Crypto Gloss

Mantle

Mantle (MNT) is the governance and utility token of the Mantle ecosystem — including Mantle Network, an EVM-compatible Ethereum layer-2 using Optimistic Rollup with a modular data availability layer (EigenDA), and Mantle LSP (the mETH Protocol liquid ETH staking product). MNT originated as a 1:1 conversion of BitDAO’s BIT token following a community governance vote in May 2023, inheriting BitDAO’s substantial treasury (one of the largest DAO treasuries in crypto). Mantle Network mainnet launched on July 14, 2023.

Stat Value
Ticker MNT
Price $0.67
Market Cap $2.19B
24h Change +1.4%
Circulating Supply 3.28B MNT
Max Supply 6.22B MNT
All-Time High $2.86
Contract (Ethereum) 0x3c3a...f354
Contract (Mantle) 0xdead...0000

via ChangeNow · T&CsPrice data from CoinGecko as of 2026-04-15. Not financial advice.

How It Works

  1. Optimistic Rollup — Mantle Network processes transactions off-chain and posts compressed transaction data to Ethereum. Fraud proofs allow anyone to challenge invalid state transitions within a challenge window.
  2. Modular data availability (EigenDA) — Unlike standard Optimistic Rollups that post all call data to Ethereum (which is expensive), Mantle Network uses EigenDA (from EigenLayer) as an off-chain data availability layer. This reduces costs significantly while maintaining data retrievability guarantees.
  3. EVM compatibility — Fully compatible with Ethereum tooling, wallets, and Solidity contracts. Developers can deploy Ethereum dApps without changes.
  4. MNT as gas — Transaction fees on Mantle Network are paid in MNT, not ETH — reducing dependency on ETH price for transaction affordability.
  5. Mantle LSP (mETH Protocol) — A liquid ETH staking product that issues mETH (Mantle Staked Ether) — users stake ETH, receive mETH representing staked ETH + rewards. (See separate mETH entry.)
  6. Mantle Treasury — Inherited from BitDAO, one of the largest DAO treasuries, used for ecosystem grants, investments, and development funding.

Tokenomics

Parameter Value
Ticker MNT
Chain Mantle Network (L2) + Ethereum (bridge)
Max Supply ~6.219 billion MNT (converted 1:1 from BIT)
Launch July 14, 2023 (Mantle Network mainnet)
BIT→MNT conversion May–July 2023 (1 BIT = 1 MNT)
Gas MNT paid for Mantle Network transactions

Use Cases

  • Gas token — Pay transaction fees on Mantle Network.
  • Governance — Vote in Mantle governance (protocol upgrades, treasury spending).
  • Ecosystem access — MNT used in various Mantle DeFi protocols (staking, lending, DEXs).
  • LSP — Stake ETH via Mantle LSP to receive mETH yield.
  • Treasury — The Mantle treasury invested in ecosystem projects using its inherited BitDAO funds.

History

  • 2021 — BitDAO founded with backing from Peter Thiel, Bybit exchange, and others. BitDAO raises hundreds of millions; becomes one of the largest DAO treasuries (~$3B+ at peak).
  • 2022 — BitDAO announces plans to incubate a Layer 2 network using its treasury. The L2 development begins.
  • 2023-05 — A BitDAO governance vote passes to merge BitDAO into the Mantle brand, and convert BIT tokens 1:1 to MNT tokens. The new name emphasizes the Mantle L2 product.
  • 2023-07-14 — Mantle Network mainnet launches. One of the largest modular Ethereum L2s by treasury backing.
  • 2023 — Mantle integrates EigenDA for data availability, becoming an early adopter of the modular stack. Mantle LSP (mETH) launches December 2023.
  • 2024 — Mantle Network TVL grows significantly. MNT ranking rises. Mantle Treasury actively funds ecosystem projects. mETH becomes a significant ETH LST by TVL.

Common Misconceptions

“MNT is the same as BitDAO’s BIT.”

MNT is the direct successor to BIT with a 1:1 conversion. The project, team, and treasury are the same; only the branding and product focus changed (from a broad DAO to Mantle Network + ecosystem).

“Using EigenDA means Mantle is not secured by Ethereum.”

Mantle’s fraud proof system still settles on Ethereum (the L1). EigenDA handles data availability (retrievable transaction data), not final settlement. The security model is distinct from purely Ethereum-native rollups, which is a trade-off acknowledged by the team.

Social Media Sentiment

Mantle benefits from Bybit’s backing (one of the top exchanges), a substantial treasury, and significant marketing. The EigenDA integration is seen as technically forward-looking in the modular blockchain space. MNT has strong exchange listings and liquidity from Bybit. Community attention is high, especially for Mantle LSP staking rewards. Critics note the relatively centralized initial validator set for the Mantle L2 sequencer.

Last updated: 2026-04

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