BitDAO

What BitDAO does

BitDAO was established in 2021 as a decentralized autonomous organization (DAO) focused on supporting open finance and decentralized token ecosystems, raising $230 million in a founding round led by Peter Thiel, Founders Fund, Dragonfly Capital, and Pantera Capital, with Bybit as an initial backer. In 2023, BitDAO rebranded to Mantle, transitioning governance to the native $MNT token and centering the organization around Mantle Network, an Ethereum Layer 2 network that the company describes as Ethereum's largest L2 with ZK validity proofs. The platform uses a modular architecture with upgradable modules for execution, data availability, and finality, and was the first L2 to adopt EigenLayer's EigenDA data availability technology and to launch as a ZK validity rollup using Succinct's SP1 prover.

The product surface extends beyond the core L2 to include mETH Protocol (a native liquid ETH staking and restaking protocol accepted as collateral across CEXs and DeFi money markets), Ignition fBTC (a wrapped Bitcoin bridging asset integrated with Babylon, Solv Protocol, and PumpBTC), a $200 million EcoFund backed by 20 leading VCs (including Polychain, Dragonfly, and Mirana Ventures) for ecosystem deal flow, and stablecoin yield partnerships with Ethena (USDe, ~20% of treasury earnings), Agora (AUSD), and Ondo (USDy). The Mantle Treasury is managed through on-chain governance by $MNT holders, with treasury yield generation and protocol transaction fees cited as the primary revenue streams. Distribution is anchored by a strategic partnership with Bybit, which provides fiat on/off ramps, CeFi-DeFi interoperability, and centralized exchange yield opportunities.

BitDAO/Mantle reports 1-10 employees and is headquartered in Panama City, Panama. It does not publish conventional revenue figures, and its operating model as a token-governed DAO with treasury managed by $MNT holders differs structurally from traditional software companies; pricing for core infrastructure is not publicly disclosed, and the listed go-to-market motion is community-led, centered on on-chain governance, developer documentation, and platforms such as Mantle Learn.

Name

BitDAO

Legal name

BitDAO

Website

https://bitdao.io

Company type

Private

Founded year

2021

Operating status

Operating

Headcount range

1–10 employees

Short description

BitDAO (rebranded to Mantle) operates Mantle Network, an Ethereum Layer 2 with ZK validity proofs, governed by $MNT token holders. It serves Web3 developers and DeFi protocols through L2 infrastructure, liquid staking (mETH), Bitcoin bridging (fBTC), and a $200M EcoFund.

Ownership category

akta.pro rank

Product category

Layer 2 Blockchain Infrastructure

NAICS

Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320)

SIC

Finance Services (6199)

akta.pro primary industry

Oracles, Data Feeds & Attestations (price feeds, randomness, proofs) (FSAPAAAI)

akta.pro secondary industries

Decentralized Data Availability & Storage Verification (DA layers, proofs of storage/replication, audit networks) (FSAPALAH), Treasury Management & Corporate Crypto Yield Programs (FSADAHAL), Governance Frameworks & DAO Tooling (modules, templates, standards) (FSAPAHAC)

Keywords

• Layer 2 blockchain
• Decentralized governance
• Ethereum scaling
• Dao treasury
• Modular rollup

Headquarters

HQ city

Panama City

HQ country

Panama

HQ region

Latin America

Markets served

GTM type

B2C

Offering type

Software

Cost components

Technology or R&D, Personnel, Operations, Others

Revenue model

1. Protocol Transaction Fees: The Mantle Network generates revenue through transaction fees on its Layer 2 infrastructure as the network processes and settles transactions. As Ethereum's largest L2 with ZK proofs, transaction volume contributes to protocol sustainability.
2. Treasury Yield Generation: Mantle Treasury generates earnings through various yield strategies including stablecoin positions (Ethena USDe representing ~20% of treasury earnings), Agora AUSD integration, and Ondo USDy positions across Mantle products.

Go-to-market motion1 record

Distribution channels4 records

Marketing channels7 records

Core offering

BitDAO is a decentralized autonomous organization that operates Mantle Network, an Ethereum Layer 2 blockchain using ZK validity proofs. It issues the $MNT governance and utility token, manages a $200M EcoFund for ecosystem development, and runs native DeFi protocols including mETH (liquid staking) and Ignition fBTC (Bitcoin liquid restaking).

