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Q1 2024 Progress Overview | Mantle

01 Apr, 20242 min read
EcosystemMantleRoundups
Q1 2024 Progress Overview | Mantle

Mantle kicked off 2024 on a high note, with Mantle Network and mETH Protocol hitting new TVL all-time highs (ATHs). The launch of Mantle Rewards Station and the successful Mantle v2 Tectonic Upgrade added to an already eventful quarter. Here's a brief recap of the key moments.

Key On-Chain Metrics

Mantle continued its impressive growth in Q1 2024:

  • TVL All-Time High: Mantle Network achieved a new ATH in TVL of $917 million on March 12, 2024, representing a 168% increase since the start of the year.
  • mETH Protocol: mETH Protocol became the 4th largest ETH liquid staking protocol in its category, with a 422% increase in TVL during Q1.
  • $MNT Growth: The native token, $MNT, saw a 71% increase in holders, surpassing 1 million holders across L1 and L2 platforms.

Ecosystem Highlights

One of Mantle's Showcase applications, INIT Capital, started the year strong by:

  • Launching on Mantle Mainnet.
  • Reaching a TVL high of $75.32 million.

Mantle DEX Volume:

  • The average daily decentralized exchange (DEX) volume grew by 175.56% quarter-over-quarter, reaching $31.5 million.
  • Key DEX contributors: AGNI, Merchant Moe, and FusionX Finance.

Mantle EcoFund Investments: Mantle EcoFund provided strategic support to:

  • IntentX: Intent-based DEX for perpetual futures trading.
  • Metacene: Blockchain MMORPG platform.
  • Lagrange State Committee: A light client for optimistic rollup state that can be safely consumed by cross-chain applications without waiting for the seven day finalization window to conclude.

New Products & Offerings

The launch of Mantle Reward Station:

  • The first Mantle Rewards Station was introduced alongside the launch of the Mantle Sharding with ETHena event, allowing users to lock $MNT to unlock 2.5 billion Ethena Shards.

Network Enhancements

One of Mantle's most significant milestones during Q1 was the Mainnet v2 Tectonic Upgrade, which brought many enhancements to Mantle Network. Including:

  • EIP-1559 Integration: Improved fee auctions and greater network stability.
  • Predictable Block Time: Blocks are consistently generated every two seconds, ensuring reliable performance.
  • Native L2 MNT Token: MNT has been fully transitioned to a native L2 asset, streamlining its use within the network.
  • Fee Optimization: Users now benefit from lower fees and more accurate transaction cost estimation.
  • Security Enhancements: Comprehensive audits were completed by OpenZeppelin, Secure3, and Sigma Prime, with an ongoing public bug bounty program to ensure continued network security.

Mantle Governance

MIP-29 Approval: Authorized a $30 million USDC capital call from Mantle Treasury, updating governance processes and expanding Mantle EcoFund's investment mandate.