{"id":18737,"date":"2024-11-19T18:43:48","date_gmt":"2024-11-19T16:43:48","guid":{"rendered":"https:\/\/forklog.com\/en\/mantles-l2-restaking-and-ton-ties-an-ecosystem-overview\/"},"modified":"2024-11-19T18:43:48","modified_gmt":"2024-11-19T16:43:48","slug":"mantles-l2-restaking-and-ton-ties-an-ecosystem-overview","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/mantles-l2-restaking-and-ton-ties-an-ecosystem-overview\/","title":{"rendered":"Mantle\u2019s L2, restaking and TON ties: an ecosystem overview"},"content":{"rendered":"<p>Since the alpha launch of Mantle\u2019s L2 in July 2023, its <span data-descr=\"total value locked, amount of funds locked\" class=\"old_tooltip\">TVL<\/span> <a class=\"tracking_link\" href=\"https:\/\/l2beat.com\/scaling\/projects\/mantle\" target=\"_blank\" rel=\"noopener\">surpassed<\/a> $1.86bn. According to <a class=\"tracking_link\" href=\"https:\/\/defillama.com\/chain\/Mantle\" target=\"_blank\" rel=\"noopener\">data<\/a> from DeFi Llama in November 2024, more than 90 DeFi protocols are deployed on the network.<\/p>\n<p>We explain what Mantle is and analyse the ecosystem\u2019s main activities.<\/p>\n<h2 class=\"wp-block-heading\">What is Mantle<\/h2>\n<p>Mantle emerged from a relaunch of the BitDAO decentralised autonomous organisation (DAO), <a class=\"tracking_link\" href=\"https:\/\/medium.com\/bitdao\/introducing-bitdao-464ebf80eb56\" target=\"_blank\" rel=\"noopener\">created<\/a> in August 2021 with backing from Founders Fund, Pantera, Dragonfly, Spartan and the Bybit cryptocurrency exchange. The latter contributed about $19.3m in Ethereum (ETH), Tether (USDT) and USD Coin (USDC) to the BitDAO treasury and pledged recurring contributions for the future.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Bybit is proud to support <a href=\"https:\/\/t.co\/KRPTmhyQOM\">https:\/\/t.co\/KRPTmhyQOM<\/a>. We have made a ~$19.3M contribution (in ETH, USDT and USDC) to the <a href=\"https:\/\/twitter.com\/BitDAO_Official?ref_src=twsrc%5Etfw\">@BitDAO_Official<\/a> treasury, equivalent to 2.5bps of futures trading vol. between July 15 and July 24. We pledge recurring contributions for the foreseeable future.<\/p>\n<p>\u2014 Bybit (@Bybit_Official) <a href=\"https:\/\/twitter.com\/Bybit_Official\/status\/1419503288211238912?ref_src=twsrc%5Etfw\">July 26, 2021<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The DAO\u2019s mission was to pool funds to support early-stage DeFi projects with financing and liquidity.<\/p>\n<p>Over time BitDAO chose to shift focus from investing to building products, prompting a rebrand. On July 17, 2023, BitDAO <a class=\"tracking_link\" href=\"https:\/\/www.mantle.xyz\/blog\/announcements\/bit-to-mnt-user-guide\" target=\"_blank\" rel=\"noopener\">launched<\/a> a 1:1 migration of native BIT tokens to Mantle (MNT).<\/p>\n<p>At the time of writing, the Mantle ecosystem comprises two core products:<\/p>\n<ul class=\"wp-block-list\">\n<li>Mantle Network;<\/li>\n<li>mETH Protocol.<\/li>\n<\/ul>\n<p>Mantle Network is an EVM-compatible layer-2. Its modular architecture lets Ethereum contracts and tooling run on L2 with <a class=\"tracking_link\" href=\"https:\/\/docs.mantle.xyz\/network\/for-developers\/difference-between-ethereum-and-mantle\" target=\"_blank\" rel=\"noopener\">minimal changes<\/a> while significantly <a class=\"tracking_link\" href=\"https:\/\/docs.mantle.xyz\/network\/system-information\/fee-mechanism\" target=\"_blank\" rel=\"noopener\">reducing<\/a> transaction fees and increasing throughput.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cIn traditional monolithic blockchains, transaction execution, consensus, settlement and storage occur on a single layer. Mantle Network separates these functions into distinct modules: an EVM-compatible layer for transaction execution, a layer for consensus and settlement on Ethereum, and an external data-availability component, MantleDA, based on <a class=\"tracking_link\" href=\"https:\/\/www.eigenda.xyz\/\" target=\"_blank\" rel=\"noopener\">EigenDA<\/a> technology,\u201d the <a class=\"tracking_link\" href=\"https:\/\/docs.mantle.xyz\/network\" target=\"_blank\" rel=\"noopener\">documentation<\/a> says.