Product overview

Mantle is a decentralized autonomous organization (DAO) that rebranded from BitDAO in 2023, operating as an innovation-driven ecosystem with Mantle Network at its core. Mantle Network is Ethereum's largest Layer 2 network utilizing ZK validity proofs, built with a modular architecture for execution, data availability, and finality. The ecosystem is governed by $MNT token holders who control treasury resources and strategic direction. Key products include mETH Protocol (liquid ETH staking/restaking), Ignition fBTC (Bitcoin bridging), and the Mantle EcoFund ($200M ecosystem growth fund). The platform integrates with EigenLayer for restaking via EigenDA and offers multiple developer tools including Mantlescan Explorer, Mantle Subgraph, and the Mantle Network Bridge. The Mantle Treasury monitors holdings while Mantle Rewards Station distributes ecosystem tokens to token holders. The ecosystem includes stablecoin yield partnerships with Ethena, Agora, and Ondo for treasury earnings diversification.

Differentiator

Problem solved

Functional benefit

Brands

• Mantle Network: Ethereum's largest L2 network with ZK proofs, a liquidity chain with token holder governed roadmap for products and initiatives.

Products and services

• Mantle Network

Quantifiable outcome

• ~20% of Mantle Treasury earnings are in Ethena USDe
• +1 more outcomes

Segments2 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature6 records

Partnerships

Five partnerships are on record, tiered core and major.

• EigenLayercoreTechnology or IntegrationMantle is the first L2 to adopt EigenDA technology and enable ETH restaking via EigenLayer, integrating with EigenLayer's restaking infrastructure for enhanced data availability and security.
• Succinct (SP1)majorTechnology or IntegrationMantle Network leverages Succinct's SP1 proving system as part of its ZK validity rollup technical roadmap, advancing as the first ZK validity rollup with SP1 integration.
• Ethena LabsmajorStrategic or Co-development Partner~20% of Mantle's Treasury earnings are in Ethena's USDe stablecoin, representing a strategic treasury allocation partnership for yield generation.
• AgoramajorStrategic or Co-development PartnerAgora AUSD is integrated as treasury yield across all Mantle products. Agora is an institutional-grade stablecoin issuer backed by VanEck and State Street.
• Ondo FinancemajorStrategic or Co-development PartnerOndo USDy is integrated to provide innovative yield generation solutions while increasing ecosystem robustness. Mantle is the first to support Ondo.

Scale indicators3 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Arbitrum: Arbitrum is the largest Ethereum L2 by TVL, offering an optimistic rollup with smart contract compatibility. It is the most direct head-to-head competitor to Mantle for Ethereum L2 developer mindshare and DeFi liquidity.
• Optimism: Optimism is a leading Ethereum L2 optimistic rollup and the steward of the OP Stack, a modular framework adopted by Coinbase's Base. It competes directly with Mantle for ecosystem developers and standardized L2 architecture.
• Base: Base is Coinbase's Ethereum L2 built on the OP Stack, leveraging Coinbase's distribution and fiat ramps. It competes with Mantle for DeFi and consumer applications seeking low-fee Ethereum settlement with built-in CeFi integration.
• zkSync: zkSync (Matter Labs) is a ZK rollup L2 for Ethereum, directly competing with Mantle on ZK-based settlement and enterprise-grade use cases. Both target institutional and DeFi workloads requiring cryptographic finality.
• StarkNet: StarkNet is a validity-proof (ZK-STARK) rollup for Ethereum, focused on scalable and low-cost computation. It is a direct ZK-rollup competitor to Mantle, with differentiated proof technology and Cairo-based execution.
• Linea: Linea is Consensys' zkEVM-based L2 network, integrated with MetaMask and Infura for developer distribution. It competes with Mantle for Ethereum-aligned developers seeking zkEVM compatibility and mainstream wallet tooling.

Broad incumbents

• Polygon: Polygon operates a portfolio of Ethereum scaling solutions including Polygon PoS, Polygon zkEVM, and Polygon CDK. It is a broad incumbent in Ethereum L2/sidechain infrastructure competing with Mantle across both tech stack and ecosystem funding.

Emerging players

• Scroll: Scroll is a zkEVM L2 focused on bytecode-equivalent Ethereum compatibility. It is an emerging ZK-rollup competitor with strong community orientation, similar in technical positioning to Mantle but with different go-to-market.
• Blast: Blast is an L2 with native yield for ETH and stablecoins, founded by the Blur team. It competes with Mantle on yield-bearing assets and L2 user acquisition through airdrop-driven growth.
• Manta Network: Manta Network is a modular L2 leveraging Celestia for data availability and Polygon CDK for execution. It is an emerging peer targeting ZK-based application-specific chains, with thematic overlap to Mantle's modular DA approach via EigenDA.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/BitDAO_Official
• GitHubgithub.com/mantlenetworkio
• LinkedInlinkedin.com/company/bitdao

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds2 records

Investors7 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments3 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about BitDAO