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On Wednesday, one of the world’s largest decentralized autonomous organizations, Bitdao, announced the soft launch of a modular Ethereum layer two (L2) network called Mantle that claims to bolster lower fees and fast transactions. According to the Bitdao team, Mantle’s public testnet is scheduled to release in 2023.
Decentralized Autonomous Organization Soft Launches Mantle, a ‘Connective Tissue for Various Bitdao Initiatives’
2022 has seen a significant amount of innovation dedicated to layer two (L2) Ethereum networks. On Nov. 30, 2022, the decentralized autonomous organization (DAO) Bitdao announced the soft launch of a new L2 called Mantle. According to the webpage, Bitdao is a collective of “builders, products and mutually beneficial ecosystems,” which is governed by BIT tokens.
At the time of writing, statistics from deepdao.io indicate that the DAO is the second largest under Uniswap’s DAO. Bitdao’s treasury holds roughly $2.7 billion in value which consists of tokens like BIT, ETH, USDC, and USDT, according to deepdao.io data. As far as Mantle is concerned, Bitdao explained in a press release sent to Bitcoin.com News that the technology is the first “L2 solution to combine modular architecture with the security and decentralized features of the Ethereum blockchain.”
Jacobc.eth, head of product for Bitdao’s Windranger Labs said “Mantle will serve as the connective tissue for various Bitdao initiatives, such as projects from Game7, to research from Edudao, to the ecosystem of [decentralized apps] being enabled by Bitdao.” The Windranger Labs executive added:
Mantle is Bitdao’s demonstration to scale Ethereum and Web3, enabling a whole new generation of use cases and innovations.
Mantle aims to offer “low gas fees” and faster transaction speeds, alongside a “next-generation network design,” the Bitdao collective says. Further, it will be the first network to adopt EIP-3074, an Ethereum Improvement Proposal that defines two new opcodes and extends smart contract functionality and meta-transactions.

Mantle is not the only L2 scaling solution that has been brought to the table in 2022, as there’s a whole slew of L2 products these days. This includes L2 scaling solutions such as Loopring, Immutable X, Zksync, Arbitrum, Optimism, and Polygon’s Hermez (now called zkEVM). Bitdao details that alongside a comprehensive incentive program, Bitdao aims to have the Mantle public testnet ready to “go live in 2023.”
What do you think about Bitdao revealing the soft launch of the L2 scaling product Mantle? Let us know what you think about this subject in the comments section below. 




On Wednesday, one of the world&#x2019;s largest decentralized autonomous organizations, Bitdao, announced the soft launch of a modular Ethereum layer two (L2) network called Mantle that claims to bolster lower fees and fast transactions. According to the Bitdao team, Mantle&#x2019;s public testne...

news.bitcoin.com

Bitdao Reveals Modular Ethereum L2 Called Mantle, Public Testnet to Launch in 2023

The BitDAO community is one of the most recognized decentralized autonomous organizations – known as DAOs. BitDAO carries out its operations by allocating funds to ensure the constant development of the decentralized finance (DeFi) sector.
BitDAO achieves this objective through unwavering support to the DeFi projects and partners. They’re also committed to providing funds to BitDAO contributors for special development projects. These projects may include community management initiatives, a long-term BitDAO foundation, or a bespoke governance module.

The decisions to make every slated project work comes from the BitDAO voting system and proposal. As a result, all community members can benefit from the initiatives the company supports.
Meanwhile, Alameda Research, a leading trading company, has come under the investigation of BitDAO. This occurrence is regarding the BIT tokens the company believes Alameda dumped recently. BitDAO is now requesting the BIT holding commitment of the trading company.
Dealings Between BitDAO And Alameda Research
Before now, a transaction went on between BitDAO and Alameda Research. This dealing occurred on November 2, 2021. The news was that Alameda received about 100 million BIT tokens from BitDAO to get 3,362,315 FTT tokens in exchange.
Based on both parties’ agreement, their tokens will be left in the custody of a public commitment. They are not expected to retrieve these tokens until after three years, on November 2, 2024.
Over time, there was a drop in the value of the BIT token. The effect was a function of growing speculations and uncertainties in the crypto market. BitDAO quickly noticed the rapid decline in the price of the BIT token.
The company believes the dipping prices of the token are a result of the Alameda Research dump of the BIT token. Therefore, this is a breach of commitment, per BitDAO’s claim.
Reasons For Suspicion
In the meantime, DAO wants to be proven wrong based on its suspicion. To this effect, the company demands to verify Alameda’s side of the BIT token commitment. The DAO has already revealed its token address and holdings of the FTT tokens. The address showed 3,362,315 FTT tokens, equal to the initial holding after the commitment.
FTX token tanks by 76% on the chart l FTTUSDT on Tradingview.com

The token demands that Alameda transfers the 100 million BIT tokens to a non-exchange address. The tokens will remain in the address until the slated date of the commitment. After that, the company leaves Alameda with a deadline of 24 hours to prove its innocence to the claim.
The community is not accusing Alameda Research of breaking the commitment just yet, says Ben Zhou. He added that all it wants is proof that the initial tokens they received are still intact. Ben Zhou is the co-founder of Bybit, a digital currency exchange.

