#64 / ScalingmantlePartially verified
Mantle
An Ethereum L2 backed by one of the largest treasuries in crypto.
Token
MNT
Sector
Ethereum L2 ecosystem
Category
Scaling
Organizations
0
Coverage
9/11
- Networks
- Ethereum, Mantle
- Asset type
- Issued token
Live market data
MNT market
CoinGecko data; may be delayed.
Tokenomics
Circulating vs diluted1.88x
- Circulating supply
- 3.30B
- Total supply
- 6.22B
- Max supply
- 6.22B
53.1% of the achievable supply is already circulating.
All-time high (ATH)
$2.86 -80.54% · Oct 8, 2025
Source: CoinGecko, snapshot of Sep 13, 2026. Figures may be delayed.
On-chain fundamentals
- Chain TVL
- $99.20M
Source: DefiLlama, data as of · Revenue is not reported by every protocol.. Figures are informational, not financial advice.
Why it matters
Mantle operates an optimistic-rollup L2 on Ethereum and funds development from a treasury built out of the old BitDAO treasury, one of the largest in the sector. MNT is both the governance token and the gas asset of the network, an unusual dual role among L2s, and the treasury's size makes its grants a real force in ecosystem growth. Its long-run value case rides on whether the L2 wins sustainable activity rather than incentive-driven traffic.
General research guidance, not analysis specific to this asset. Detail is pending.
Track the real organization or foundation behind the token, not just the ticker.
Separate token utility from price action before building a position.
Compare network usage, liquidity, incentives, and governance quality against nearby competitors.
How it works
Mantle runs an optimistic-rollup L2 on Ethereum and positions itself as infrastructure for tokenized real-world assets: its own materials cite hundreds of RWA and ecosystem projects, deep stablecoin liquidity, and a recent migration of its cross-chain portal to Chainlink's CCIP. MNT is both the network's gas asset and its governance token, an unusual dual role among L2s.
Token utility
Gas for Mantle network transactions
Governance over treasury and network decisions
Value capture
The dual role concentrates value in MNT: every transaction burns or pays gas in the token and its treasury votes steer one of the largest community treasuries in the sector — over two point four billion dollars as of September 2026, dominated by its own MNT holdings. That concentration is also the critique: the treasury's largest asset is the token itself, so its value partly reflects its own spending.
Supply and issuance
MNT has a fixed cap with most supply held by or allocated through the treasury. There is no emission schedule; the supply variables to watch are treasury deployment and governance decisions about spending, not unlocks from a foundation vesting calendar.
Governance
MNT holders govern treasury deployment and network direction, an unusually direct link between token votes and spending power. The governance question is whether treasury grants buy durable ecosystem activity or rent attention — the same test every treasury-funded L2 faces.
Key risks
Activity is incentive-driven and must convert to organic usage
Dual gas-and-governance role concentrates value in one asset
Treasury spending can dilute governance outcomes
Frequently asked questions
What makes Mantle's treasury different?
Size and origin: it was built from BitDAO's treasury, one of the largest community treasuries in crypto, and its holdings are published live — over two point four billion dollars, dominated by MNT itself. Governance votes decide how it deploys, making Mantle's token governance unusually consequential.
Is Mantle an RWA chain?
It has pivoted its positioning there: institutional-grade infrastructure for tokenized assets is now the core pitch, with tokenized equities and funds listed in its ecosystem. Technically it remains an optimistic-rollup L2 of Ethereum, and its RWA thesis is a strategy layered on top of that.
References
Last verified:
- Mantle | Institutional Infrastructure for Real-World Assets
Mantle · mantle.xyz · primary source
RWA positioning, treasury size and composition as of September 2026, ecosystem metrics, and Chainlink CCIP migration.
Accessed
Linked organizations
MapPending linkage to a concrete organization on the map.
Relationships
Competes with
Arbitrum
Serves a comparable role, so the two are worth reading side by side.
Directory suggestion, pending verification.
Competes with
Optimism
Serves a comparable role, so the two are worth reading side by side.
Directory suggestion, pending verification.
Related to
Ethereum
Adjacent asset in the same research context.
Directory suggestion, pending verification.
