MNT

Mantle

Layer 2

A Bybit-backed Ethereum layer 2 chasing tokenized assets, whose token has lost two-thirds of its value in a year.

Bybit-tied, sliding v1.1 · as of 2026-10-21 · framework v1.13 Coinsight · all analyses
Bottom line

Mantle kept shipping in 2026: Aave V3 went live in February, MNT reached Solana through the Super Portal, and tokenized assets on the chain grew to ~$476M by late September. None of this has reached the token: MNT is −66% over a year and −80% from its $2.86 ATH of 8 Oct 2025, and chain fees are tiny (roughly $0.2M over the last four quarters). About 47% of supply still sits outside circulation, mostly in the Mantle treasury, and no burn or buyback is active. MNT trades mainly as a bet on Bybit's ecosystem rather than on paid usage.

Scorecard (1–5)
Project
Token performance
Tokenomics
Price
$0.5601
+5.5% 24h · −11% 30d · CoinGecko 21 Oct
Market cap
$1.85B
rank #55 · FDV $3.48B
24h volume
$17.6M
1.0% of market cap
From ATH
−80%
ATH $2.86, Oct 2025
2026 YTD
−42%
$0.9633 → $0.5601
Tokenized assets
~$476M
Distributed asset value, 25 Sep 2026 (RWA.xyz via Mantle)

The last 12 months

$0.5$1$1.5$2Oct 25NovDecJan 26FebMarAprMayJunJulAugSepOctNovDec2025-10-27: $1.773$1.77 peak2026-01-12: $1.15$1.152026-08-01: $0.3922$0.39 low2026-10-01: $0.6967$0.702026-10-21: $0.5601$0.561All-time high at $2.862MNT reaches Solana3Aave V3 live on Mantle4DeFi TVL passes $1B530,000 ETH loan vote (MIP-34)6Year low at $0.397Tokenized assets at $476M8Rebound tops at $0.709Burn or buyback decision
MarketProductAdoptionGovernanceUpcoming

Daily closes from CoinGecko, 22 Oct 2025 to 21 Oct 2026. The $2.86 ATH of 8 Oct 2025 falls just before the line starts.

Key events
  1. 1
    08 Oct 25 All-time high at $2.86. MNT peaks two days before the 10 Oct market crash, then slides through the rest of the year.
  2. 2
    27 Jan 26 MNT reaches Solana. Bybit, Mantle and Byreal launch the Super Portal to bridge MNT between Ethereum and Solana.
  3. 3
    11 Feb 26 Aave V3 live on Mantle. Aave reaches $1B total market size in 19 days, per Nansen.
  4. 4
    10 Mar 26 DeFi TVL passes $1B. Reported all-time high for Mantle DeFi, driven by Aave; MNT stays near $0.67.
  5. 5
    01 May 26 30,000 ETH loan vote (MIP-34). MNT holders vote on lending up to 30,000 ETH from the treasury to Aave's DeFi United recovery effort (date approximate).
  6. 6
    01 Aug 26 Year low at $0.39. Down 78% from the 27 Oct 2025 close and −59% year to date.
  7. 7
    25 Sep 26 Tokenized assets at $476M. 1,473 tokenized assets on Mantle, up from 71 at the start of the year.
  8. 8
    01 Oct 26 Rebound tops at $0.70. +78% from the August low, then back to $0.53 by 20 Oct.
  9. 9
    TBD Burn or buyback decision. A Mantle advisor said a burn or buyback is being considered with a tokenization upgrade, subject to governance; no proposal or date found.

How a tokenized-stock trade settles on Mantle

User
Bridges funds to Mantle

Moves USDC or ETH from Ethereum or Bybit to Mantle Network.

Wallet
Signs a swap

Buys a tokenized stock or ETF token on a Mantle DEX; pays gas in MNT.

Sequencer
Orders the transaction

Mantle's sequencer includes it in an L2 block within seconds.

Prover
Generates a ZK proof

OP Succinct proves the batch of L2 blocks is valid.

Ethereum
Data and proof posted

Batch data goes into Ethereum blobs; the proof is verified on L1.

User
Holds or lends the token

Can supply it or stablecoins on Aave, or bridge back out.

Where MNT comes in: it pays gas on Mantle and votes in governance. Fees are small and are not burned or shared, so heavy use of Aave or tokenized stocks barely touches MNT demand; trades priced in USDC bypass MNT entirely.

Usage and adoption

USD: chain gas fees over the last four quarters vs treasury MNT not yet circulating (at $0.56)
Gas fees, Q4 25 to Q3 26
~$0.23M
Treasury MNT outside circulation
~$1.63B
Market cap
$1.85B

Gas fees from DefiLlama's quarterly figures ($109.9k Q4 2025, $54k Q1 2026, $63.3k Q2 2026, Q3 2026 still partial). Treasury value is ~2.92B MNT (max supply minus circulating) times today's price; it is a stock, not a yearly flow, but it is the source of all new float. Fees are about 0.01% of the treasury overhang and too small to see on this chart.

  • weak signal
    Chain gas fees
    ~$0.23M / 4 qtrs

    DefiLlama quarterly, falling from $252k in Q3 2025. No fee switch, burn or buyback, so none of it accrues to MNT holders.

  • medium signal
    Tokenized assets
    ~$476M

    Distributed asset value on 25 Sep 2026 (RWA.xyz, via a Mantle release), +110% in 30 days; 1,473 assets including tokenized stocks and ETFs.

  • medium signal
    Aave on Mantle
    $1B in 19 days

    Total market size after the 11 Feb 2026 launch (Nansen). Incentive-driven deposits can leave quickly.