The CEO at Alameda, Caroline Ellison, made a defensive statement, citing that the company is currently busy. However, she added that the firm would get the proof DAO demands when things are more settled.
Featured Image From Pixabay, Charts From Tradingview


The BitDAO community is one of the most recognized decentralized autonomous organizations – known as DAOs. BitDAO carries out its operations by allocating funds to ensure the constant development of the decentralized finance (DeFi) sector. BitDAO achieves this objective through unwavering support...

bitcoinist.com

BitDAO Community Targets Almeda For Allegedly Dumping BIT Tokens

After the Bitdao token’s quickfire plunge on Nov. 7, members of the Bitdao community have asked Alameda Research to address rumors the principal trading platform has dumped Bitdao’s BIT tokens. The dump, if confirmed, would be a breach of a swap agreement between the two entities which prohibits the offloading of each other’s tokens before Nov. 2, 2024.
Alameda Research Has 24 Hours to Address Dump Allegations
Following the BIT token’s sudden plunge — from nearly $0.38 to $0.31 between 11:00 and 11:05 p.m. EST on Nov. 7 — the Bitdao community has asked the Alameda Research team to respond to token dumping allegations. In its BIP-4 update, the Bitdao community said if its request “is not fulfilled and if sufficient alternative proof or response is not provided” within 24 hours, then a vote to determine the fate of FTT tokens held in the Bitdao treasury will be held.

According to the update, Bitdao’s Oct. 30 swap agreement with Alameda Research required the former to hold 3,362,315 FTT tokens in its treasury. Likewise, the agreement also compelled Alameda Research to hold 100 million BIT tokens for a period of three years. As per the agreement, both parties had committed not to sell each other’s tokens before Nov. 2, 2024.
Fallout Over SBF’s Alleged Backstabbing of Industry Rivals Worsens
In a response to Bybit co-founder Ben Zhou’s tweet, which reiterated the Bitdao community’s concerns over Alameda Research’s alleged role in the BIT token’s plunge, the latter firm’s CEO Caroline Ellison insisted that the principal trading firm was not behind the dump. Ellison explained:
Busy at the moment but that wasn’t us, will get you proof of funds when things calm down.

However, some Twitter users have rejected Ellison’s denial and have pointed to onchain data which appears to suggest that Alameda Research is in breach of its agreement with Bitdao.

But you did sell 4,637,839 $BIT ($1.6M), didn't you?https://t.co/NRDFE6GxB5
— Lookonchain (@lookonchain) November 8, 2022

Reports of Alameda Research’s alleged dumping of BIT tokens came as the fallout between the principal trading platform’s founder Sam Bankman-Fried (SBF) and the decentralized finance (defi) community Alameda’s regulation of Bitdao worsened.
As reported by Bitcoin.com News, the rumors and allegations that SBF had lobbied against rivals had prompted Binance to offload nearly 23 million FTT tokens on Nov. 5. Before Binance’s dump of FTT tokens, reports of FTX’s insolvency had seen the token plunge from just over $25 on Nov. 5 to just under $17 at the time of writing.

Commenting on FTT’s plunge, Joe Consorti, a market analyst, claimed in a tweet that many traders are now shorting the token and this has led to the complete vaporization of $500 million in just two hours.
“Everyone and their mother is shorting this thing. Every single circulating unit of FTT is probably sold short right now. FTX has to sell dollars to contend with Binance’s and retail’s spot sell pressure, as well as the derivatives apes. Congrats on this CZ Binance, seriously,” tweeted Consorti.
What are your thoughts on this story? Let us know what you think in the comments section below.


After the Bitdao token&#8217;s quickfire plunge on Nov. 7, members of the Bitdao community have asked Alameda Research to address rumors the principal trading platform has dumped Bitdao&#8217;s BIT tokens. The dump, if confirmed, would be a breach of a swap agreement between the two entities whic...

FTX Binance Fallout: Bitdao Community Asks Alameda Research to Respond to Token Dump Allegations

BitDAO may terminate its token swap and hold agreement with quant crypto trading firm Alameda Research.
This follows fears that Alameda may have dumped 100 million BIT tokens.

BitDAO has asked Alameda to confirm that it has not sold any of the DAO’s native tokens as part of an earlier agreement between both entities.
The DAO filed a proposal on Tuesday asking Alameda to provide an on-chain address for the coins after the BIT tokens suddenly crashed 25% in less than an hour.
BitDAO and Alameda conducted a token swap on November 2, 2021. The former swapped 100 million BIT tokens with the quant trading firm for 3,362,315 FTT.
Following the swap, BitDAO and Alameda agreed not to sell either token for the next three years.
Meanwhile, BitDAO has asked Alameda to respond within 24 hours, or the DAO may take action with the FTT tokens in its treasury.


“If this request is not fulfilled, and if sufficient alternative proof or response is not provided, it will be up to the BitDAO community to decide (vote, or any other emergency action) how to deal with the $FTT in the BitDAO Treasury.”


Alameda CEO Caroline Ellison, however, said that the trading firm had nothing to do with the BIT price dump.


“Busy at the moment but that wasn’t us, will get you proof of funds when things calm down.”


BitDAO’s request is the latest salvo in the ongoing saga. The price of FTT crashed 25% on Tuesday and is now trading at $17 at the time of reporting.
It all began when reports claimed that Alameda was overexposed to FTT. Following the reports, Binance CEO Changpeng Zhao announced that the exchange will be liquidating its FTT holdings.
This triggered a bank run on FTX, with the platform having to process large withdrawals leading to fears about the exchange’s solvency
FTX CEO Sam Bankman-Fried allayed those fears on Monday, saying that FTX is in good condition and customers’ funds are safe.

The post BitDAO Asks Alameda For Proof of Funds Amid Sudden BIT Dump appeared first on CryptoPotato.

BitDAO has requested proof of funds from FTX following a sudden dump in the price of its token.

BitDAO price	$0.574822
Low - High 24H	$0.568006 - $0.582517
Market cap	$671.94M
Volume 24H	$16.69M
All time high	$3.10 -81.38% November 12th 2021
All time low	$0.270167 113.79% November 22nd 2022
Genesis date	N/A

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