He kind of asked that you know, so what lessons can I or what implication?
the repurposing of the proposal and the rebranding of the larger DAO landscape.
So the proposal on the forum is now already the most viewed most commented most engaged to proposal ever and in terms of voter turnout it has already become the most voted on with
a few days to spare. So, record turnout, record engagement, and what do you guys think, you know, on governance level, what lessons can this impart on the wider Dow ecosystem? Jacob, do you want to start us off?
Sorry, Agniesz, could you could you restate the question? Yeah, sure. So this is kind of like a you know, Dalgovina's excellence in
like on display, right? So it has the most engagement, largest burden turnout, and on this space as well, we have a record number of listeners. So what do you think
should this actually go through? Does this kind of like process have lessons or implications to impart on other dials or the wider dial space?
Yeah, I think that people...
The idea of really coloring outside the lines and innovating with the Dow is really exciting for people and the more innovative and interesting things that people see us
building and and that we as a community of many different projects which are contributing to the Dow. The more that people see that, the more engaged they become when
When you know in the past, you know, maybe people perceived bit down as an investment down. And the proposals are like do this investment or don't do this investment. Like those things are important, but they're not as exciting and
inspiring for people as imagining the future of what our community is going to be. And so I do think that there are some important lessons there about the most meaningful and the things that are going to draw the most
meaningful community engagement and the most ecosystem value are when we come together and build and innovate as an ecosystem. So I'm super excited about that actually.
Yeah, I mean, it was awesome to see the response in the post and all the support and the engagement. I think, you know, two main lessons, one exactly with Jacob said like investment now.
We've learned over the last few years of being different types of attempts at advancement, though, whether it's just the BC ones or angels or something like this. They haven't been particularly, you know, it's not a full failure, but I would say
There's issues that maybe like a Dow is not the best structure for investments. You know, maybe you just have more traditional centralized setups for that. I think where the Dow and the decentralization comes in extremely useful is for, you know, building an ecosystem with different dApps, different initiatives, different, you know,
know, community able to use products, right, like around products and an ecosystem that connects all those products together and connects even to a greater community, which is the theorem community. So I think that was one thing and then the second thing is just, you know, people like to have a vision and not just
leave things kind of unclear and oh it's going to be a little bit of this, a little bit of that, a little bit of mental and people want to see direction and innovation and I think this proposal presented a very clear vision and I think that's why it's so supported.
Thank you, Jody. Ben, do you want to take that?
the lessons that this practice of exercise of democracy where people turn
learning out and engaging to voice their support or otherwise progress and change and sometimes change will be scary but
Yeah, I think this whole you know bit out is the experiment when Bivitts kind of initiates that before thing What we want is something represents the community something that is not really You know represents Bivitts and this is why you've seen that
a bit down actually, even from day one, history running very independently from Bivet. Although all of the communities is voted different initiatives, a lot of it has nothing to do with Bivet.
If you look at Game 7, you look at Zikki Sink, you look at Edgyudal, a lot of these initiatives are really kind of Web 3 natives Web 3 initiated. And this is the hope that we have when we launch Bidal. It's that we want to launch and support a project that's really
going deep into Web Street and kind of helped the development of Web Street developers and Web Street communities. And again, you know, I think this whole area too represents that. It doesn't represent a centralized, you know, exchange,
to take control of the web series. It doesn't represent a centralized exchange wanting to launch a project that has its branding all over it. But quite a country, it's fueling kind of the web series development and it's very independent right.
So this is our goal and the thing is being achieved so far. And so even with the development and the deployment of the DITDAO or Treasury, I think it's nothing really to do to the benefit of BIVIC.
was the layer 2 I'm hoping that it is a direction indeed for all the web for community and it is a direction where crypto is having to work based on the already existing infrastructure of Ethereum and again we are
serving as the supporting role from by the perspective. We do not want to dictate, but we want to support. So whatever the community is devoted and this direction we want to go on because that is the kind of the initial initiative of why we launched this project.
Yeah, thank you. I really appreciate what you know, I've been and of course Jacob and Jordy had to say here I think you know, it's really just uh when it comes to to kind of like the doubt and the governance it's really just everyone is uh is truly earnestly building in public and
and going out of their way to be as transparent as accountable. I think it's quite a breath of fresh air, maybe it's not something that you see a lot in the space yet, but we want to be the exemplary
models that other people can, you know, model after. We have touched upon, you know, the general questions on the proposal, you know, what implication it has on the ecosystem on partnerships, token questions, governance questions,
I think for the final bit, let's zoom in on kind of like the engineering, the tech, the product side of things and then you know the questions that people you know always ask and we can never really commit to a default.
So, I guess I can help take some of this as well, but if Jacob and Jordy and Ben, you guys can also be great.