  • weak signal
    DeFi TVL
    $0.23B to $1B+

    Mantle reported $1B+ in H1 2026; a DefiLlama-based report showed ~$231M later. Definitions differ, treat as uncertain.

Mantle's growth is in deposited and tokenized assets, much of it incentive- or Bybit-driven, while paid usage (gas fees) is close to zero. Until a burn, buyback or fee share exists, the treasury's ~2.92B MNT matters more for the token than chain activity.

Project

What it is
An Ethereum layer 2 (live since July 2023) built on the OP Stack, now pitched as an on-chain finance hub for tokenized stocks, ETFs and stablecoins. The wider Mantle group also runs mETH (liquid staking ETH), FBTC and the MI4 index fund.
Team
Grew out of BitDAO in 2023 and is closely tied to Bybit. Key advisor Emily Bao is also Bybit's head of spot; Jordi Alexander advises as "chief alchemist". MNT governance runs through Mantle Improvement Proposals voted by token holders.
Technology
Announced a move from optimistic rollup to a ZK validity rollup with OP Succinct in Sep 2025; Nansen's Q1 2026 report describes the switch to Ethereum blobs for data availability, completing the move away from a Validium setup.
Traction
Aave V3 launched 11 Feb 2026 and reached $1B market size in 19 days. Mantle reported over $1B DeFi TVL by mid-2026 and ~$476M of tokenized assets (1,473 assets) by 25 Sep 2026. DefiLlama-based reports later put TVL near ~$231M, so figures depend on what is counted.
Competitors
Base, Arbitrum and Optimism for general L2 activity; Ethereum mainnet, Plume and other RWA-focused chains for tokenized assets; other exchange chains such as BNB Chain.
Key risks
Value depends on Bybit's support and listings; a large treasury can sell or spend MNT; chain fees are too small to support the valuation; MNT governance participation is dominated by a few large holders.
Roadmap
No firm dated launch found. A Mantle advisor said a burn or buyback is being considered alongside a tokenization upgrade, subject to governance; Bybit's MNT utility roadmap (fee payment, more pairs) continues.

Token performance

1-year return (22 Oct 2025 → 21 Oct 2026, CoinGecko)
MNT
-66%
BTC
-22%
ETH
-35%

MNT fell three times as far as BTC over 12 months. Over 3 years it is up roughly +40% (from ~$0.40 in Oct 2023), well behind BTC (~+179%, from ~$29.7k) and ETH (~+53%, from ~$1.6k); the 3-year figure is manual and approximate because the free CoinGecko API covers 365 days.

Range 2026
$0.39 low (1 Aug) to $1.15 high (12 Jan), daily closes; now $0.56
12-month drawdown
−78%, from $1.77 (27 Oct 2025) to $0.39 (1 Aug 2026); −80% from the $2.86 ATH (8 Oct 2025)
Liquidity
$17.6M traded in 24h, ~1.0% of market cap; rank #55. Bybit carries a large share of volume.
Relative strength
−66% in a year vs BTC −22% and ETH −35%. The Aug to Oct rebound (+78% to $0.70 on 1 Oct) has already given back about half.
ATH check ATH check passed. MNT started trading in July 2023 and set its $2.86 ATH on 8 Oct 2025, more than two years later, so it is a cycle high, not a launch spike.

Tokenomics

Supply
Fixed maximum of ~6.22B MNT, all already minted. ~3.30B circulating (53%).
Inflation/emissions
No protocol inflation. New float comes from the treasury and ecosystem spending, not from minting.
Unlocks/vesting
Reported fully unlocked since 2023, so there is no vesting calendar. The ~2.92B MNT outside circulation is treasury-controlled and can be deployed at any time.
Utility
Gas token on Mantle Network, governance votes on MIPs, Bybit trading-fee payments and collateral, and bridging to Solana via the Super Portal.
Concentration
The Mantle treasury holds ~47% of supply (~$1.6B at today's price), plus ETH, BTC and stablecoins from the BitDAO era.
Sinks
None active: DefiLlama and Tokenomist list no burn or buyback, and fee revenue is tiny. A burn or buyback has only been discussed.

Bull case

Tokenized stocks and ETFs keep growing on Mantle and Bybit pushes more MNT utility; a governance vote adds a burn or buyback funded by the treasury. MNT holds the $0.39 August low and retakes the $0.70 October high.

Bear case

Fees stay negligible and the treasury keeps spending MNT into a thin market. Bybit-linked demand fades and price loses $0.50 to retest the $0.39 low, with $1.15 (the January high) out of reach.

Watch before the next re-run

  • Any MIP that adds a burn, buyback or fee share for MNT
  • Treasury MNT balance and transfers to exchanges
  • Tokenized asset value and Aave deposits on Mantle (RWA.xyz, DefiLlama)
  • $0.39 August low and the $0.70 October high

Where to trade

Krakenlisted

MNT against EUR · USD

24h $30.5k · ±2% depth $340.0k

OKXnot listed

No MNT spot market on OKX.

Largest exchanges

Exchange24h vol±2% depth
BybitMNT/USDT$5.89M$1.02M
CoinbaseMANTLE/USD$221.6k$349.6k
GateMNT/USDT$131.6k$209.1k
UpbitMNT/KRW$112.2k$365.9k
MEXCMNT/USDT$76.4k$71.3k

Deepest DEX pools

No on-chain pool with real trading found.

On-chain share of all MNT volume: 0.0%.

As of 21 Oct 2026 · CoinGecko tickers (24h volume, ±2% depth). ±2% depth is the money it takes to move the price 2% either way: the real size of a market. Exchanges ranked by volume among well-known venues; pools by depth. Not investment advice.

Where to follow

Official
People on X
Code and governance
Data
Media