Messari’s in-depth report frames Mantle as a Layer 2 protocol transitioning from execution-focused performance to a coordinated onchain finance ecosystem. It notes Mantle’s deepening exchange integration, expanding real-world asset infrastructure, and a modular financial stack spanning capital, applications, and user access. The analysis highlights Mantle’s evolving relationship with Bybit, transitioning from a standard token listing to a platform-level integration in which MNT underpins trading, fee payments, VIP programs, and institutional products.
Bybit’s August 2025 roadmap expanded MNT-quoted trading pairs, enabled discounted MNT-denominated fees, and introduced MNT-based benefits for VIP and institutional users, with MNT’s circulating market capitalization around $8.7 billion as of October 8, 2025. Mantle’s capital base is anchored by the mETH Protocol, which remains one of the network’s largest sources of onchain liquidity. As of late 2025, mETH holds $791.7 million in ETH and cmETH holds $277 million, totaling about $1.07 billion in underlying assets.
On the application layer, Mantle’s DeFi TVL reached $242.3 million as of September 30, 2025, signaling ongoing growth in onchain activity. Messari also underscores Mantle’s progress in building institutional-grade onchain infrastructure through its Tokenization-as-a-Service (TaaS) platform, which provides end-to-end support for compliant RWA issuance. “Institutions don’t adopt isolated execution layers, but they adopt ecosystems that coordinate capital, liquidity, and distribution,” said Emily Bao, Key Advisor at Mantle.
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