Original｜Odaily Planet Daily (@OdailyChina_)
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Author｜CryptoLeo (@LeoAndCrypto)
Overall, the development of Ethereum L2 in 2024 has not been very smooth. From the Starknet (STRK) at the beginning of the year to the ZKsync (ZK) airdrop in the middle of the year, it brought a small wave of excitement to Ethereum L2 in terms of reputation, but ultimately could not compete with the sell-off and departure of users after claiming airdrops.
For a long time after the airdrop, the on-chain data and token price trends on Zksync and Starknet were not satisfactory, with instances of "only a few addresses transferring funds to Zksync on a certain day." Of course, the decline in trading and TVL data after the airdrop is understandable, as most users contributed data merely to obtain airdrops. However, for the previously heavily funded and highly anticipated "L2 Four Kings" projects with new technologies, this can be seen as a case of high expectations leading to low outcomes.
During this period, Mantle Network, as a less "high-profile" L2, achieved a remarkable turnaround with its high TVL. Mantle Network is a modular Layer 2 Rollups solution built on Ethereum, offering EVM compatibility, ultra-scalability, and low transaction fees, while inheriting security from the Ethereum mainnet. Since its mainnet launch in July 2023, its token price has risen from $0.5 at the beginning of 2024 to $1.4 by the end of the year. During the two market crashes after 2025, most altcoins fell over 50%, while MNT's fluctuations remained around 20%, with the price stabilizing around $1.
Many people may wonder why its token MNT has performed so well. The following will explain from several perspectives what Mantle has achieved in 2024 and how it has become a "dark horse" among many L2 networks.
Mantle Network's Breakthrough Growth and Ecological Prosperity in 2024
Macroscopic Level: Technological Development, Ecological Growth, and Token Data
First, let's look at Mantle's macro performance in 2024, including technology, ecology, and tokens:
Enhancing User Experience: Mantle's Technological Development and Upgrades
- Major Event: Mainnet Upgrade. At the beginning of 2024, Mantle Network completed the upgrade to mainnet v2 Tectonic, optimizing gas fees (providing the lowest gas fees in Ethereum Layer 2) and improving interoperability with the OP Stack ecosystem. The enhancements in Mantle v2 specifically include:
Support for EIP-1559, ensuring that end users experience more consistent network fees, reducing price volatility, and saving potential costs over time;
Removal of redundant components, enhancing the efficiency of the Mantle network by eliminating redundant components (including the data transfer layer and Threshold signature scheme previously in Mantle v1);
Predictable block times, enhancing node performance. Unlike version v1, the block generation in v2 is independent of transactions and follows a fixed schedule, generating a block every two seconds;
Block state tagging, catching up with other "technology-driven" L2s, with the upgrade including block tags and block header states similar to those based on the OP stack;
Migration of native tokens in L2, with MNT token liquidity no longer relying on ERC-20 contracts, enhancing the liquidity of the native MNT token;
Meta-transactions, enhancing user experience and lowering the barrier for user participation in Mantle;
Fee optimization strategies, providing users with direct estimates of total transaction costs.
- Technological Updates: Mantle Network advances its technology roadmap, collaborating with Succinct SP1 to launch the first ZK Validity Rollup. The modular design of Mantle's OP Stack combined with the powerful capabilities of SP1 zkVM bridges the gap between user-friendly Optimistic rollups and complex zero-knowledge technologies, promoting interoperability, flexibility, and standardization, making it easier and safer for every user to explore and enhance its ecosystem.
Leading L2: Mantle's Ecological Growth and Token-Related Data
Ecological Growth: In addition to technological upgrades, the Mantle ecosystem also experienced rapid growth in 2024. According to official data, there are currently 260 ecological projects on the Mantle network, primarily in DeFi, gaming, and infrastructure, reflecting the focus of Mantle's ecosystem in 2024. Besides the prosperous growth of the mainnet ecosystem, Mantle's modular design and technological updates have also attracted more developer participation. The testnet incentive program launched by Mantle last year attracted over 5,000 developers globally, deploying 12,000 smart contracts, with daily transaction volumes on the testnet exceeding 1 million.
