Mantle is crushing it as a top L2 performer this year.
TVL has surged by 10x in 6 months due to clever flywheel effects driven by Ethena and Eigen farming.
Here's your full deep dive + project scorecard for $MNT.🧵
Here's what we'll cover:
Overview
Use Case
Adoption
Revenue
Tokenomics
Treasury
Governance
Team & Investors
Competitors
Risks & Audits
Summary
Note: I am NOT an advisor or ambassador of Mantle.
Mantle is a EVM-compatible L2 scaling solution for Ethereum. It employs the following technology:
Optimistic rollups
Modular architecture
Transactions secured by Ethereum
Modular Data Availability (EigenDA technology)
The project has already gained significant traction in the L2 wars and a number of popular dApps have already deployed on @0xMantle :
EigenLayer
LayerZero
Ethena
Ondo
Stargate
Pendle
In March, the project upgraded to v2 Tectonic and moved to a version based on OP Stack Bedrock for better integration and lower composability threshold.
Enhancements included:
EIP-1559 Support
Removal of Redundant Components
Stable Block Time
Block State Tagging
Mantle TVL has been on a robust uptrend since October 2023, currently hovering at just over $340 million (a 10x increase in 6 months).
Volume is also showing a strong upward trend, possibly driven by the popularity of $mETH and liquid staking/ restaking narrative.
Two primary demand drivers for $MNT:
Gas fees
Staking/ locking collateral
Most network volume stems from the demand for $mETH. Currently the 4th largest LSD.
Additionally, Mantle Rewards station has been extremely popular, where users lock $MNT to earn Ethena Shards/ sats.
The native token $MNT is used for:
Gas fees on Mantle Network
Serve as collateral assets for Mantle Network nodes
Governance- token holders can actively participate in DAO voting
The TGE was completed on 17th July 2023.
$MNT has a fixed maximum supply of 6.2b tokens. The substantial Treasury token distribution is subject to the Mantle Governance process.
Current supply stats:
Circulating supply: 3.26b
Max supply: 6.22b
Market cap: $4.4b
FDV: $8.5b
Market cap/FDV: 52%
The @0xMantle Treasury is currently the 2nd largest according to DefiLlama:
$76m Stablecoins
$851m Majors (BTC & ETH)
$4b $MNT
$91m Others
At current prices, this total = $5.04b USD.
Mantle's active forum and governance process have voted on 29 Mantle Improvement Proposals (MIPs) so far.
MIPs start as forum discussions to gather feedback and sentiment, then move to official voting on the Governance Module.
Launched in 2021 by ByBit, BitDAO aimed to build a decentralized ecosystem of assets and technologies. Through funding rounds and an IDO, it raised over $623m USD.
In 2023, BitDAO merged with Mantle Network, facilitating the migration of $BIT to $MNT at a 1:1 ratio.
The Ethereum ecosystem boasts a wide array of L2 scaling solutions. There are currently 86 active + upcoming projects.
Mantle currently ranks 7th in terms of TVL, capturing a 2.38% market share. Backed by a substantial treasury, they are well-positioned for future growth.
Mantle Network boasts a CertiK score of 81.96, ranking it 25th among other L2 projects. It excels in Community, Market, and Governance categories.
Additionally, Mantle v2 has been audited by Secure3 and OpenZeppelin.
Overall, I am pretty bullish on @0xMantle . They have been one of the top performing projects this year and are establishing themselves as a top L2.
Upcoming catalysts:
Mantle Rewards Station
Integrations with $USDe
mETH Eigen farming
Overall weighted score = 8.25