Mantle

What is Mantle?

Mantle is an Ethereum layer 2 network that bundles transactions and settles them on Ethereum using zero-knowledge validity proofs. MNT pays gas on Mantle and is used for governance. Mantle grew out of BitDAO, a project backed by the exchange Bybit, and controls a large treasury.

What it’s used for

Users bridge assets to Mantle to trade and lend in its DeFi apps and to use products such as mETH, a liquid staking token for ETH. Mantle also pitches itself to institutions for tokenized real-world assets. MNT is spent as gas and used in governance votes.

Role of the MNT token:

Evidence of real use

• L2BEAT describes Mantle as a rollup that posts data to Ethereum blobs and validates state with OP Succinct ZK validity proofs, and rates it Stage 0. Source
• Mantle upgraded from an optimistic design to OP Succinct ZK validity proofs on mainnet on September 16, 2025. Source
• In May 2023 BitDAO token holders approved converting BitDAO into Mantle and swapping BIT for MNT. Source

How Mantle works

Mantle collects transactions through a sequencer, executes them in an environment compatible with Ethereum, and posts the data to Ethereum. Since September 2025 it proves that its state updates are correct with zero-knowledge validity proofs, generated with Succinct's SP1 prover, instead of waiting for a challenge period. Mantle originally stored transaction data on EigenDA, an external data service, and has since moved to Ethereum blobs, which L2BEAT considers a stronger guarantee.

Even with these upgrades, L2BEAT rates Mantle Stage 0. That means operators or a small group of key holders can still upgrade the system or block withdrawals without giving users time to leave. A single sequencer run by the Mantle team orders transactions, so outages or censorship by that operator are possible, though users can attempt to force transactions through Ethereum.

MNT pays gas on Mantle and lets holders vote on Mantle governance proposals, including how its treasury is used. The treasury inherited from BitDAO is large and holds a big share of MNT supply. Mantle also runs mETH, a liquid staking token for ETH, and has partnered with Bybit on products such as tokenized stocks. These ties bring users and liquidity but also concentrate influence.

Key moments

1. 2021BitDAO launches with backing from Bybit and a large treasury.
2. 2023BitDAO votes to become Mantle; BIT swaps one-for-one into MNT, and Mantle mainnet launches in July.
3. 2023Mantle launches mETH, a liquid staking token for ETH.
4. 2025Mantle upgrades to OP Succinct ZK validity proofs in September.

Supply

MNT has a total supply of about 6.22 billion tokens, carried over from BIT's one-for-one swap. Roughly half is in circulation and much of the rest sits in the Mantle Treasury, controlled through governance. There is no fixed burn tied to gas usage.

Risks to understand

• Stage 0 upgrade risk: key holders can change the system without a waiting period that lets users exit first.
• Sequencer centralization: one operator orders transactions and could stall or censor them.
• Treasury and insider concentration: a large share of MNT sits in the treasury, and decisions about it can affect supply.
• Exchange ties: close links to Bybit mean problems or regulatory action affecting Bybit could spill over.
• Smart-contract and bridge risk in Mantle's contracts and in third-party bridges.

Last reviewed October 4, 2026 by The Crypto Guide editorial team. Utility Lens ratings are editorial judgments, not investment advice. Market data from CoinGecko. Spot an error? Request a correction.