Mantle 2.0, envisioned as the premier “liquidity network” for digitized real-world assets, is championing a novel operational framework poised to foster a beneficial synergy between centralized and decentralized players in the cryptocurrency arena.
Initially conceived within BitDAO back in 2021, Mantle Network emerged as an Ethereum Layer-2 (L2) scaling solution, distinguishing itself as the first L2 platform launched by a decentralized autonomous organization, or DAO.
In July of 2023, BitDAO and Mantle Network unified under the Mantle banner, streamlining operations and solidifying the Mantle (MNT) token’s role within the ecosystem.
Currently, the project is embarking on “Mantle 2.0,” a transformative phase characterized by the appointment of Bybit executives as key advisors. This phase also introduces a forward-thinking roadmap focused on integrating centralized finance (CeFi) and decentralized finance (DeFi), as highlighted in a Wednesday analysis by Delphi Digital, a crypto research institution. The report emphasizes the potential for groundbreaking advancements.
Mantle 2.0 presents a potentially revolutionary business approach, advocating for enhanced collaboration between DAO-led projects and major centralized exchanges. This strategic alignment aims to harness the strengths of decentralized governance while tapping into the substantial liquidity and broad user base characteristic of centralized trading platforms.
On August 18th, the Bybit exchange introduced a range of exclusive promotional campaigns and yield-generating products specifically for MNT token holders.
Furthermore, on August 29th, Bybit exchange and Mantle unveiled a collaborative roadmap, providing MNT holders with benefits such as reduced slippage on purchases, expanded payment options within the Bybit ecosystem, and access to other savings and staking opportunities.
Delphi Digital stated in a Wednesday X post that Mantle has evolved into more than just an L2 solution and is now a core element of Bybit’s ecosystem. They elaborated, “This isn’t just a simple partnership, but a strategic move towards Real World Asset (RWA) dominance,” adding:
“This evolution transforms the Mantle token into a key utility asset within the Bybit platform.”
The research firm further highlighted that this shift aligns MNT’s value with Bybit’s substantial daily trading volume (ranging from $3-5 billion in spot trading and over $25 billion in derivatives), surpassing the traditional focus on governance. They also noted the emergence of “a new competitive environment that seamlessly blends traditional finance infrastructure with decentralized finance innovations.”
Enhanced Capital Access for Mantle Through Bybit Backing and the EcoFund
Bybit’s support is anticipated to unlock increased capital avenues for Mantle via Bybit investments, grant programs, and the Mantle EcoFund, a $200 million fund dedicated to investing in applications native to the Mantle ecosystem.
Strategic partners participating in the EcoFund include Dragonfly, Pantera, Spartan, Figment Capital, Folius Capital, and Hashkey Capital, among others.
Mantle’s increasing integration within Bybit’s operations is blurring the distinction between the two entities, raising potential concerns among investors regarding the preservation of its decentralized governance model.
Delphi Digital’s research report concludes that “While Mantle continues to be formally governed by token holders through the original DAO framework, Bybit’s influence has become deeply embedded.”
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