A lot of L2s, as you said, are already marching towards Maynet or they have already had them. Maynet, Jordi mentioned the arbitrarom optimism and ban mention optimism and pace and so on and so forth.
Does this kind of like exercise slow down our progress a little bit? Or is this something as Jacob said? Or, you know, it's actually best to do it before the main net. And, you know, even if there's a slow slight delay, this is a worthwhile exercise. Anyone wants to take it?
Well, I think in terms of the roadmap of building the layer to itself, there's a lot of moving pieces. And, you know, like one of the things that we're also doing in the mantle ecosystem is building on top of eigenlayer.
through eigenDA. So just for anyone that's not familiar, eigenlayer is a framework that allows this securing off-chain protocols using Ethereum and extending Ethereum's security to off-chain protocols. And in this instance,
We're using a product built on top of eigenlayer called eigenDA or eigen data availability, which allows us to separate the call data and not store call data on L1 and instead secure it using Ethereum.
and set sort on a high performance data availability layer. And so there's, you know, we're really excited about building on top of eigenlayer and there's a lot of moving pieces there. But ultimately this allows us to dramatically reduce the gas fees for how
perhaps around 80% or so is what has been hypothesized by a lot of people. And even beyond what's possible in a standard layer two.
The rebrand is happening in parallel to this and while there's a lot of movie pieces. So I don't think that this actually really delay is the launch of mantle and I think that we need to launch this
in a way that gets it right and that creates the best possible product. There's just been a lot of iterative improvement and development happening and I'm not too concerned about that.
Yeah, thank you for the clarity on that, Jacob. And just to build on what Jacob said about eigenlea, it's just really huge and exciting and it's the Dalian theory community. And what allows mental to do this instead of publishing, or publishing the state route of data back to Ethereum.
which incurs huge gas fee is that mental is a modular blockchain so it separates finality execution and data availability. So basically mental uses a different product layer for each and that also just means that you know when mayonnaise is actually online this is a question that people had on
staking, you know, people will not only be able to stake on the MPC validator layer, they will also be able to stake on the DA node, data availability node, and eventually when the sequence of decentralized people will be, uh, staking will be able to stake as the decentralized
sequence of nodes. And this is something that no one else is doing. Some of those L2s, fellow L2s, they claim to be hugely decentralized, but they have one central canonical sequence which processes and decides what transactions to putting a block which makes them
vulnerable to corruption, to, you know, sandwich attack, MEB exploits, as well as a censorship. This is something that mental is addressing, you know, as industry first. And then, you know, we have another question.
question, just kind of like, why do we choose to build a layer too? I think this will be a perfect question for Jacob and Ben, because Ben originally said in the proposal that it would be great to have a layer one and it was sort of
like a conciliation between the two visions that we eventually have this. Ben and Jacob do you want to kind of like talk a little bit about the thought song? Why, you know, a layer two is superior at this moment in time than layer one and why we have chosen the right choice.
Yeah, yeah, so I can share some sort now So in the beginning in my proposal I said My point is that we need to launch something for big doubt the whole point is that You know, big dog is sitting on a massive treasury and
And the biggest concern out of the community is that how is our token holder benefit being reflected in this tragedy? I think the original sawd will be lost the whole thing is that oh, you know, ask the tragedy growth, ask the amount growth.
But you know, the holders, token holders, benefit will grow as well. But you know, this was a harsh lesson we learned that token holders benefit only grows when the token price increase. However, as the treasury grow, this nothing happened to
the price of the token. So you know, bit down kind of witnessed a growth from literally zero to now two billion, one of the largest dow in the world or the biggest treasury, but the token price on the contrary has decreased. So that means one thing we at least may have proved is that
The whole doll theory of the treasury grows is not proportion to the benefit of or at least to the price of the token. So this is something this managed to test and achieve at least from the Vita project. Then people are asking like what can actually bring
to the token holders rather than a simple voting rights, right? People are looking for an upside on their investment on a bit of a dollar. Now we need to actually increase the actual utility of the token. What is the best way to increase the actual utility to the token? So this logic comes
is that let's actually launch a layer one or at least a layer that will use bit token as a guess. So that this is the ultimate way of utility token, right? If you look at Ethereum. So this was my original proposal and thought.
