What is Mantle (MNT)?

From BitDAO to Mantle

Mantle's origins trace back to BitDAO, a decentralized autonomous organization launched in June 2021 with backing from Bybit, one of the largest cryptocurrency exchanges. BitDAO accumulated a massive treasury and funded various blockchain ecosystem projects. In 2022, the BitDAO community voted to create an Ethereum Layer 2 network, which became Mantle Network.

Mainnet Launch and Growth

In May 2023, BitDAO rebranded to Mantle, with BIT tokens converting 1:1 to MNT tokens. Mantle Network mainnet launched in July 2023 as an optimistic rollup on Ethereum. The network quickly attracted DeFi protocols and users with its low fees, EVM compatibility, and generous ecosystem incentives funded by the treasury.

Key Milestones

• • 2021: BitDAO launches with $230 million from Bybit; begins building one of the largest crypto treasuries.
• • 2022: BitDAO community approves creation of Mantle Network as an Ethereum Layer 2.
• • 2023 Q1: BIT rebrands to MNT; Mantle Network mainnet alpha launches in July 2023.
• • 2023 Q3: Mantle integrates EigenDA for modular data availability, reducing costs significantly.
• • 2024: Mantle surpasses $1 billion TVL; launches mETH liquid staking protocol and Mantle LSP.
• • 2025: Mantle continues expanding its DeFi ecosystem with new protocol integrations and cross-chain bridges.

Governance

Mantle is governed by MNT token holders through on-chain proposals and voting. The governance system controls the treasury, protocol parameters, and strategic direction. Proposals require a minimum MNT threshold to submit and a quorum to pass. The governance model is designed to be progressively decentralized over time.

Optimistic Rollup Execution

Mantle processes transactions off-chain in batches, then posts compressed transaction data to Ethereum mainnet. Transactions are assumed valid by default (optimistically). If a transaction is fraudulent, anyone can submit a fraud proof within a challenge window (typically 7 days) to revert it. This design inherits Ethereum's security while achieving much higher throughput and lower costs.

Modular Data Availability

Unlike traditional rollups that post all data to Ethereum (which is expensive), Mantle uses EigenDA for data availability. EigenDA leverages EigenLayer's restaked ETH security to provide a separate, cheaper data availability layer. This modular approach significantly reduces the cost of operating the rollup, translating to lower fees for users.

EVM Compatibility

Mantle is fully compatible with the Ethereum Virtual Machine (EVM), meaning any smart contract written for Ethereum can be deployed on Mantle with minimal changes. Developers can use familiar tools like Solidity, Hardhat, Foundry, and MetaMask. This compatibility lowers the barrier to entry and enables rapid ecosystem growth by allowing existing Ethereum projects to expand to Mantle easily.

MNT as Gas Token

Unlike most Layer 2 networks that use ETH for gas fees, Mantle uses its native MNT token. This creates direct demand for MNT from every transaction on the network, linking the token's utility to network activity. Gas fees on Mantle are typically a fraction of a cent, making it practical for high-frequency DeFi interactions, gaming, and micropayments.

• • Gas Fees: MNT is required to pay transaction fees on the Mantle network, creating direct demand proportional to network usage.
• • Staking: MNT can be staked to participate in network governance and earn rewards through the Mantle ecosystem.
• • Governance: MNT holders can vote on treasury allocations, protocol parameters, and strategic decisions.

1Compare providers

Use coinvela to compare MNT prices and fees across exchanges. Bybit, Binance, and OKX typically offer competitive rates. Check for MNT trading pairs against USDT, USDC, and ETH.

2Create an account

Sign up with your chosen exchange and complete identity verification (KYC). Enable two-factor authentication for account security.

3Fund your account

Deposit funds via bank transfer, credit/debit card, or cryptocurrency. Bank transfers are cheapest but take 1-5 days. Cards enable instant purchases at higher fees.

4Buy MNT

Navigate to the MNT trading pair (e.g., MNT/USDT) and place your order. Market orders execute instantly; limit orders let you set your target price.

Wallet Types for MNT

MNT exists as an ERC-20 token on Ethereum and as the native token on Mantle network. Any Ethereum-compatible wallet supports it:

• • Software Wallets: MetaMask (add Mantle network), Coinbase Wallet, or Rabby. Good for interacting with Mantle DeFi protocols.
• • Hardware Wallets: Ledger or Trezor for maximum security. Supports MNT as an ERC-20 token on Ethereum.
• • Exchange Wallets: Keep MNT on exchanges like Bybit or Binance for convenient trading. Less secure than self-custody but suitable for active traders.

