Mantle Network is an Ethereum Layer 2 backed by Bybit exchange (the world’s second-largest crypto exchange) that emerged from the BitDAO treasury — one of the largest DAOs by treasury size ($4B+ at peak) — by merging BitDAO’s BIT token into MNT in 2023. MNT is the combined governance and gas token for Mantle’s L2, which uses Optimistic Rollup architecture with modular data availability via EigenDA (EigenLayer) rather than posting all data to Ethereum. Mantle’s unique advantage is its connection to Bybit, which provides deep trading liquidity, user access, and institutional distribution for the Mantle ecosystem. Mantle Network launched mainnet in July 2023 and quickly grew one of the largest L2 TVLs through aggressive incentive programs backed by its huge treasury.
| Stat | Value |
|---|---|
| Ticker | MNT |
| Price | $0.67 |
| Market Cap | $2.19B |
| 24h Change | +1.5% |
| Circulating Supply | 3.28B MNT |
| Max Supply | 6.22B MNT |
| All-Time High | $2.86 |
| Contract (Ethereum) | 0x3c3a...f354 |
| Contract (Mantle) | 0xdead...0000 |
How It Works
Architecture:
- Settlement layer: Ethereum mainnet (fraud proofs submitted here)
- Execution layer: Mantle L2 nodes processing transactions
- Data availability: EigenDA (EigenLayer’s DA module) — data posted to EigenDA instead of Ethereum, dramatically reducing fees
- Fraud proofs: 7-day challenge period (standard Optimistic Rollup)
BitDAO → Mantle migration:
- BitDAO was founded by Bybit co-founder Ben Zhou with a massive treasury funded by Bybit’s fee sharing
- Community voted in 2023 to convert BitDAO into Mantle Network with a unified MNT token
- BIT holders received MNT at a fixed ratio; Mantle L2 became the primary product
- The treasury ($2.5B+ MNT) funds Mantle ecosystem development and incentives
mETH Protocol:
Mantle’s native liquid staking token for ETH, offering ETH staking yield while keeping assets liquid in Mantle’s DeFi ecosystem.
Tokenomics
| Metric | Value |
|---|---|
| Total Supply | ~6.2B MNT |
| Treasury | ~3B MNT (Mantle ecosystem fund) |
| Conversion | 1 BIT = 1 MNT |
| Gas Token | MNT used for L2 gas fees |
Use Cases
- Gas fees — Pays for all Mantle L2 transactions
- Governance — Mantle DAO treasury voting
- Staking — mETH liquid staking protocol
- DeFi — Liquidity mining incentives funded from treasury
History
- 2021 — BitDAO founded by Bybit; seed investors include Peter Thiel, Pantera, Dragonfly
- 2022 — BitDAO launches multiple “sub-DAOs” (GameFi, DeFi) funded by treasury
- 2023 Q1 — Proposal to create Mantle Network as BitDAO’s primary product; community approves
- Jun 2023 — BIT → MNT token migration at 1:1 ratio
- Jul 14, 2023 — Mantle mainnet launches; immediately attracts significant DeFi activity
- 2024 — Mantle becomes top 5 L2 by TVL; mETH liquid staking protocol launches; aggressive ecosystem incentives
Common Misconceptions
“Mantle is just a Bybit marketing project.” While Bybit’s backing gives Mantle significant resources, the protocol is genuinely decentralized with an on-chain DAO and open source codebase. Bybit provides distribution and liquidity, not protocol control.
“MNT’s large supply makes it low value.” Mantle’s 6.2B token supply is large but the treasury deployment creates sustained demand. The treasury’s strategic deployment of MNT for ecosystem growth is the key value driver, not simple scarcity.