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Mantle Network Advances Technical Roadmap As The First ZK Validity Rollup with Succinct’s SP1, Redefining L2 Standards
In a groundbreaking development, Mantle Network has announced its transition to a zero-knowledge (ZK) validity rollup, marking a significant milestone in the evolution of Layer 2 (L2) solutions. This innovative achievement is made possible through a strategic partnership with Succinct and sets a new standard for scalability, speed, and cost efficiency in the blockchain space.
Since its inception in July 2023, Mantle Network has demonstrated remarkable growth, solidifying its position as one of the top five Ethereum L2 networks with a total value locked (TVL) of $2.2 billion. The network has successfully processed over 175 million transactions, deployed 1.4 million smart contracts, and connected 10 million unique wallet addresses.
The integration of Succinct’s SP1 technology will empower Mantle Network to redefine the L2 landscape by introducing ZK validity rollups. This advancement enables faster settlement times for high-value transactions, reducing the finality time from seven days to a mere one hour. The enhanced scalability and security offered by this breakthrough will make Mantle more appealing to institutional-grade participants in decentralized finance (DeFi) and traditional finance.
The collaboration with Succinct aims to improve capital efficiency and user experience by reducing transaction confirmation times, improving liquidity and capital flow. This upgrade will also have a positive impact on DeFi markets, allowing for swifter and more efficient asset swaps, deeper money markets, and reduced slippage.
Joshua Cheong, the Product Lead at Mantle Network, emphasizes that this achievement is a testament to the team’s unwavering commitment to innovation and excellence. “We are thrilled to be taking this monumental step in L2 development,” he affirms. “Our collaboration with Succinct is a significant leap forward, and we look forward to further shaping the future of decentralized finance.”
The partnership with Succinct will undoubtedly have far-reaching implications for the blockchain ecosystem, as it sets new standards for scalability, security, and user experience.
Source: www.crypto-news.net
