Breakpoint 2024: Product Keynote: Mantis: Powering Best Execution (Omar Zaki)

Solana's ecosystem is set to expand dramatically with the introduction of Mantis, a groundbreaking Layer 2 solution that promises to revolutionize cross-chain trading and yield generation. Unveiled at Breakpoint 2024, Mantis is poised to become the go-to platform for seamless, user-centric crypto transactions across multiple blockchains.

Summary

Omar Zaki, the presenter at Breakpoint 2024, introduced Mantis as a Solana network extension Layer 2 (L2) solution focused on processing user intents. Mantis aims to be the non-custodial "Apple of crypto" by providing three key components: an application layer for user expression, an intent processing layer, and a settlement layer.

The Mantis architecture consists of the Mantis rollup, which is segregated from Solana but settles transactions on the Solana blockchain. It also includes the Mantis protocol, which allows solvers to process intents and provide solutions, and the Mantis application for user interaction.

A standout feature of Mantis is its native Inter-Blockchain Communication (IBC) capability, enabling interoperability between Solana L1, Solana L2, Ethereum, and other IBC-connected ecosystems like Cosmos. This positions Mantis as a powerful cross-chain solution in the increasingly interconnected blockchain landscape.

The first use case Mantis is focusing on is similar to Uniswap X/Cowswap on Ethereum, which currently processes billions of dollars in volume. This demonstrates the potential for Mantis to handle significant transaction volumes across multiple chains, potentially revolutionizing cross-chain trading.

Key Points:

Mantis Rollup

The Mantis rollup is a natively IBC-enabled SVM (Solana Virtual Machine) rollup on Solana. Its primary purpose is to enable users to submit intents for both Ethereum and Solana, serving as a processing center for these intents. Users can bridge to this rollup, create a Mantis account, and earn native yields.

The yield generation aspect of Mantis is particularly interesting, as it combines elements from Solana staking and lending protocols, primarily Marinade for Solana staking yields and Margin-fi for stablecoin yields. This feature could potentially attract users looking for passive income opportunities in the Solana ecosystem.

Mantis Protocol

The Mantis protocol is designed to handle user intents, which can be as general as "buy Solana every Friday for the foreseeable future." These intents can be submitted from either Ethereum or Solana, showcasing the cross-chain capabilities of the platform.

To process these intents, Mantis taps into a network of solvers that can provide various solutions. These include routing (similar to Jupiter), cross-chain order matching, and direct solving. All these solutions are provided to the Mantis rollup, auctioned through the Mantis protocol, and then settled on the respective chains.

Mantis Application

The Mantis application provides a user-friendly interface for interacting with the Mantis ecosystem. Omar Zaki demonstrated a simple swap interface where users can connect their Backpack wallet, submit an intent to swap tokens, and have the transaction executed by a solver.

This seamless user experience, combined with the ability to copy trade and execute transactions in a single click, could significantly lower the barrier to entry for complex cross-chain transactions. It has the potential to attract both novice and experienced traders to the Solana ecosystem.

Facts + Figures

• Mantis is a Solana network extension L2 focused on processing user intents
• The Mantis rollup is natively IBC-enabled, allowing for interoperability with Solana, Ethereum, and Cosmos ecosystems
• Users can earn native yields on their Mantis accounts, similar to yields on Blast
• Yield generation combines Solana staking (via Marinade) and stablecoin yields (via Margin-fi)
• The first use case is similar to Uniswap X/Cowswap on Ethereum, which processes billions of dollars in volume
• Mantis allows for intent submission from both Ethereum and Solana
• The Mantis rollup is already live and producing logs
• Mantis has integrated with Backpack wallet for mainnet connections
• The team plans to launch mainnet in the coming weeks

Top quotes

1. "We're a Solana network extension L2 focus on processing user intents."
2. "When you sort of think about what does the actual apple of crypto look like, the non-custodial apple of crypto, you need three main components in our opinion."
3. "It's a natively IVC enabled SVM roll up on Solana. Its sole purpose is to ensure that users are processing or able to submit intents for both Ethereum and Solana and serve as a processing center for those intents."
4. "Why is IVC important? It allows for interoperability between the Solana L1 and the Solana L2, but also with the Ethereum and other ecosystems that we've connected over IVC, including the Cosmos ecosystem."
5. "The first use case that we're focused on is sort of like the Uniswap X/cow swap experience, which is on Ethereum and currently processes billions of dollars of volume."

Questions Answered

What is Mantis?

Mantis is a Solana network extension Layer 2 (L2) solution focused on processing user intents. It aims to provide a seamless, user-friendly experience for cross-chain transactions and yield generation. Mantis consists of three main components: the Mantis rollup for processing intents, the Mantis protocol for connecting solvers, and the Mantis application for user interaction.

How does Mantis enable cross-chain transactions?

Mantis enables cross-chain transactions through its native Inter-Blockchain Communication (IBC) capability. This allows for interoperability between Solana L1, Solana L2, Ethereum, and other IBC-connected ecosystems like Cosmos. Users can submit intents from either Ethereum or Solana, and the Mantis protocol will find the best solution across multiple chains.

What kind of yields can users earn with Mantis?

Users can earn native yields on their Mantis accounts, similar to yields on Blast. These yields are generated through a combination of Solana staking (via Marinade) and stablecoin yields (via Margin-fi). This feature allows users to potentially earn passive income while their funds are in the Mantis ecosystem.

How does the Mantis protocol process user intents?

The Mantis protocol processes user intents by tapping into a network of solvers. These solvers can provide various solutions, including routing (similar to Jupiter), cross-chain order matching, and direct solving. All these solutions are provided to the Mantis rollup, auctioned through the Mantis protocol, and then settled on the respective chains.

When will Mantis be available on mainnet?

According to the presentation, the Mantis team plans to launch on mainnet in the coming weeks. The Mantis rollup is already live and producing logs, and they have integrated with Backpack wallet for mainnet connections. Users can currently pre-fund their accounts in preparation for the mainnet launch.