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Q3 2024 Progress Overview | Mantle

01 Oct, 20242 min read
EcosystemMantleRoundups
Q3 2024 Progress Overview | Mantle

Mantle marked a significant milestone in Q3 2024, celebrating 1 year since the launch of Mantle Network Mainnet Alpha. Despite the impressive growth and expansion achieved over the past year, Mantle kept the momentum going, with continued on-chain growth, new product advancements, and a host of ecosystem integrations. From the evolution of mETH Protocol to a revamped Mantle Rewards Station, Q3 was filled with key developments that further strengthened Mantle’s position in the on-chain finance space. Here's a brief recap of the key moments.

Key On-Chain Metrics

Mantle’s key on-chain metrics continued their strong upward trajectory throughout Q3::

  • TVL Growth: TVL climbed from $341 million in Q1 to $1.26 billion by the end of Q3, with Mantle key assets like $mETH, $FBTC, and USDe contributing 48%.
  • Active Users & Transactions: Daily active users increased by 9.5% over Q3, while total transactions grew by 13.1%.

Methamorphosis: Advancing mETH Protocol

Following the passage of MIP-30, mETH Protocol entered its next phase of growth, representing a "meth"amorphosis with the transition from $mETH to $cmETH — a permissionless and composable Liquid Restaking Token that broadens access to restaking opportunities — and the introduction of $COOK, mETH Protocol’s new governance token. To kick off this growth phase, we launched Season 1: Methamorphosis, giving $mETH holders the chance to recieve Powder rewards, which are convertible to $COOK.

Revamped Mantle Rewards Station

The Mantle Rewards Station underwent significant enhancements this quarter, offering users more flexibility and control over their rewards:

  • Redesigned interface for an improved user experience.
  • New lock-in periods to accumulate MNT Power (MP) for higher rewards.
  • Batch deposits and customizable MP delegation across multiple reward pools.

Ecosystem Highlights

Mantle Network's ecosystem continued to expand, now boasting over 240 dApps. Key integrations in Q3 included: Ember Sword, Pichi Finance, SushiSwap, MetaCRM, Houdini Swap, EMC Protocol, Omnia Protocol, Sharpe Labs, BQL, Router Protocol, xStation, Yield Yak, Hourglass, DZap, Yield Nest, OMOSwap, Thetanuts Finance, DappRadar, Equilibria , Alchemy