PICA and MANTIS: Solana restaking hub and SVM intents rollup
Thread1,139 words
31-part thread on Picasso as an IBC and restaking hub for Solana and Mantis as an SVM rollup with a solver-based intents system and native yield. Covers PICA tokenomics v2, AVS design and what intents are.
Key claims
Solana has 380M SOL staked, worth over $55B
PIP-1: IBC revenue 80% buyback and burn, 20% to stakers
Restaking revenue 40% burn, 40% restakers, 20% stakers
Solana will be an epicentre of the bullrun and billion $$$ opportunities are emerging.
@mantis is an SVM L2 (a.k.a. network extension) on @solana powering best execution.
Earn native yield while accessing DeFi on any chain.
You can still be early.
🧵 on $PICA x MANTIS t.co/Yd2vrR2fj2
1/ To prepare you to capitalize on this opportunity, we will cover:
☞ $PICA - The $SOL Restaking (and interop) Hub
☞ $MANTIS - The (Restaked) SVM Rollup
☞ The Bull Case (and 🪂 alpha)
Are you ready for alpha anon? 👀
2/ ✪ $PICA - The $SOL Restaking Hub
$PICA (live) is the native token of @Picasso_Network, a protocol powering @solana's cross-ecosystem IBC & restaking hub.
For the 1st time, $SOL & LSTs can secure AVSes like bridges, sequencers or rollups through a shared security layer.
3/ AVSes on the other hand reward operators and @solana restakers for securing their product, fully onchain, permissionless and censorship-resistant.
Solana boasts 380 million $SOL tokens staked, with a total value of approximately > $55 billion.
4/ This highlights Picasso's potential to bolster the crypto-economic security of other blockchains.
Think of this as the @eigencloud of @solana.
It can tap into a huge pool of crypto-economic capital, which is then used to provide interchain security to other networks.
5/ However, restaking on @Picasso_Network is not limited to $SOL (unlike on @eigencloud with $ETH).
On Picasso's shared security layer it's up to the builders to select & reward the assets & communities of restakers that secure their AVS (actively validates services).
6/ The first AVS on Picasso facilitates and secures the Solana IBC connection (basically a blockchain with restaked validators).
With the IBC Protocol at its core, @Picasso_Network as a protocol is specifically designed to extend IBC beyond the Cosmos ecosystem.
7/ Through this unique architecture Picasso, built by @ComposableFDN, connects @Cosmos, @Polkadot, @solana and @NEARProtocol with Ethereum and various other L1s & L2s.
Picasso = IBC everywhere.
8/ IBC is a trust-minimized cross-chain messaging protocol that originates from the Cosmos ecosystem.
Picasso generalizes IBC and brings it to ecosystems where it previously wasn't feasible to be implemented.
I have covered this vision in the past in more detail. ⤵️
x.com/zerokn0wledge_/status/1727344063157051433
9/ Let's have a look at the $PICA token utility:
✦ Governance
$PICA is central to governance on Picasso, giving holders voting rights.
✦ Validator Staking
$PICA secures @Picasso_Network, a Cosmos SDK L1 and the Kusama parachain.
10/
✦ Bridging Fees Distribution
A part of bridging fees from IBC connections involving Picasso is allocated to $PICA stakers.
✦ AVS Payment Distribution
20% of revenue from Actively Validated Services (AVS), secured by the restaking layer will go to PICA stakers.
11/ This structure was recently amended through the first $PICA Improvement Proposal (PIP-1), upgrading $PICA tokenomics from v1 to v2.
It enhances the value and utility of $PICA within the Picasso ecosystem, with significant changes in revenue sharing and token burn mechanisms.
12/ Under the new model, 100% of the revenue generated will benefit the ecosystem:
☞ IBC: 80% buy-back & burn, 20% to stakers
☞ Restaking: 40% buy-back & burn, 40% to restakers, 20% to stakers
These changes strengthen $PICA’s value accrual for holders and the community.
13/ As IBC-powered interop layer, @Picasso_Network also provides key infrastructure for seamless cross-chain intent execution on @mantis.
That's where the second token comes into play.
Let me explain. 👇
14/ ✪ $MANTIS - The (Restaked) SVM Rollup
@mantis is an SVM L2 powering best execution. Earn native yield while accessing DeFi on any chain.
15/ @mantis provides:
☞ Sub-second finality
☞ Integrated solver network
☞ Fully SVM compatible
☞ Network agnostic intent submission
16/ 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.
17/ @mantis is the first end-to-end intent fulfillment system designed to handle every step of processing user intents from expression to execution & settlement.
18/ It is home to the Mantis solver-based request-for-quote system, a.k.a. the UniswapX of Solana.
The solvers support:
☞ Cross-chain RFQs
☞ Single Chain RFQs
☞ Coincidence of Wants (CoWs)
☞ Generalized Intents
19/ The decentralized solver network (secured by @Picasso_Network) will integrate with a wide range of orderflow destinations, incl. games, DEXes, lending protocols & more.
The multi-domain processing capability will support Ethereum, Solana & other ecosystems via IBC.
20/ The IBC connection @mantis leverages to seamlessly move assets across chains on the backend is the one powered and secured by @Picasso_Network (both built by @ComposableFDN).
IBC everywhere = @mantis everywhere.
21/ This allows users to seamlessly trade across any chain through the native @mantis app, with intents optimally settled via the solver network.
Future plans include integrating MPC wallets & other expression layer components to expand reach & functionality of the app layer.
22/ Presently, @mantis is live on mainnet for testing with a small number of solvers to fulfil user intents and integrating oracles & collators to run validators for the framework.
For users, the waitlist to deposit on the @mantis rollup is open. 👇
x.com/mantis/status/1811448201263874547
23/ Wait, WTF are intents?
Intents have become a hot topic in DeFi, though there is no one set definition for this concept.
In general, intents are understood to be users’ desires for a given transaction or other outcome.
24/ Intents include desired parameters (such as to swap X amount of A token for B token), but leave some room for flexibility (such as where this swap occurs) in the solution that the solvers provide.
25/ Let's have a look at how that works in the @mantis stack:
1️⃣ Intent Expression
Users submit intents from any network. TG bots, AI Agents & other apps serve as expression frontend.
2️⃣ Solver Layer
The solvers fulfil intents, determine CoWs & route intents across chains.
26/
3️⃣ Commitments Layer
Forming commitments between chains is critical to unlock cross-chain atomicity.
4️⃣ Settlement Layer
@mantis uses IBC (through Picasso) for cross-ecosystem transaction settlement.
27/ The @mantis L2 also supports native yield.
Think @blast but SVM on @solana and powered by $MANTIS.
Bridge funds to the Mantis rollup, and earn yield on your $SOL, LSTs, @solana stablecoins and selected other assets while interacting with any app in any ecosystem.
28/ 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.
Powered by @Picasso_Network restaking vaults.
29/ The native token $MANTIS will have a variety of use cases:
☞ Staked to secure the @mantis sequencer & solvers.
☞ Used for settling transactions on the rollup.
☞ Stakers receive a percentage of revenue from orderflow.
☞ Used to pay fees on the network and settle on the rollup.
30/ For more on @mantis, check out my deep dive below! 👇
x.com/zerokn0wledge_/status/1816878399765557275
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