With the launch of many protocols such as Blast and Dymension, the "season" of L2 narrative is in full swing and has become one of the hottest topics in 2024. In the fierce competition, various protocols are vying to provide the best user experience for end users, and players participating are expected to gain huge benefits.
In order to discover the "gems" hidden in L2, encryption researcher AlΞx Wacy published an article to interpret the "less exposed" Mantle, analyzed the mechanical characteristics of Mantle, and believed that Mantle has great potential and is expected to explode.
Mantle launches in July 2023. Mantle Treasury holds approximately $3 billion worth of tokens, making it the single blockchain with the largest reserve funds.
Mantle also offers a unique set of technologies that combine to deliver a great L2 experience, including:
- EigenDA
Mantle uses EigenDA in its L2 rollup to achieve scalable data availability and maintain the same level of security as on the Ethereum mainnet through a re-staking mechanism. This design facilitates efficient, trustless transactions and state verification, paving the way for high-throughput, low-cost blockchain applications.
- Decentralized sorter
Current L2s such as Optimism and Arbitrum have a centralized orderer that is responsible for batching transactions and sending them to the mainnet. This is why network outages can occur (like Arbitrum's outage a few months ago).
However, this will not happen with the Mantle protocol because Mantle has implemented a decentralized sequencer to reliably process all transactions.
- Modular blockchain
Mantle Network adopts a modular blockchain approach that separates the core functions of the blockchain (execution, consensus, settlement, data availability) into dedicated layers to optimize performance and reduce costs.
This modular structure addresses the limitations of traditional optimistic rollups by reducing fees, increasing throughput, and shortening confirmation times, thereby more effectively solving the trilemma of scalability, security, and decentralization.
The previous article gave an overview of Mantle’s unique features. The following explains the recent development activities and introduces the recent alpha version:
- mETH’s APY and TVL surge
- TVL growth and new protocol launches
- MNT token cost performance
In December 2023, Mantle launched Mantle LSP on the Ethereum mainnet. mETH is a new product launched by Mantle using the ETH owned by its protocol to generate revenue for Mantle and enhance the liquidity of DEX.
Therefore, in addition to higher security, decentralization, and the DeFi ecosystem built around it, users can also obtain double the market rate of return, approximately 7.2%.
Mantle recently announced that all mETH holders on Mantle L2 will receive EIGEN rewards without staking.
In addition, Mantle Treasury plans to reinvest 100,000 mETH to earn EIGEN, thereby earning a large number of points. And regular snapshots will be taken of wallets holding mETH on L2, including wallets used in Mantle’s dapp. Therefore, holding mETH on L2 provides an opportunity to earn a large amount of Eigen Points.
TVL has been growing wildly, and mETH has become the fifth largest LSD. It is worth mentioning that Mantle was the first L2 protocol to launch its own LSD, which is now about 7 times more than Mantle TVL.
Mantle is building a powerful LSD ecosystem, more and more mETH is being deposited into the Mantle mainnet, and TVL’s flywheel has been formed.
However, even without the launch of mETH, Mantle has achieved certain results in attracting new users and covering new DeFi areas.
Here are some of the larger protocols that have recently joined:
- Merchant Moe (Built by the Trader Joe Team)
- INIT Capital
- Ondo Finance
Integration is ongoing and Mantle’s TVL is almost always hitting new highs.
MNT, as Mantle's governance token and Gas token, has obviously benefited from recent ecological development trends. It is reported that there are also some staking options that will be launched soon, so the price of MNT may fluctuate greatly in the near future.
