Orderly Network recently announced a new expansion that will bring its omnichain services to the Mantle Network. The Mantle Network is well-known for its Ethereum’s Virtual Machine (EVM) compatible scalable modular Layer 2 (L2) solution, which is expected to significantly enhance trading for traders, protocols, and developers within the Mantle ecosystem.
Orderly has now joined @0xMantle, unlocking the potential of Orderly-powered perpetuals on Mantle. Traders on Mantle can now access one of the deepest liquidity sources for decentralized perps with centralized exchange (CEX)-like execution and gas-less trading. Read more: [link]
The number of Mantle $MNT holders has seen a remarkable growth, reaching an all-time high of 1.66 million. Additionally, there has been a 280% increase in the total value locked (TVL) on-chain over the past four months alone. During the same period, the value of $mETH has surged from $366 million to $1.74 billion.
By integrating with Orderly’s omnichain vaults, Mantle Network users can now trade across multiple EVM chains. This integration enables trading through an orderbook interface on different networks, offering high liquidity and fast execution speeds. While all transactions are expected to occur on-chain, the setup aims to provide a similar experience to centralized exchanges (CEXs) while ensuring enhanced security.
The unique aspect of this development lies in its shared liquidity model for omnichain perps trading. Orderly Network consolidates liquidity from various chains into a single orderbook, resulting in tighter spreads and reduced slippage, ultimately making on-chain perps trading more efficient. Traders will benefit from the flexibility to leverage up to 50x on different assets, while developers building decentralized exchanges (DEXs) can do so without concerns about liquidity.
Gabriel Gareth Foo, the DeFi Growth Lead at Mantle, emphasized the importance of cost-effectiveness for users in the design philosophy behind this partnership. He mentioned that this integration brings together both EVM and non-EVM chains in a way that has never been done before, providing unprecedented access to liquidity for developers and traders.
Ran Yi, an enthusiastic supporter of Mantle Network’s robust modular capabilities and Orderly’s permissionless liquidity infrastructure, is excited about this integration and expects it to attract builders and traders.
The primary objective of Orderly Network is to make DeFi accessible to all users, including those who are new to on-chain operations. To achieve this goal, they are committed to expanding their efforts beyond the current scope, introducing additional features such as omnichain vaults and more in future updates.
Tags: MNT