However, you know, the community expo and the Kim bases guys, you know, the community fully embraced the idea of launching a public chain. But what are the choices? We have layer one, you know, and we have layer two, which is built on Ethereum
and taking advantage of what the theorem is already built and is more in line and sync with the community and developers and this is exactly the spirit of Bidau. So I think this is why Bidau is representing the people in the community. So after that
And you know when the people spoke and we were like okay, let's then go for there too And then we talked with start looking to you know deck tags tag tags and I think eventually the mental team came up with the current solution But what's really
Exciting is the current solution is very abrasive. Again, abrasive is the key for big-out. It's not objective. It's not trying to conquer the world. It's trying to work with Webster communities and actually present a solution that the community wants. And this is something Bible
want and we will fully support of that. We will never try to make mantle or bit out part of by bit because it's not. Actually by bit should be part of mantle. Yeah, so this is our song. Well, you heard it here first by this should be part of mantle. Jacob
Yeah, so when I was working on the original proposal for mantle as a layer 2, there were a few things that stood out. One is that side chains were all
L1s. It is true that they got tremendous amounts of investment in the 2021-2022 cycle. And despite having insane amounts of VCE investment and things like that, the actual user counts of those
side chains has not been particularly sustainable. And most importantly, the security of side chains has failed to be able to secure significant amounts of liquidity. And so we saw bridge hack after bridge hack after
I mean, the Ronan sidechain having its validators hacked and having the largest hack in the history of our ecosystem for $600 million. And I think that, unfortunately, what was happening in that cycle was
Things were being built in a way that people knew was not the best way to build them, but because they were building with sidechains because they believed that this would get a higher valuation from investors. And that is not the right way to select a tech stack.
in my opinion. And so the other on the other side, there was a problem where especially at the time, layer 2 hadn't gotten much adoption. I mean, Arbitram and optimism have grown and ZKC has grown tremendously since the historical time.
In particular, because Layer 2 didn't have their own tokens in any meaningful way, it was really hard to create the same incentives that SideChains had. And so for us in thinking about the design space for Layer 2, we wanted to have a Layer 2 that had interesting
utility for a custom token, but still derived its security from Ethereum. And that would give us the ability to have the advantages of a sidechain and the advantages of an L2. And that's also why we selected IGNDA as a scaling solution because
We really wanted to get the gas fees more competitive than what was possible in the legacy web to, or sorry, the legacy L2 tech stack. And so we made a series of decisions that were really innovative.
and that were different than what anybody had built before in a way that could really turn mantle into this unifying thread that was more scalable, that was more innovative, and that was more community run than what was on the market today.
I'm super proud of how we built that out. Thank you Ben. Jacob for the profound and intriguing context. And yeah, Jacob when you said about gasp free reduction, the ICONDA has just been integrated into the mental test. As of last week and we already seen a jaw job in Job.
in the gas free, it's like you were saying 80% we are seeing 90% as of now. Before we wrap up, we'll give Jordi the last word. Jordi, do you have any thoughts, hopes, observations to share with the community before we close off the AMA today?
Yeah, I mean, just the main thing is that, like I said, when you have a community, you have a large amount of people that contribute ideas, you need three things. One, you need resources. So, you know, BitDow has a lot of resources. We've already gone through that many times.
that's completely technoprita. Then you need talent. So, you know, talent, there's a lot of good smart people around. In general, I think the direction now of going after an L2 building on Ethereum, we've already seen that most of the talent is building on Ethereum.
Ethereum. That's a really good direction, brings in a lot of opportunities to collaborate with amazing founders and builders and a lot of stuff. The third thing that you need is just an organizational system that allows the greatiest promoted guests and the best we voted no.
And I think there's been a lot of learning over the last years with Thao's and there's an opportunity now to create an ecosystem supported by community. That has a lot of talent and kind of bring all of these ideas together. So I'm very excited with some of the prospects of
next month and going to main net and some of the ideas that I've been discussing. It's a little bit early to share some of these things until they're very official, but rest assured my presence on this stage is signifying that there's really innovative and new ideas that are coming.
Thank you, Jorri, for those in the round of applause for our guests, Ben Jo, co-founder and CEO of Biobit, Jacob, founder of Hyperplay and founding contributor of Mantle and Jorri Alexander. He is the new strategic advisor to
So, yeah, I think it was really good to have you all. So, please listen to us. If you are interested in and engage more with this conversation, please go to the discourse forum where the soft proposal is still very much open for discussion.
If you have any thoughts, advises, questions, please leave it there. We are addressed those as soon as we can. If you have them voted on a proposal, you can delegate your bid and go to snapshot to vote BIP 21. The vote closes on Friday.
So you have three days to go. If you have any questions, as I said, you can leave it on the forum, but also in the Telegram and Discord channel and community managers will be referring those to the team and get those answered. And you know, if you are interested as a developer to look at many
and to learn more about mental you can go to mental.xyz/grounds and then you know look at the test and all the amazing thing that EigenVA is already doing to the gas reduction and thank you all everyone for tuning in.
great to be your host tonight and please stay tuned for our stay tuned to mental zerox mental for more updates and AMAs and event announcement and that's it for today thank you everyone hope you have a good morning evening night wherever you are bye everyone