Orderly Network recently made an announcement about a new expansion that brings its omnichain services to the Mantle Network. This network is widely known for offering Ethereum’s Virtual Machine (EVM)-compatible scalable modular Layer 2 (L2) solution. This is expected to significantly improve trading for traders, protocols and developers within the Mantle ecosystem.
1/ Orderly just landed on @0xMantle!
Unlock the power of Orden-powered perpetuals on Mantle!
Traders on Mantle can now tap into one of the deepest liquidity pools for decentralized offenders with CEX-like execution and gasless trading
Read: https://t.co/twYvnkXmU7 pic.twitter.com/WzVz8lsiLe
— Orderly Network (@OrderlyNetwork) May 29, 2024
Mantle $MNT Holders Reach Record 1.66 Million, TVL Surges 280%
The number of Mantle $MNT holders has grown dramatically with an all-time high of 1.66 million. Additionally, in the past four months alone, there has been an approximately 280% increase in native total value lock (TVL) on-chain. In the same time frame, $mETH rose from just $366 million to $1.74 billion.
By integrating with Orderly’s omnichain vaults, Mantle Network users can now trade across multiple EVM chains. On various networks, trading via an order book interface is enabled by the integration that provides high liquidity and fast execution speeds. All transactions are expected to take place on-chain. However, this setup aims to provide a similar experience to that of centralized exchanges (CEXs) only more secure.
What makes this development unique is the shared liquidity model for omnichain offender trading. Ordery Network consolidates the liquidity of different chains into one order book. This approach allows for tighter spreads and less slippage, making onchain offender trading more efficient. The flexibility of traders to leverage different assets up to 50x will be beneficial, while developers building decentralized exchanges (DEXs) can do so without worrying about liquidity.
Orderly Network aims to make DeFi accessible to all users
According to Gabriel Gareth Foo, DeFi Growth Lead at Mantle, the design philosophy behind it should be cost-effective for users. He noted that this partnership brings together both EVM and non-EVM chains, which has never been done before. As a result, it will provide both developers and traders with unprecedented access to liquidity.
Mantle Network’s robust modular capabilities combined with Orderly’s permissionless liquidity infrastructure have Ran Yi excited. He expects this integration to attract builders and traders.
Orderly Network’s main goal is to make DeFi work for everyone, even those just getting started on the chain. Therefore, they remain committed to achieving this goal by continuing their expansion efforts beyond what has been achieved thus far through additional features such as omnichain vaults in future updates.