The Mantle team has concluded the year 2024 by unveiling a concept for a financial blockchain hub based on the modular L2 solution Mantle Network, the mETH Protocol for liquid staking and restaking, and the omnichain asset Ignition FBTC. The total TVL of these products amounts to $5.4 billion, supported by the Mantle Treasury with $4.3 billion. This was announced in a press release.
2024 Highlights
Last year, TVL in Mantle Network exceeded $2 billion. Over 250 protocols have been deployed on the network, including Pendle Finance, Ethena Labs, and CatizenAI. Mantle Treasury has distributed over $50 million in rewards to ecosystem participants.
The mETH Protocol ranked fourth among Ethereum liquid staking protocols with a TVL of more than $1.6 billion, while cmETH ranked fifth among restaking solutions.
Mantle representatives noted that the growth of the mETH Protocol was largely due to successful campaigns. With the support of Mantle Treasury, the project team provided double income for Ethereum staking through the Double Dose campaign, as well as over 2 million EIGEN tokens as rewards.
In the first season of the Methamorphosis campaign, early cmETH users received over 250 million COOK tokens. The second season of Methamorphosis, aimed at further promoting cmETH, will conclude on February 17, 2025.
“Users can leverage assets in the mETH Protocol across various DeFi applications, including liquidity provision, yield tokenization, and perpetual contract trading. Meanwhile, mETH is integrated as trading collateral on major centralized exchanges like Bybit. This illustrates Mantle’s vision for the interaction between CeFi and DeFi,” commented Mantle representatives.
In July 2024, the mainnet launch of Ignition FBTC—a token pegged to Bitcoin at a 1:1 ratio—occurred on Ethereum and Mantle networks. Since then, the project’s TVL has exceeded $1.2 billion.
“The rapid institutional adoption of FBTC, supported by Avalon Labs, Bybit, OKX, and Ethena Labs, demonstrates the growing interest in DeFi solutions using Bitcoin in both traditional and decentralized finance. Through FBTC, Mantle unveils new use cases for Bitcoin while maintaining the security and stability of the first cryptocurrency,” commented Mantle.
Project representatives added that in 2025, they plan to expand the integration of the mETH Protocol and FBTC into new ecosystems.
Plans for 2025
Mantle’s roadmap focuses on three key components:
- Transforming Mantle Network into a leading L2 solution for institutional finance.
- Developing AI-based applications in the SocialFi and PayFi segments.
- Enhancing yield in the ecosystem through institutional-grade products and real-world asset (RWA) tokenization.
The Mantle EcoFund, with $200 million in capital, will continue to stimulate ecosystem growth by supporting early-stage DeFi and GameFi projects. The structure collaborates with 20 venture players, including Polychain Capital and Dragonfly Capital.
“The Mantle EcoFund has become a catalyst for innovation, supporting over 30 projects. In early November, the TON Accelerator, in partnership with TON Ventures and Mantle EcoFund, introduced Synergy—a $5 million initiative aimed at creating cross-chain solutions between TON and EVM-compatible networks like Mantle,” noted Mantle representatives.
Mantle Treasury will ensure liquidity and financial stability for Mantle products and its partners, including Agora, Ethena, Ondo, and EigenLayer.
“Managing assets worth over $4.3 billion, Mantle Treasury serves as the foundation for creating stable yields and providing deep liquidity in the Mantle Network,” stated the press release.
Earlier, ForkLog published a detailed overview of the Mantle ecosystem.