<\/p>\n<\/blockquote>\n<p>The solution is built on the <a class=\"tracking_link\" href=\"https:\/\/docs.optimism.io\/stack\/getting-started\" target=\"_blank\" rel=\"noopener\">OP Stack<\/a>. Developers on Mantle Network can upgrade each module independently of the others.<\/p>\n<p><a class=\"tracking_link\" href=\"https:\/\/www.mantle.xyz\/meth\" target=\"_blank\" rel=\"noopener\">mETH Protocol<\/a> is a liquid staking and restaking protocol for Ethereum, launched in October 2023 as Mantle LSP. In August 2024 the project <a class=\"tracking_link\" href=\"https:\/\/docs.mantle.xyz\/meth\/introduction\/timeline\" target=\"_blank\" rel=\"noopener\">rebranded<\/a>.<\/p>\n<p>Users receive the liquid mETH token for staking ETH, plus additional rewards in the mETH Protocol governance token (COOK). mETH can be swapped for cmETH to earn rewards in the restaking protocols EigenLayer, Symbiotic and Karak.<\/p>\n<p>At the time of writing, <a class=\"tracking_link\" href=\"https:\/\/defillama.com\/protocol\/mantle-staked-eth\" target=\"_blank\" rel=\"noopener\">482,069 ETH<\/a> is staked via mETH Protocol and <a class=\"tracking_link\" href=\"https:\/\/defillama.com\/protocol\/mantle-restaking\" target=\"_blank\" rel=\"noopener\">144,837 ETH<\/a> is in restaking.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>\u201ccmETH is the only solution that gives users automatic access to multiple restaking protocols: EigenLayer, Karak and Symbiotic. There will be more in the future.<\/em><\/p>\n<p><em>You do not need to manage the redeployment of mETH; the protocol will do it for you. Simply put, cmETH is simple, efficient and secure restaking,\u201d said Edmund Chua, a DeFi strategist at Mantle.<\/em><\/p>\n<\/blockquote>\n<p>MNT is Mantle\u2019s native token with a capped supply of 6.22bn units. According to <a class=\"tracking_link\" href=\"https:\/\/coinmarketcap.com\/currencies\/mantle\/#About\" target=\"_blank\" rel=\"noopener\">CoinMarketCap<\/a>, 3.37bn MNT (54.14%) is in circulation, for a market capitalisation of $2.46bn. Users can pay fees on Mantle or vote on <a class=\"tracking_link\" href=\"https:\/\/snapshot.org\/#\/bitdao.eth\" target=\"_blank\" rel=\"noopener\">Snapshot<\/a> with the token.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>\u201cAll decisions, from launching new initiatives to allocating and recalling treasury funds, as well as appointing and modifying the mandates of operating teams, are made on the basis of proposals and votes by MNT token holders,\u201d the project\u2019s website says.<\/em><\/p>\n<\/blockquote>\n<p>Most of the <span data-descr=\"$2.8bn at the time of writing\" class=\"old_tooltip\">funds in the <a class=\"tracking_link\" href=\"https:\/\/www.mantle.xyz\/\" target=\"_blank\" rel=\"noopener\">treasury<\/a><\/span><a class=\"tracking_link\" href=\"https:\/\/www.mantle.xyz\/\" target=\"_blank\" rel=\"noopener\"> Mantle<\/a> are held in MNT (75.14%).<\/p>\n<p>The token trades on Bybit, KuCoin, Kraken and 20 other centralised exchanges with direct withdrawals to Mantle Network. Users can bridge the token from Ethereum mainnet to L2 via the <a class=\"tracking_link\" href=\"https:\/\/www.mantle.xyz\/mnt\" target=\"_blank\" rel=\"noopener\">official bridge<\/a>, as well as through Symbiosis and Mini Bridge.