Mantle Network, an Ethereum Layer 2 blockchain, has made headlines with its impressive growth trajectory. Within a month of its launch, the network’s Total Value Locked (TVL) has skyrocketed to $40 million. This rapid accumulation of assets underscores the increasing user deposits and trust in the platform.
The mainnet alpha for Mantle was officially unveiled on July 17. Since then, it has ascended the ranks to become the seventh most valuable Layer 2 blockchain in TVL. This is as per data from DeFiLlama, placing Mantle alongside significant players like Arbitrum One, OP Mainnet, zkSync Era, Base, Starknet, and Immutable X.
A significant contributor to Mantle’s burgeoning TVL is its native decentralized exchange, Agni Finance. The value locked in Agni Finance alone has exceeded $23 million, with its cumulative trading volume touching $53.6 million.
But that’s not all. The assets transferred from the Ethereum bridge further bolstered Mantle’s growth. Close to 5,000 unique addresses have moved nearly $56 million from Ethereum to Mantle, as highlighted in a report by Nansen. Sandra Leow, a research analyst at Nansen, attributes Mantle Network’s TVL surge to the ongoing trend of Layer 2 chains launching and the subsequent “capital rotation from Ethereum’s main net.”
Delving deeper into Mantle’s financials reveals its robust on-chain treasury. Rebranded and merged with BitDAO, Mantle boasts one of the largest on-chain treasuries, holding a staggering $3.2 billion in liquid assets. The majority of these assets are in Mantle tokens, followed by stablecoins. This vast treasury not only underscores Mantle’s branding but also enhances the credibility of the Layer 2 network.
Mantle’s DAO-led ecosystem has recently approved a $200 million fund to further fuel its growth trajectory. This fund is earmarked to support early-stage apps on the Ethereum Layer 2, potentially setting the stage for Mantle to build a rapidly expanding ecosystem.
Mantle’s approach to blockchain is unique. Instead of routing all transactions through a single layer, Mantle employs a modular chain system. This innovative system segregates execution, data availability, consensus, and settlement into distinct layers, offering a dynamic and efficient blockchain experience.
