Mantle continued its strong momentum in Q2 2024, with Mantle Network maintaining positive quarter-over-quarter growth and mETH Protocol advancing to its next phase of development following the passage of MIP-30. The launch of $FBTC, new initiatives like Mantle Missions, and key ecosystem integrations all contributed to another action-packed quarter. Here's a brief recap of the key moments.
Continued On-Chain Growth
Mantle Ecosystem experienced continued growth throughout Q2 2024:
- On-Chain Growth: Mantle Network maintained positive growth, fueled by increased activity across dApps and protocols. TVL grew by 16.21% over Q2, daily active users surged by 582%, and total transactions rose by 132%.
- Gaming dApp Growth: A special shoutout goes to the impressive early growth of two gaming dApps, xMetaCene and Catizen, both supported by Mantle Treasury. Since their launch on Mantle Network, xMetaCene recorded 3.8 million transactions, while Catizen posted 2.9 million transactions over Q2.
The Passage of MIP-30
It’s safe to say that Q2 (and Q3, for that matter) was all about the next phase of mETH Protocol’s development, initiated through the approval of MIP-30. This proposal kicked off the introduction of mETH Protocol’s liquid restaking token, $cmETH, and its governance token, $COOK. With $cmETH, Mantle took another step forward in offering ETH holders yield-bearing opportunities while boosting capital efficiency across Mantle Ecosystem, thanks to the composability of $cmETH within its dApps.
Igniting BTCFi: The Introduction of $FBTC
During this eventful quarter, the team at Ignition introduced $FBTC, an omnichain Bitcoin asset designed to bridge the Bitcoin and Ethereum ecosystems by offering deep liquidity and new yield opportunities within the Mantle Ecosystem. From the outset, Mantle played a key role as a core contributor, helping unlock greater utility for Bitcoin holders through seamless integration with Ethereum-based DeFi applications, extending Bitcoin’s use beyond its traditional role as a store of value.
Mantle Scouts Program: Season 1 Launches
April saw the launch of the inaugural Mantle Scouts Program, a initiative designed to support early-stage projects deploying on Mantle. Over its pilot run from April to October 2024, the program collaborated with 16 industry leaders — including renowned investors, founders, and thought leaders — to distribute $1 million worth of $MNT to promising projects. These Scouts provided mentorship and amplified technical, marketing, and financial resources, enabling projects to grow and become integral participants in the Mantle Ecosystem.
Ecosystem Highlights
Mantle welcomed several new applications and to the ecosystem, including:
- Showcase Apps:
- IntentX: The first intent-based DEX on Mantle, offering perpetual futures trading.
- Vertex Protocol: A cross-margined DEX.
- Catizen: A cat-themed GameFi dApp on Telegram, offering rewards to players.
- Other Key Integrations:
- KyberSwap, Fingerlabs, QuickNode, Dune, Intract, Arkham, Wormhole.
User-Centric Rewards Initiatives
Throughout Q2, Mantle Rewards Station continued to offer valuable incentives, including:
- 90,909 MYSO Tokens
- 1 Million INTX Tokens
To further engage users, Mantle launched Mantle Missions, designed to encourage exploration of dApps and completion of ecosystem quests for additional rewards.