Q4 was arguably the busiest quarter of the year with significant milestones across Mantle’s ecosystem — from key product launches and rewarding campaigns to strategic collaborations. These developments have not only strengthened Mantle’s foundation but also set the stage for even bigger things in 2025, as we continue laying the groundwork for our overarching goal — becoming a leader in the future of on-chain finance. Here's a breakdown of what unfolded during this action-packed quarter.
Key On-Chain Metrics
Building on the sustained momentum throughout 2024, Mantle achieved several significant milestones by the end of Q4:
- Mantle Network TVL All-Time High: On Dec. 9, 2024, Mantle’s Total Value Locked (TVL) reached an all-time high of $2.36 billion.
- $MNT Market Cap: The market cap of $MNT also reached an all-time high of $4.2 billion.
- mETH Protocol: mETH Protocol is home to $mETH, the 4th largest ETH liquid staking token, and also introduced $cmETH and $COOK. mETH Protocol also saw its ATH TVL hit $1.87B.
- Ignition FBTC: Mantle’s core yield-bearing assets have seen significant growth this year, with the addition of FBTC and Agora’s AUSD to an already well-established lineup, including Ethena’s USDe and Ondo Finance’s USDY. Ignition FBTC also crossed a remarkable milestone past the $1B TVL mark.
Ecosystem Highlights
Agora Brings $AUSD to Mantle
Agora’s U.S. dollar stablecoin, $AUSD, was deployed on Mantle, marking its first ETH Layer 2 (L2) deployment. Fully backed by cash, U.S. Treasury bills, and overnight repo agreements, $AUSD brings an institutional-grade stablecoin to Mantle’s growing ecosystem, providing users with a secure and reliable asset for on-chain transactions.
TON Accelerator Unveils Synergy: A $5M Cross-Chain Initiative
TON Accelerator launched Synergy, a $5 million initiative supported by TON Ventures and Mantle’s EcoFund. This program aims to foster cross-chain innovation between the TON and Ethereum ecosystems, with Mantle serving as the dedicated EVM partner, further advancing interoperability and developer collaboration.
mETH Protocol’s Continued Evolution
$COOK TGE
On Oct. 29, 2024, marked the date for the TGE of $COOK, mETH Protocol’s governance token. This launch empowered users with a greater role in shaping the future of mETH Protocol and boosted participation across the ecosystem. Eligible users from initiatives such as Season 1: Methamorphosis, Mantle Rewards Station’s $COOK Rewards Pool, and collaborations with Bybit and Binance Web3 Wallet were able to claim their tokens. Additionally, $COOK was listed on leading CEXs, including Bybit.
Season 2: Methamorphosis – Start Restaking with $cmETH
Following the successful $COOK TGE, Mantle launched Season 2: Methamorphosis, introducing $cmETH, the new liquid restaking token. Users can now earn multiple layers of rewards, including:
- Staking yields and restaking rewards via risk-adjusted vault strategies.
- Powder rewards, which can be redeemed for $COOK.
- The flexibility to use $cmETH across DeFi integrations for additional rewards.
COOK Feast: Boost Your $cmETH Stack
To encourage long-term engagement, Mantle introduced COOK Feast, allowing $COOK holders to lock their tokens and earn $cmETH rewards. Similar to Mantle Rewards Station, participants gain COOK Power, which determines their share of rewards.
- Event Period: Nov. 21, 2024, 10AM UTC to Feb. 16, 2025, 10AM UTC
Mantle Network’s Technical Advancements
Transition to ZK Validity Rollup with Succinct’s SP1
In a significant leap forward, Mantle announced its integration with Succinct’s SP1, positioning itself as the first ZK validity rollup with secure 1-hour withdrawals. This upgrade marks a pivotal transition from the existing optimistic rollup model to a zero-knowledge (ZK) validity rollup, offering:
- 1-hour finality, a 168x improvement over previous bridging times.
- Enhanced capital efficiency, better swap market spreads, lower slippage, improved interest rates, and broader asset availability.
This move underscores Mantle’s commitment to delivering cutting-edge scalability and institutional-grade security for the future of on-chain finance.
Mantle Scouts Program Returns for Season 2
Q4 marked the announcement of Season 2 of the Mantle Scouts Program, following the remarkable success of its inaugural season. This expanded initiative now features a network of 40 industry-leading scouts, including prominent figures such as Piers Kicks (Founding Partner of Delphi Ventures), Guy Young (Founder of Ethena Labs), Nick van Eck (Founder of Agora), and Tim Wong (Chairman of Foundation Catizen). Designed to nurture early-stage crypto projects, the program reinforces Mantle’s commitment to encouraging innovation and driving growth across the ecosystem.
Mantle Rewards Station Campaigns
Mantle Rewards Station continued to drive engagement in Q4, launching several high-value campaigns:
- MNT Reward Booster: Lock $MNT and earn a share of 1 million $MNT.
- $ENA Rewards: Lock $MNT to earn a share of 4 million $ENA tokens.
- $EIGEN Rewards: Lock $MNT to earn a share of 570,000 $EIGEN tokens.
- $UXLINK Rewards: Lock $MNT and stake $UXLINK to earn a share of 1 million $UXLINK tokens.
Looking Ahead to 2025
At Mantle, we believe the future of global finance is on-chain, and our mission for 2025 is to continue shaping this transformation through innovative and valuable products. Mantle Network, our Layer 2 solution, is addressing the challenge of capital efficiency by establishing itself as the liquidity chain. With industry-first milestones like the integration of EigenDA and the adoption of ZK Validity Rollup technology through Succinct’s SP1, Mantle is positioned at the forefront of technical innovation in the DeFi space.
In addition to advancing our modular design and scalability, we’re exploring the powerful synergy between AI and crypto technologies. By increasing investment in AI, we aim to unlock new opportunities for creativity and groundbreaking applications within on-chain finance. At the same time, we remain committed to creating the strongest yield-bearing assets, empowering users with unmatched opportunities to participate in the decentralized financial systems of tomorrow.
As we step into 2025, Mantle is dedicated to pushing boundaries, delivering impactful solutions, and leading the next chapter in on-chain finance.