Mantis thread: restaked SVM L2, intents and cross-chain MEV on Solana
Thread1,146 words
Frames cross-chain MEV and intent-based chain abstraction as an untapped multi-billion opportunity and presents Mantis as an integrated stack: SVM rollup, RFQ solver network, native yield and app layer. Covers MANTIS token utility.
Key claims
No RFQ DEXes exist on Solana today
MANTIS staked to secure rollup and solvers, stakers share order flow revenue
Solvers support cross-chain RFQs, CoWs and generalized intents
A billion $$$ protocol is emerging & you can be early! 🪂
The 1st restaked SVM L2 with native yield on @solana.
Powered by cross-chain intents & secured by restaking, @mantis brings RFQ trading to @solana, making chain abstraction a reality.
Alpha-🧵 to set you up for success t.co/IJKPmMTUg8
1/ Interoperability is the holy grail of the modular thesis and already a multi-billion $$$ market.
Cross-chain MEV is one of the few untapped billion $$$ opportunities in Web3.
Intent-based chain abstraction overcomes multichain UX friction.
Why?
2/ The modular expansion is upon us.
That means 1000s of application- and vertical-specific modular blockchains in a multichain ecosystem.
Modularity will provide the infrastructural basis for truly mass adoption ready applications.
3/ However, this does not come without a cost.
Liquidity and users are increasingly fragmented across execution layers, adversely impacting the overall crypto user experience and hindering innovation.
x.com/ayyyeandy/status/1786103815923446131
4/ Monolithic systems like Ethereum or @solana have grown into vibrant, billion $$$ economies.
Why?
Because their architecture enables synchronous composability among apps, which provides the basis for unlimited open-source innovation & freely combining DeFi primitives.
5/ In its current state, modularity break this permissionless composability among apps.
Without composability across chains, innovation will be limited and the "lego blocks" nature of DeFi is broken.
This is a problem we have to solve.
6/ And that's not all.
Users have to navigate significant complexity, manage a multitude of wallets and have to rely on third-party trust assumptions when moving funds across chains.
We are nowhere near a mass adoption ready UX.
We need chain abstraction.
7/ One approach to solve this is intents.
Instead of defining the exact path to execution (e.g. swap 100 $USDC for $ETH on @uniswap), an intent corresponds to a desired end state (I want 100$ of $ETH) that solvers then execute along the optimal path.
8/ Unfortunately, today we still lack standards & frameworks to make this happen efficiently and securely across chains while retaining decentralization.
9/ Equally significant: Due to the inefficient handling of cross-chain interactions today, cross-chain MEV remains a largely untapped market.
The size of this opportunity is huge.
We're talking multi-billion dollars here anon.
x.com/ComposableFDN/status/1729635578008814074
10/ Three major frontiers.
✦ Interoperability
✦ Cross-chain MEV
✦ UX (Chain Abstraction)
Many players are trying to solve one of the above. Most of them are valued in the 100s of millions if not billions of $$$.
@mantis solves all three.
11/ Meet @mantis.
A chain abstraction stack implemented as the first restaked SVM L2 on @Solana.
It's where native yield meets chain-abstracted orderflow powered by a cross-chain intent settlement framework based on IBC.
x.com/0xbrainjar/status/1795546753871065153
12/ There are two main components to this:
✦ The Mantis Rollup Infra
✦ The Mantis App Layer
Let me unpack.
13/ 🏗️ Mantis Infra Layer
The Mantis rollup is the first SVM rollup on @solana.
It serves as a coordination & settlement layer for x-chain intents and provides a framework for block proposals & credible execution commitments across domains.
14/ As the tech matures, Mantis aims to introduce full atomicity & synchronous composability to the multichain world.
However, it is also a general-purpose SVM execution layer, enabling anyone to build frontends that leverage the the IBC-powered x-chain orderflow abstraction.
15/ The rollup is fully decentralized, featuring a rotating set of independent sequencers (secured by @Picasso_Network) to ensure censorship resistance and maintain the credibility of scoring & blockspace auctions.
16/ The Mantis rollup is home to the Mantis solver-based request-for-quote system.
This is the first of its kind as currently, there are no RFQ DEXes on Solana.
@mantis will bring swaps with RFQ (request for quote) to the network for the first time.
17/ Additionally, the @mantis L2 offers native yield (think @blast, but on @solana).
Imagine funding your @dYdX account or @Binance account and being able to obtain yield on your deposits while waiting for an opportunity.
Another key critical component of the @mantis L2.
18/ The unique combo of native yield & chain-agnostic intent settlement provides users with a yield-bearing way to interact with the entire crypto space.
Users simply load their Mantis accounts, submit any intents they want across any chain, and earn yield in the process.
19/ 📱 Mantis App Layer
Mantis will introduce its own application (frontend) designed for socially oriented multichain trading experiences.
Beyond this, Mantis aims to become the backend engine for frontends like Telegram bots, AI agents & wallets that build on user intents.
20/ What makes Mantis unique in this context is that the decentralized SVM rollup architecture outlined earlier includes a permissionless solver network.
The solvers support:
✦ Cross-chain RFQs
✦ Single Chain RFQs
✦ Coincidence of Wants (CoWs)
✦ Generalized Intents
21/ The (permissionless) solvers will integrate with a wide range of orderflow destinations, including games, DEXes, lending protocols & more.
The multi-domain processing capability will support Ethereum, Solana & other ecosystems connected via IBC.
22/ This allows users to seamlessly trade across any chain through the Mantis app, with intents optimally settled via the solver network.
Moreover, future plans include integrating MPC wallets & other expression layer components, expanding reach & functionality of the app layer.
23/ Pretty cool, right?
And yes anon.
@mantis will also have a token.
The $MANTIS token is the native utility token of the Mantis L2 and serves various functionalities (see next tweet).
24/ $MANTIS utility:
✦ Staked to secure the MANTIS rollup & solvers.
✦ Used for settling transactions on the rollup.
✦ Stakers receive a percentage of revenue from order flow.
✦ Used to pay fees on the network and settle on the rollup.
25/ So, what's the conclusion here?
@mantis provides a powerful stack for chain abstraction.
A vertically integrated pipeline for expression, execution & settlement of cross-chain intents, addressing the significant yet under-explored space of cross-domain MEV.
26/ Mantis is a general-purpose SVM L2 on @solana that provides unparalleled speed, low cost, native yield and IBC-powered, intent-driven interoperability.
It will be the basis for apps with a chain-abstracted & mass adoption ready UX.
One UI with native yield for all of DeFi.
27/ AI agents, multichain wallets, telegram bots or the native Mantis app are examples of frontends that will leverage the @mantis infrastructure to take the crypto UX to the next level.
Break free. 🕊️
28/ This is real alpha anon.
Learn more (also more generally about intents, MEV and chain abstraction) in my research report linked below! 📚👇
x.com/zerokn0wledge_/status/1816875609970074041
29/ How can you get exposure?
There will be an airdrop and there is native yield to be earned anon.
Join the waitlist to pre-fund your account on @mantis now!
This means early access in the deposit period and extra rewards!
x.com/mantis/status/1811448201263874547
That's a wrap for today! I hope you've found this thread helpful! 🫡
Make sure to follow me @zerokn0wledge_ to stay ahead of the curve!
Like/Repost of the below post is also highly appreciated! 🙏👇
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What came next · since 26 Jul 2024
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