User Growth: Dune data shows that user data on the Mantle network has been in a growth state since the beginning of 2024, peaking in September with over 200,000 new users. The cumulative number of on-chain users grew from 550,000 in January to over 5.02 million by the end of 2024; the cumulative transaction volume on the network also increased from $35.77 million in January to $183 million by the end of the year, with monthly transaction volume peaking at $17.61 million in September.
Token and TVL Data: The Mantle ecosystem witnessed significant user growth and total locked value (TVL) growth in 2024, reaching a TVL of $240 million, demonstrating its market position in Layer 2.
Token Performance and TVL Data: The native token MNT of Mantle showed strong upward momentum in 2024, with data indicating that the price of MNT rose from $0.58 at the beginning of the year to $1.4 by the end of the year. L2BEAT data shows that its network TVL also increased from $410 million at the beginning of the year to $2.36 billion by the end of the year. The treasury, which uniquely holds over $1 billion in mainstream assets and is governed by token holders, has already made over $50 million in profits this year. In addition to mainstream assets, the Mantle treasury also holds tokens and equities including mETH, FBTC, and Ethena, which have become stable reserves for the Mantle token MNT.
Moreover, the native token MNT has a very pure token distribution and equity structure, with no large-scale unlocks of tokens in the future. Non-circulating MNT needs to establish governance proposals and can only enter the market through Treasury voting. Currently, many L2 token projects face massive unlocks that could affect their price trends.
Niche Areas: Mantle's Key Tracks in 2024
One important factor driving the growth of Mantle network data is that Mantle seized the mainstream narrative in the crypto space in 2024. The hottest narrative in the crypto industry in 2024 is staking, with Ethereum's re-staking "top-tier" projects including EigenLayer, ether.fi, and Swell, which have sparked a wave of interest due to airdrop expectations and high yields. At that time, Mantle seized the opportunity of re-staking, becoming the first Layer 2 network to adopt EigenDA. EigenDA is a data availability solution that allows Mantle to submit only the necessary state roots to the Ethereum mainnet, with a large amount of transaction data stored in EigenLayer.
Leveraging the Staking Track: mETH Protocol's Three-Token Model
In addition, Mantle launched its flagship project, the mETH Protocol, in 2024. mETH is an Ethereum liquid staking and re-staking protocol that has attracted significant attention and user participation since its launch. As of now, the mETH protocol's TVL ranks fourth among all liquid staking protocols. Data shows that mETH's TVL grew from $363 million in January 2024 to over $2 billion by March, and by December 2024, mETH's TVL was approximately $1.85 billion, growing over five times.
When mentioning the mETH Protocol, one cannot overlook the three key tokens of the protocol: mETH, cmETH, and COOK. The specific timeline for the three tokens is as follows:
December 8, 2023: The protocol's staking token mETH goes live;
October 29, 2024: The protocol's governance token COOK goes live;
October 30, 2024: The protocol's re-staking token cmETH goes live.
mETH is an interest-bearing ETH staking token that allows users to participate in staking without locking their ETH and use mETH for DeFi activities within the Mantle ecosystem, such as staking rewards and lending. Currently, mETH can be used on over 30 DeFi protocols on Ethereum and the Mantle network, including leading protocols like Pendle, Ethena, Compound, and Euler. The current APY for mETH is 3.43%, with a total staking volume exceeding 450,000 ETH and a TVL currently reported at $1.566 billion.
cmETH is the re-staking token of mETH, which can be used for re-staking in various protocols including EigenLayer, Symbiotic, Karak, and related re-staking protocols to earn rewards. This token adopts the LayerZero OFT standard, providing users with more convenience and benefits through fast cross-chain bridging with no slippage within minutes. The advantage of cmETH lies in its ability to explore more yield opportunities; compared to ordinary LRTs in the market, cmETH can cover multiple re-staking protocols through a single LRT without changing the ETH version. Holding cmETH allows users to earn: staking rewards, re-staking protocol rewards, AVS rewards, cooperative protocol rewards, governance token COOK rewards, and potential airdrop expectations (such as the EigenLayer airdrop). cmETH is also the best asset among LRTs for obtaining multiple yields.
