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Orderly Network Expands to Mantle, Paving the Way for Omnichain Perps Trading

source-logo  blockchainreporter.net 29 May 2024 18:20, UTC

Orderly Network recently made an announcement about a new expansion that is taking its omnichain services to the Mantle Network. This network is widely known as it brings in Ethereum’s Virtual Machine (EVM) compatible scalable modular Layer 2 (L2) solution. It is expected that this will greatly improve trading for traders, protocols and developers within the Mantle ecosystem.

1/ Orderly has just landed on @0xMantle!

🔥 Unlock the power of Orderly-powered perpetuals on Mantle!

Traders on Mantle, can now tap into one of the deepest liquidity sources for decentralised perps with CEX like execution, and gas-less trading

Read: https://t.co/twYvnkXmU7 pic.twitter.com/WzVz8lsiLe

— Orderly Network (@OrderlyNetwork) May 29, 2024

Mantle $MNT Holders Hit Record 1.66 Million, TVL Soars 280%

The number of Mantle $MNT holders has grown dramatically with an all-time high of 1.66 million recorded. In addition to this, there has been around 280% increase in native total value locked (TVL) on-chain over the past four months alone. During this same time frame, $mETH surged from a mere $366 million up to $1.74 billion dollars.

Having integrated with Orderly’s omnichain vaults, Mantle Network users can now trade across multiple EVM chains. On different networks, trading through an orderbook interface is enabled by the integration which boasts high liquidity and fast execution speeds. All transactions are expected to occur on-chain. However, this setup wants to give a similar experience like that of centralized exchanges (CEXs) only safer.

What makes this development unique is its shared liquidity model for omnichain perps trading. Ordery Network consolidates liquidity from various chains into one orderbook. This approach ensures tighter spreads and reduced slippage thereby making onchain perps trading more efficient. The flexibility of traders to leverage up to 50x on different assets will be beneficial while developers building decentralized exchanges (DEXs) can do so without worrying about liquidity.

Orderly Network Aims to Make DeFi Accessible for All Users

According to Gabriel Gareth Foo who is 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 give unprecedented access to liquidity for developers and traders alike.

Mantle Network’s robust modular capabilities combined with Orderly’s permissionless liquidity infrastructure have excited Ran Yi. He expects this integration to attract builders and traders.

The main aim of Orderly Network is to make sure that DeFi works for everyone even those who are just getting started on-chain. Therefore, they remain committed towards achieving this goal by continuing their expansion efforts beyond what has been reached so far through additional features such as omnichain vaults among others in future updates.