Opening

Imagine a world where financial systems transcend borders. Where banking operates with full transparency, and is accessible to anyone, anywhere, anytime. This vision isn’t a distant dream – it’s the reality we’re building today, on-chain.

Reflection

For years, people have envisioned combining blockchain with banking. Mantle aims to be among the first to fully realize this vision, fully integrating blockchain technology to bring this transformative idea to fruition.

At Mantle, we believe financial autonomy and accessibility are fundamental rights. By driving the adoption of decentralized technologies, we aim to create a seamless, equitable, and innovative financial ecosystem.

2024 marked a year of significant progress. Yet, our vision extends far beyond scaling solutions. Mantle is building a purpose-driven ecosystem to redefine on-chain finance, foster collaboration with institutional partners, and unlock the potential of the largest community-owned treasury in blockchain.

As we move into 2025, we are more committed than ever to transforming finance, delivering value, and empowering communities worldwide. This is the year Mantle transforms crypto into your everyday finance.

Six Pillars of Innovation

Throughout 2025, Mantle will be expanding into 6 pillars of innovation — each representing a critical step forward in building a resilient and interconnected decentralized financial landscape. Of the six pillars, three are up and running: Mantle Network, mETH Protocol, and Ignition FBTC.

Mantle Network

We believe that the future of this space lies in creating solutions that prioritize liquidity and efficiency. That’s why we see the Mantle Network as the Liquidity Chain, built to solve the capital efficiency problems that have held back broader adoption. Our modular architecture ensures we can scale and adapt to whatever the next challenge is and we're in the midst of developing and integrating zk-proof technology on the OP Stack, with testing on track for completion by March 2025. In doing so, Mantle will be the world's largest rollup with ZK proofs.

mETH Protocol

mETH Protocol is on the path to becoming the gold standard for institutional-grade liquid staking and restaking. In 2025, mETH Protocol is set to superscale to the next stage of growth through:

• Newly developed institutional grade products
• Scaling integrations across diverse ecosystems
• Broadening distribution networks
• Enhancing community engagement programs, and
• Improving integration with key partners across various ecosystems

With a goal of becoming the keystone of decentralized finance, mETH Protocol’s reach will extend further through seamless usability, superior yields, and expansive utility across the CeDeFi landscape.

Ignition FBTC

On the heels of a bull run and a pro-crypto U.S. administration, the macro tailwinds could not be better for Bitcoin in 2025. However, Bitcoin largely remains idle as a store of value like gold. This is a $2tn market opportunity over the next 12-18 months this cycle for a major player to lead Bitcoin's evolution into a productive asset by generating sustainable, secure, and scalable yield. FBTC is uniquely positioned to define itself as the standard wrapped Bitcoin instrument for yield.

We can do so by providing deeper liquidity, over more capital efficient structures, connected to wider use cases. Our competitive advantage lies in our partnership with the strongest CeFi and DeFi players in the ecosystem, including Mantle, Antalpha, and more, and our ability to execute quickly.

While the above three pillars showcase the foundation of Mantle’s Ecosystem, three additional pillars will be unveiled later this year: Enhanced Index Fund, Mantle Banking, and MantleX.

The first will bring the vast liquidity potential of on-chain markets to traditional investors; the second will focus on revolutionizing value transfer, delivering fast, efficient and user-friendly payment solutions tailored for both on-chain and real-world applications; and the third will explore how artificial intelligence can unlock new possibilities in decentralized finance, creating intelligent systems that optimize decision-making, automate workflows, and enhance user experiences. More below.

Enhanced Index Fund: Bringing Crypto to Traditional Markets

As crypto solidifies its position as a mainstream asset class, investors worldwide are looking for straightforward and secure ways to access broad 'beta' exposure to the crypto market. However, the challenges of selecting, managing, and custodying individual tokens — particularly for those with traditional finance backgrounds — creates significant barriers to widespread institutional adoption. Launching in Q1 2025, Mantle's Enhanced Index Fund represents a key milestone in advancing infrastructure for the next generation of banking. This institutional-grade fund bridges decentralized and traditional finance, providing both crypto-native and traditional investors with seamless access to crypto beta, enhanced risk-return profiles, with robust security and custody measures. Targeting $1 billion in AUM, with Mantle Treasury as an anchor participant, it aims to set a new benchmark for institutional engagement in digital assets.

The Enhanced Index Fund will consist of a carefully curated basket of BTC, ETH, SOL, and USD, systematically rebalanced based on clear and transparent rules. Each component is selected for its durability and long-term relevance within the crypto ecosystem, avoiding the pitfalls of transient hype or frequent delisting. The key differentiator of this fund is that it will also tap into on-chain staking opportunities to boost returns. For example, ETH exposure will be represented by mETH and SOL exposure by bbSOL. USD will also be represented by yield-bearing assets like sUSDe and AUSD. This not only provides institutional investors access to crypto beta with an improved yield but also has significant ecosystem benefits for Mantle. The fund will also be tokenized, providing an on-chain representation of investments. This enables investors to also enjoy immediate ownership transfers, leverage utilization, and effortless integration with blockchain applications.