COOK is the governance token of the mETH protocol. COOK and MNT have a complementary relationship within the Mantle ecosystem, where MNT provides broad incentives and governance frameworks for the network, while COOK focuses on specific governance and user incentive mechanisms for the mETH Protocol. It grants holders the right to vote on governance decisions within the mETH protocol, including the addition of new features and parameter adjustments. The distribution of COOK is carried out through various activities and reward mechanisms, such as the "Powder" obtained during the Methamorphosis event, which can be exchanged for COOK. Currently, there are nearly 30 channels where cmETH can be used for LP or deposited into related lending protocols to earn COOK.
With the explosive popularity of the staking track, the unique token model of the mETH protocol and its "one fish, multiple eats" strategy have become the best participation project under this narrative.
Not Just Ethereum, Exploring Higher DeFi Yields for BTC
The development of the Bitcoin ecosystem in 2024 may not be as robust as Ethereum's, but it is still quite "lively." From the beginning of the year, the popularity of inscriptions, runes, NFTs, and the emergence of BTC L2 and BTC staking protocols like Babylom and Solv have drawn attention to the Bitcoin ecosystem. Mantle has also invested in multiple Bitcoin ecosystem staking protocols in 2024, indicating that the network has always had plans to enter the BTC ecosystem.
Following the heat of BTCFi, Mantle early on partnered with the BTCFi protocol Ignition (FBTC), marking that Mantle is not only exploring foundational assets like ETH but also setting its sights on the broader BTC landscape. FBTC is a 1:1 pegged full-chain BTC wrapped version launched by Ignition, aimed at enhancing the accessibility and usability of Bitcoin. Mantle and Antalpha Prime are early supporters of this project, allowing FBTC to expand into the Ethereum ecosystem through the Mantle network. The characteristics of the Mantle network also enable FBTC to achieve higher usage rates and yields on its network.
Users can convert their BTC into FBTC through Ignition. On the Mantle network, FBTC can be used for staking, and staking FBTC allows participation in network validation and governance processes, where users can earn rewards or benefits through participation. FBTC can also serve as collateral or lending assets in some DeFi protocols on Mantle, or provide liquidity to pools with FBTC to earn rewards. Additionally, FBTC can participate in mining within Mantle's DeFi protocols.
From a data perspective, since FBTC launched on the Mantle and Ethereum networks in July, its TVL has grown from $67 million to over $1.4 billion. In terms of security, FBTC has received investments from three of the most influential financial companies in crypto: Mirana, Ant Alpha, and Galaxy Digital, collaborating to create a secure and trustworthy use of BTC assets in financial scenarios.
In contrast, the BTCFi protocol launched around the same time, such as Corn (BTCN), has an ecosystem TVL of only $490 million. In comparison, with "high yields + security + good data panels," Mantle has provided users with a better DeFi use case template for BTC through data.
"Stronger Network + High-Quality Team," Mantle's Game Blueprint
In addition to its efforts in DeFi, Mantle Network's modular architecture gives it a unique advantage in gaming: it can achieve high throughput and provide the lowest transaction fees in L2. Especially after the introduction of meta-transactions in the Mantle Network mainnet v2 Tectonic upgrade, users can more conveniently pay transaction fees in dApps.
Beyond its high-performance network, Mantle has also assembled a strong web3 gaming team to support its gaming ecosystem. This team consists of members with rich experience in game development and operations, focusing on token economics design, game design, gameplay development, user retention, and operational management for blockchain games. Additionally, team members have experience with Apple Arcade, League of Legends, Ragnarok, and TapTap, which equips Mantle with the capability to support gaming dApps on its platform. As of the time of writing, the Mantle ecosystem has launched 26 gaming dApps, with well-known chain games including Catizen and MetaCene. Through gaming dApps, Mantle can foster a more active gaming community and attract more users to participate in the blockchain gaming ecosystem.
