Mantle (MNT) is preparing to commemorate its one-year anniversary since rebranding from BitDAO, a well-known project in the cryptocurrency industry. Following the rebranding, Mantle has positioned itself as a decentralized finance hub and has experienced significant success in attracting deposits.
Currently, Mantle holds approximately $300 million in locked value, a decrease from its peak of $368 million in mid-April. Despite this decline, Mantle remains committed to maintaining a strong presence on social media and raising awareness of its new brand.
As a project incubated by BitDAO, Mantle inherited the funding and focus on governance and supporting sub-projects. BitDAO initially raised $632 million through an ICO in 2021 and built a substantial token treasury estimated to be as high as $4 billion. Mantle aims to continue these functions, with the goal of driving mass adoption of governance tokens. The Mantle treasury will serve as the primary tool for future development, and the release of new assets will be subject to voting on clear development proposals. Currently, approximately 49% of Mantle’s tokens are locked.
In the rebranding process last year, BitDAO introduced Mantle as a new Layer 2 solution. Following the footsteps of successful Layer 2 leaders like Arbitrum and Optimism, Mantle is seeking funding and community support to achieve similar success. The network optimizes transaction batching on Ethereum’s L1 network and launched its main net in July 2023. So far, Mantle has accumulated 3.4 million addresses and handles over 380,000 transactions per day with minimal fees and a new block every two seconds.
The increased exposure of the Mantle platform has also positively impacted the MNT token. Currently trading at $1.05, MNT has gained momentum and is positioned just outside the top 30 market cap leaders. With a market cap of $3.4 billion, daily trading volume has slowed to around $64 million in the past 24 hours. In the long term, Mantle aims to boost the value of MNT by introducing reward tokens and a new asset for the ecosystem, MYT.
To achieve this, Mantle is creating a new asset called the MYSO token, with the ticker symbol MYT. Despite locking 49% of the MNT supply, Mantle intends to reduce the circulating supply further. To incentivize this, Mantle offers rewards for locking or staking MNT tokens, in exchange for new MYT rewards. The supply of MYT tokens is limited to 90,909, and their distribution follows a lottery principle, where buyers have a chance to obtain tokens through ticket-based participation. MYT plays a crucial role in facilitating trading and DeFi on the Mantle network, with over $2 million in locked value.
The first snapshot date for Mantle was between April 26 and May 3, but MNT owners can continue to lock their tokens for future snapshots and additional opportunities to win MYT through raffles. The distribution of the new token began on May 4, with a claim period of 30 days. The specific token distribution for the MYSO project will depend on the number of tokens buyers decide to lock during an open sale.
The MYSO protocol, a part of Mantle, offers decentralized lending by enabling custom loans using any ERC-20 Ethereum-based token. Additionally, MYSO provides covered calls services, allowing projects to secure collateral for their call options. The protocol also facilitates synthetic token buybacks and other on-chain trading strategies, catering to whales or project treasuries in need of risk mitigation for deals and trades. Furthermore, MYSO offers peer-to-peer loans that can be covered with token-based collateral. By matching borrowers with the best lenders and selecting the most suitable loan pair for receiving stablecoins and posting collateral, MYSO ensures efficient lending.
MYSO offers two main products: a retail peer-to-peer lending tool and a whale-matching tool designed for large-scale loans.
