Rich by Coin

Messari has published an in-depth report examining Mantle’s network design, ecosystem structure, and milestones, highlighting the protocol’s evolution toward a coordinated distribution layer for onchain finance. The analysis centers on Mantle’s deepening exchange integration, expanding real-world asset infrastructure, and the emergence of a modular financial stack spanning capital, applications, and user access. Messari highlights Mantle’s evolving relationship with Bybit, which has progressed from a standard token listing to a platform-level integration where MNT functions as a core asset across trading, fee payments, VIP programs, and institutional products. Following a joint roadmap announced in August 2025, Bybit 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 cap nearing $8.7 billion on October 8, 2025.

The report notes Mantle’s capital base is anchored by 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, representing approximately $1.07 billion in underlying assets. On the application layer, Mantle’s DeFi TVL reached $242.3 million as of September 30, 2025, reflecting continued growth in onchain activity across the network. These figures reflect expanded access, improved liquidity, and broader participation across Mantle’s distribution channels.

Mantle’s Tokenization-as-a-Service (TaaS) platform provides end-to-end support for compliant real-world asset issuance, underscoring institutional-grade onchain infrastructure. Institutions don’t adopt isolated execution layers, but ecosystems that coordinate capital, liquidity, and distribution, said Emily Bao, Mantle’s Key Advisor. Mantle’s focus has been on closing those gaps and making onchain finance usable at institutional scale, rather than optimizing for throughput, said Evan Zakhary, Protocol Research Analyst at Messari. Messari’s analysis frames Mantle as a Layer 2 evolving beyond execution to coordinate capital, infrastructure, and distribution; for more information, visit mantle.xyz.