Mantle 2.0, aimed at becoming a "Liquidity Chain" for tokenized real-world assets, is advocating a new business model that may accelerate the mutually beneficial integration between centralized and decentralized participants in the industry.
Mantle Network was initially launched in 2021 under BitDAO as an Ethereum Layer 2 (L2) scaling solution and is the first L2 network introduced by a decentralized autonomous organization (DAO).
In July 2023, BitDAO and Mantle Network merged under the Mantle brand and the Mantle (MNT) token.
According to a report from cryptocurrency research firm Delphi Digital on Wednesday, the project is now entering a "new phase of its lifecycle," referred to as Mantle 2.0. This phase is marked by the appointment of Bybit executives as key advisors and the unveiling of a new roadmap aimed at the integration of centralized finance (CeFi) and decentralized finance (DeFi).
Mantle 2.0 may advocate a new business model for the cryptocurrency industry, encouraging more DAO-governed projects to merge with major centralized exchanges, combining the advantages of decentralized governance with the deep liquidity and mainstream user base of centralized trading venues.
On August 18, Bybit exchange launched several exclusive events and yield products for the MNT token.
On August 29, Bybit and Mantle announced a joint roadmap that offers MNT holders lower slippage purchases, more payment options within the Bybit ecosystem, and additional savings and staking products.
"Mantle is no longer just an L2; it is the foundation of the Bybit ecosystem. This is not a simple partnership but a strategy to compete for dominance in RWA," Delphi Digital wrote in a post on X on Wednesday, adding:
"This anchors the value of MNT to Bybit's massive daily trading volume (between $3-5 billion in spot and over $25 billion in derivatives), rather than just governance," the research firm stated, noting that we are witnessing the emergence of "a new competitive landscape that merges traditional financial infrastructure with DeFi tracks."
Bybit's support may provide Mantle with more capital opportunities through investments, grants, or the Mantle EcoFund, a $200 million capital pool that invests in native applications within the ecosystem.
Some strategic partners of the fund include Dragonfly, Pantera, Spartan, Figment Capital, Folius Capital, Hashkey Capital, and others.
Mantle's growing role within the Bybit ecosystem is blurring the lines between the two entities, raising potential concerns among investors regarding the decentralized nature of its governance structure.
"While Mantle is still formally governed by token holders through the original DAO model, Bybit's influence is now deeply entrenched," the Delphi Digital research report added.
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Original text: “Delphi Digital: Mantle 2.0 Will Accelerate a New Model for DeFi-CeFi Convergence”
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