Geezee, the head of the Mantle gaming team, is also a leader with a deep understanding of blockchain games. As a crypto OG, Geezee knows the differences between blockchain games and DeFi. DeFi requires greater liquidity and broader token trading, and a good blockchain game developer should not confuse game tokens with DeFi tokens. DeFi tokens pursue listings on CEXs to achieve high valuations and liquidity, while game tokens, on the contrary, need to deviate from market speculation. As game developers, revenue should come from in-game consumption rather than token sales. Excessive trading and liquidity of game tokens outside the game can lead to a disconnect between the token's valuation and its actual value, making the game unsustainable. "High-performance network + high-quality team and leaders" enable Mantle to accurately bet on blockchain game projects and develop its gaming ecosystem.
Expanding Externally, Quality Projects Funded and Supported by Mantle in 2024
Overall, while Mantle is committed to staking, BTC, and blockchain gaming narratives in 2024, it is also inseparable from its actions of investing in and funding its ecosystem externally. The two mutually promote the steady progress of the Mantle ecosystem. The Mantle ecosystem investment fund has been very active in 2024. Data statistics summarize a series of quality projects funded by Mantle EcoFund and Mantle Network in 2024 as follows:
Bitcoin Ecosystem and Staking Track: Re-staking protocol Renzo Protocol (January), Bitcoin re-staking protocol Lombard (July), Bitcoin staking protocol SatLayer (August), Bitcoin re-staking network Pell Network (October), Bitcoin staking protocol pumpBTC (October), Bitcoin L2 network Mezo (July);
Infrastructure: Multi-chain wallet DreamOS (March), zero-knowledge startup Lagrange (May), points trading protocol Pichi Finance (August);
Stablecoin Products: Stablecoin issuer Agora (April), stablecoin protocol Usual (April);
DEX: DEX aggregator ODOS (August);
Gaming and AI Track: Blockchain game MetaCene (March), blockchain game + AI agent protocol Blade Games (May), decentralized AI infrastructure Gaia (May), gaming platform B3 (July).
Overall, many of the projects that Mantle participated in investing in 2024 are leading projects in various fields. Many of these projects have close cooperation with Mantle, promoting the growth and innovation of the Mantle ecosystem, increasing its market share and application diversity in DeFi, blockchain gaming, and other fields, and also facilitating growth in its ecosystem data and user base.
Looking ahead to 2025, continue to seize the hottest narratives, advancing both on-chain and off-chain in parallel
In addition to the staking track, the AI + Crypto narrative at the end of 2024 has also propelled further development of on-chain finance. The development of AI and crypto is interdependent; breakthroughs in AI will lead to breakthroughs in on-chain finance. As mentioned earlier, in addition to developing on-chain finance, Mantle is also increasing its resource investment in the AI field, utilizing artificial intelligence to achieve new transformations in DeFi, bringing more possibilities to on-chain finance. Not only focusing on on-chain finance, 2025 will also be a critical moment for laying out RWA, and the integration of Mantle with AUSD (Agora's dollar stablecoin, backed by cash, U.S. Treasury bills, and overnight repurchase agreements) marks a significant achievement for its ecosystem—introducing a secure institutional-grade stablecoin to Mantle and expanding the use of institutional-grade financial products. Additionally, Mantle's enhanced index fund institutional-level compliant product is set to launch in Q1, paving the way for the RWA track.
The inauguration of "crypto president" Trump in 2025 will also drive further development of crypto, at which point value-type tokens will become the most favored investment targets, and MNT's "golden shovel" attribute makes it the best choice among value-type tokens.
In 2025, Mantle will continue to focus on DeFi, BTC, and AI. Whether for builders or users, everyone will find industry hot narratives and applications that suit them on Mantle.
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