This is just the beginning of Mantle’s roadmap to integrate on-chain passive yield into mainstream finance. The Enhanced Index Fund is the first step toward a broader vision: making decentralized finance accessible, efficient, and compelling for institutional and retail investors alike. By introducing innovative yield-generating products and bridging liquidity between TradFi and DeFi, Mantle is laying the foundation for a future where passive yield becomes a core component of everyday financial portfolios.

Mantle Banking: Banking for the Next Generation

Mantle Banking aims to deliver fully blockchain-based services — from payments to lending and wealth management — enabling users to manage their finances securely and effortlessly.

A gap currently divides the crypto world from the real world — the conversion between fiat assets and crypto assets. This gap limits the true power and advantages of DeFi banking to a select few, making mass adoption challenging. Historically, this bridge was built through centralized exchanges and OTC brokers — a method that not only involved tedious manual processes but also inherited the inefficiencies of traditional finance.

DeFi should empower everyone, integrating seamlessly into everyday life. This year, Mantle is launching a groundbreaking product that reimagines the connection between fiat and crypto with a DeFi-first approach. Functioning much like Revolut but built entirely on chain, it combines simplicity with the principles of decentralization, transparency, and efficiency.

Mantle isn’t just reimagining banking — it's transforming the very architecture of finance with a Web3-first revolution: a fully blockchain-powered engine delivering a sleek, user-centric experience that brings crypto to your everyday.

MantleX: Mantle’s Bet on AI

MantleX is an AI-augmented company designed with the purpose of deploying and managing advanced AI agents tailored for the broad universe of Mantle — such as treasury management, community engagement, and onchain research.

The intersection of artificial intelligence and blockchain has emerged as a powerful catalyst going into 2025. AI agents are expected to rapidly reshape various industries, with the tech sector proclaiming 2025 to be the Year of the Agents. Blockchain may well have a role to play in the agentic revolution, and expectations abound that this could be the next killer use case for crypto, after 'digital gold' and stablecoins.

While the first-gen frameworks for launching agents onchain have been LLM wrappers with tokens attached and some social plugins, the sophistication of these frameworks is rapidly increasing as stronger builders enter and the open source community continues to contribute. Capital is flowing, and speculation abounds. Mantle's approach is focus on more than just the speculative layer, and rather partner with the strongest projects to develop state-of-the-art agents that can be used throughout the Mantle ecosystem.

DeFAI is especially a natural fit given the financial innovation mindset at Mantle. We are also exploring how agents might help Mantle more effectively deploy its large treasury, and are increasingly investing in other relevant areas such as agents for research, social engagement, and more creative directions.

Mantle Treasury: Powering the Ecosystem

Such achievements would not have been possible without Mantle’s Treasury–the financial backbone of our ecosystem. Representing the largest community-owned treasury in the industry, Mantle’s Treasury exemplifies our commitment to innovation, sustainability, and community-driven growth.

With over $4 billion in assets under management, including $1 billion in USD and ETH-based reserves, the Treasury plays a strategic role in driving liquidity and resilience across the ecosystem. As of December 31, 2024, it has generated $67 million in YTD income, providing a consistent and robust source of value creation. Moreover, the $200 million Mantle EcoFund, a catalyzed capital pool, has amplified growth by supporting 500 top-tier deals in collaborating with leading venture partners such as Polychain Capital and Dragonfly Capital.

This financial foundation directly strengthens Mantle’s governance token, $MNT, which has become a cornerstone of our ecosystem. Over the past year, $MNT has demonstrated remarkable growth and resilience, reflecting the strength of Mantle’s Treasury and the trust of our community. Designed with long-term sustainability, $MNT benefits from a clean cap table with no future token unlocks. Any use of non-circulating tokens requires community approval, ensuring transparency and alignment with Mantle’s commitment to decentralization.

Inspiration for the Future

We believe the future of global finance will be on chain.

The financial systems of tomorrow will not be forged by clinging to outdated models or incremental change. Instead, they will be built by those who embrace bold ideas, innovative technologies, and the courage to chart new paths. As we look to the future, our commitment to driving the on-chain evolution of finance remains unshakable. Together, we are not just imagining the future of finance — we are building it.

As always, we couldn’t have done it without you — token holders, partners, and users who share our belief in this mission. Thank you for your continued trust and support as we move forward into this exciting new chapter.

With gratitude and determination,

Mantle Core Team