<\/p>\n<h2 class=\"wp-block-heading\">How Mantle is developing<\/h2>\n<p>The Mantle team supports the growth of its decentralised application ecosystem with <a class=\"tracking_link\" href=\"https:\/\/www.mantle.xyz\/grants\" target=\"_blank\" rel=\"noopener\">grants<\/a> and two main initiatives:<\/p>\n<ul class=\"wp-block-list\">\n<li><a class=\"tracking_link\" href=\"https:\/\/www.mantle.xyz\/ecofund\" target=\"_blank\" rel=\"noopener\">Mantle EcoFund<\/a>. A <span data-descr=\"$100m - Mantle treasury, $100m - strategic partners\" class=\"old_tooltip\">$200m<\/span> fund created in July 2023. The team invests in native applications built on Mantle Network. Beyond direct investments, EcoFund provides promotion across social media, events and media, and offers listing guidance with partner exchanges such as Bybit;<\/li>\n<li><a class=\"tracking_link\" href=\"https:\/\/forum.mantle.xyz\/t\/passed-ec-proposal-mip-28-expanded-strategies-and-liquidity-programs\/8381\" target=\"_blank\" rel=\"noopener\">liquidity for applications.<\/a> This is a $300m reserve in USDx, ETH, BTC and MNT. The funds support liquidity for early-stage applications.<\/li>\n<\/ul>\n<p>Among <a class=\"tracking_link\" href=\"https:\/\/www.mantle.xyz\/ecofund\" target=\"_blank\" rel=\"noopener\">Mantle EcoFund\u2019s strategic partners<\/a> are Pantera Capital, Spartan Capital, Animoca Ventures, Bankless Ventures, Dragonfly and others. The fund has invested in the asset-management protocol Range Protocol, the DEX Merchant Moe and the Catizen app on Mantle and The Open Network (TON). The latter has become \u201cone of the most successful blockchain games in the world with 36m users\u201d.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>\u201cGuiding a project from idea to actual launch sets Mantle apart from investor-led ecosystems. The latter are good at spotting promising teams but are constrained when making decisions related to game development and publishing,\u201d said Mantle\u2019s head of GameFi, Geezee, in an interview with ForkLog.<\/em><\/p>\n<\/blockquote>\n<p>After the listing of the Catizen (CATI) token on Binance, OKX, Bybit, Gate.io and Bitget, the Mantle team continued to develop applications tied to the Telegram\/TON ecosystem.<\/p>\n<p>In early November, TON Accelerator, in partnership with TON Ventures and Mantle EcoFund, unveiled Synergy \u2014 a $5m initiative aimed at building cross-chain solutions between TON and EVM-compatible networks such as Mantle.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cSynergy makes it possible to connect more than 950m Telegram users to over $90bn in cross-chain liquidity, opening the door to new innovation and commercial opportunities. The programme aims to create applications spanning both ecosystems,\u201d <a class=\"tracking_link\" href=\"https:\/\/www.mantle.xyz\/blog\/announcements\/ton-accelerator-unveils-synergy-5m-cross-chain-initiative\" target=\"_blank\" rel=\"noopener\">the press release says<\/a>.<\/p>\n<\/blockquote>\n<p>Also in early November, Mantle launched the Autumn Games campaign with a $4,000 giveaway in COOK, cmETH, mETH and 4,000 MNT.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"zxx\" dir=\"ltr\"><a href=\"https:\/\/t.co\/aG59R3q3Zn\">https:\/\/t.co\/aG59R3q3Zn<\/a><\/p>\n<p>\u2014 Mantle (@0xMantle) <a href=\"https:\/\/twitter.com\/0xMantle\/status\/1852041144533668105?ref_src=twsrc%5Etfw\">October 31, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Each week the Mantle team announces new tasks in <a class=\"tracking_link\" href=\"https:\/\/discord.com\/invite\/0xMantle\" target=\"_blank\" rel=\"noopener\">Discord<\/a> and <a class=\"tracking_link\" href=\"https:\/\/guild.xyz\/mantle\" target=\"_blank\" rel=\"noopener\">Guild<\/a>. Participants collect Leaflets points, which can later be exchanged for a share of the prize pool. The promotion runs until December 2.<\/p>\n<p>In addition, mETH Protocol <a class=\"tracking_link\" href=\"https:\/\/x.com\/mETHProtocol\/status\/1851566065429676378\" target=\"_blank\" rel=\"noopener\">launched<\/a> Season 2 of its Methamorphosis campaign with Agni Finance, Pendle and INIT Capital, supported by KyberSwap and LayerZero. It ends on February 17, 2025.