Hardware Wallets

For maximum security, use a Ledger or Trezor hardware wallet. These keep your private keys offline. You can add the Mantle network to your hardware wallet's MetaMask connection for secure DeFi interactions on Mantle.

Bridging to Mantle

To use MNT on the Mantle network, bridge your tokens from Ethereum using the official Mantle Bridge at bridge.mantle.xyz. The bridging process typically takes 15-20 minutes. Always verify the bridge URL to avoid phishing.

Protect Your Recovery Phrase

Your seed phrase is the only way to recover your MNT if your device is lost. Write it down on paper and store it securely — never digitally or online. The same wallet and seed phrase work for both Ethereum and Mantle networks.

DeFi on Mantle

The Mantle ecosystem hosts a growing number of DeFi protocols. You can swap tokens on DEXes like Agni Finance and Merchant Moe, lend and borrow on lending protocols, or provide liquidity to earn trading fees. Mantle's low transaction costs make DeFi strategies that would be too expensive on Ethereum mainnet viable here.

Gas Fees on Mantle

MNT is used to pay transaction fees on the Mantle network. Gas costs are typically fractions of a cent, making it practical for frequent DeFi interactions, gaming transactions, and micropayments. You need a small MNT balance in your wallet to interact with any application on Mantle.

Liquid Staking with mETH

Mantle offers mETH, a liquid staking token for ETH. Users deposit ETH and receive mETH, which accrues staking rewards while remaining liquid and usable in DeFi. The mETH protocol is backed by the Mantle treasury and offers competitive yields.

Governance Voting

MNT holders can participate in governance by voting on proposals that control the treasury, protocol parameters, and strategic direction. Proposals are submitted on-chain and require meeting quorum thresholds. Active governance participation shapes how billions in treasury assets are deployed.

Risks

MNT carries risks including: Mantle is a relatively new network with less battle-testing than older L2s, the modular data availability approach via EigenDA introduces dependency on a third-party system, centralization concerns around the sequencer (currently operated by Mantle), competition from established L2s like Arbitrum and Optimism, and regulatory uncertainty around Layer 2 governance tokens.

The treasury, while large, is subject to governance decisions that may not always optimize for MNT token value.

Ben Zhou

Co-founder and CEO of Bybit, the cryptocurrency exchange that was the primary backer of BitDAO (which became Mantle). Bybit's treasury contribution and ongoing support have been critical to Mantle's development and the growth of its ecosystem.

Arjun Kalsy

Head of Ecosystem at Mantle. Leads business development and ecosystem growth, working with DeFi protocols, infrastructure providers, and developers to build on the Mantle network. Has been instrumental in driving Mantle's TVL growth and partnership strategy.

Jordi Alexander

Core contributor to Mantle and founder of Selini Capital. Has been deeply involved in Mantle's strategic direction, tokenomics design, and DeFi ecosystem development. Known for his expertise in DeFi mechanism design and quantitative strategies.

Ignite (Core Contributors)

The Mantle core contributor team, known as Ignite, drives protocol development, security audits, and technical infrastructure. The team includes engineers from major tech companies and blockchain projects, working on consensus improvements, EigenDA integration, and developer tooling.

Regulatory Overview

MNT, as a Layer 2 governance and utility token, exists in a regulatory gray area in many jurisdictions. It functions primarily as a gas token (utility) and governance token, which may provide arguments against securities classification. However, regulatory frameworks for L2 tokens are still evolving worldwide.

Regulation by Country

MNT's regulatory treatment varies by jurisdiction:

United States: MNT is available on some US-accessible exchanges. The SEC has not made specific statements about L2 governance tokens. Standard capital gains tax rules apply to MNT transactions.

Canada: MNT is available on Canadian exchanges registered with provincial securities regulators. Tax treatment follows standard cryptocurrency rules with capital gains applicable on disposal.

European Union: Under MiCA, MNT would likely be classified as a crypto-asset subject to general disclosure requirements. The modular L2 structure does not raise specific regulatory concerns beyond standard crypto-asset rules.

Australia: MNT is available on Australian exchanges regulated by AUSTRAC. The ATO treats it as a capital gains tax asset. No specific regulatory guidance exists for L2 tokens.

As Layer 2 networks become more prominent, regulators may develop specific frameworks for L2 governance tokens. MNT's dual role as a gas token and governance token may receive different treatment in different jurisdictions. Monitor regulatory developments in your country when holding or using MNT.

DAO Compliance

As a DAO-governed protocol, Mantle faces unique regulatory considerations. The treasury governance model, where MNT holders vote on billion-dollar allocations, may attract scrutiny from securities regulators. Mantle has taken steps toward progressive decentralization, reducing reliance on any single entity for protocol operations.