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">6\/9 Season 2: Methamorphosis will begin today, and last for 110 days.<\/p>\n<p>We are pleased to introduce the complete list of teams supporting Season 2: Methamorphosis, including <a href=\"https:\/\/twitter.com\/search?q=%24cmETH&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$cmETH<\/a> integrations.<\/p>\n<p>Note: L1 Protocols will not be incentivized in this season, only on Mantle L2. <a href=\"https:\/\/t.co\/8YPtNRHvkq\">pic.twitter.com\/8YPtNRHvkq<\/a><\/p>\n<p>\u2014 mETH Protocol (@mETHProtocol) <a href=\"https:\/\/twitter.com\/mETHProtocol\/status\/1851566150376902888?ref_src=twsrc%5Etfw\">October 30, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>By restaking cmETH, users can earn mETH Protocol (COOK) tokens and rewards from other protocols.<\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-qw.googleusercontent.com\/docsz\/AD_4nXdhN8VEgz0ML-vw-AbULRuOlyx5ox-A4q63Vvpd0xKFMp7UBZlQ77sSUGkfFNkrlTewt4GKAYTwYqRMJ_ncR7oMi_MqkY7xN508QtnuovyQp_bSvjzzeUZL6AtnfSudNY5meU0VLQ?key=erpWS95sd2_75ap4juRTfZOJ\" alt=\"L2, restaking and ties with TON. Overview of the Mantle ecosystem and activities\"\/><figcaption class=\"wp-element-caption\">Rewards for restaking cmETH. Source: <a class=\"tracking_link\" href=\"https:\/\/x.com\/mETHProtocol\/status\/1851566117313187913\" target=\"_blank\" rel=\"noopener\">X<\/a>.<\/figcaption><\/figure>\n<h2 class=\"wp-block-heading\">Conclusions<\/h2>\n<p>Within the community, Mantle is known above all as a modular L2 for Ethereum. Today, the decentralised exchanges Agni Finance and Merchant Moe and the lending service INIT Capital run on Mantle Network, and more than $360m is <a class=\"tracking_link\" href=\"https:\/\/defillama.com\/chain\/Mantle?developers=false&#038;chainTokenPrice=false&#038;volume=true&#038;stables=true\" target=\"_blank\" rel=\"noopener\">locked<\/a> in stablecoins.<\/p>\n<p>In the second half of 2024 the project accelerated development of the mETH Protocol for staking and restaking: on October 29 the <a class=\"tracking_link\" href=\"https:\/\/docs.mantle.xyz\/meth\/introduction\/timeline\" target=\"_blank\" rel=\"noopener\"><span data-descr=\"token generation event, token creation event\" class=\"old_tooltip\">TGE<\/span><\/a> of the COOK governance token took place, and on October 30 the cmETH restaking product was launched publicly. As of November 2024, mETH Protocol <a class=\"tracking_link\" href=\"https:\/\/defillama.com\/protocols\/Liquid%20Staking\" target=\"_blank\" rel=\"noopener\">ranks<\/a> among the top five liquid-staking protocols, with TVL of around $1.5bn.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Since the alpha launch of Mantle\u2019s L2 in July 2023, its TVL surpassed $1.86bn. According to data from DeFi Llama in November 2024, more than 90 DeFi protocols are deployed on the network. We explain what Mantle is and analyse the ecosystem\u2019s main activities. What is Mantle Mantle emerged from a relaunch of the BitDAO [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":18736,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[1144],"tags":[1179,1417,1364],"class_list":["post-18737","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-longreads","tag-layer-2-solutions","tag-mantle","tag-the-open-network"],"aioseo_notices":[],"amp_enabled":true,"views":"55","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/18737","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=18737"}],"version-history":[{"count":0,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/18737\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/18736"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=18737"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=18737"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=18737"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}