Mantle Network Q1 2025 Report

Mantle is focused on building a sustainable hub for onchain finance by combining institutional-grade infrastructure with blockchain technology.

Key Innovations:

* Modular Architecture: Mantle is constructing a next-generation financial system with a modular architecture, enabling diverse use cases and deep integration with the broader Ethereum ecosystem.

* Data Availability Solutions: To ensure optimal throughput and scalability, Mantle is integrating advanced data availability solutions like EigenDA and its in-house technology.

* Zero-Knowledge Proofs: Mantle plans to introduce zero-knowledge proofs for enhanced security and privacy in its optimistic rollup architecture with OP Succinct.

* Interoperability: Mantle is actively integrating with other chains, including HyperEVM, to expand possibilities for cross-chain liquidity and asset management.

* Institutional-Grade Infrastructure: Mantle is focused on building institutional-grade financial products, such as mETH Protocol for liquid staking and Function for BTC yield, to attract a wider range of users.

New Offerings:

* Mantle Index Four: A basket of four tokens—Ethena USDe, Ondo USDY, Agora AUSD, and EigenLayer EIGEN—selected for their unique utility and contribution to the ecosystem.

* Mantle Banking: Services for managing, converting, and exchanging cryptocurrencies, catering to both individual and institutional users.

* MantleX: An initiative to integrate cutting-edge technologies like artificial intelligence (AI) and machine learning (ML) into the financial sphere, aiming to develop innovative DeFi products and services.

Financial Analysis:

* Market Cap and Price: As of Q1 2025, Mantle's circulating market cap decreased by 36.6% QoQ to $2.7 billion, while the price of MNT went down 36.6% to $0.79.

* Total Value Locked (TVL): Mantle Network's TVL showed significant growth during Q4 2024, increasing from around $1.69 billion to about $2.16 billion between November 7 and December 4, 2024. This growth can be attributed to the expanding user base and heightened activity across the ecosystem, particularly within the network's DeFi sector through key products such as mETH Protocol and the cmETH token.

* Treasury Value and Holdings: In Q1 2025, Mantle's total treasury holdings in USD decreased from $3.9 billion to $3.5 billion, showing a 10.3% decline. The main part of the treasury was 65.4% MNT, which amounted to $2.3 billion. The second-largest part was mETH at 14.8% or $519.2 million, followed by ETH with 11.9% and $417.6 million.

Key Updates:

* Integration with EigenDA: On March 19, 2025, Mantle Network completed the full integration of EigenDA, becoming the first Ethereum Layer-2 to adopt the data availability solution.

* Testing OP Succinct on Sepolia: On March 26, 2025, Mantle deployed its OP Succinct integration to the Sepolia testnet.

* cmETH Expands to HyperEVM: On March 25, 2025, cmETH announced its expansion to HyperEVM with a pre-deposit vault in collaboration with Mizu and Hyperbeat.

Key Highlights:

* Mantle completed the integration of EigenDA, a move that underscores the network's commitment to modularity and scalability.

* With the deployment of OP Succinct to the Sepolia testnet, Mantle took a step closer to transitioning to a zk-validity rollup architecture.

* As part of its broader interoperability strategy, cmETH announced a partnership with Mizu and Hyperbeat to launch a HyperETH vault, enabling the transfer of liquidity and yield strategies across different chains.

The broader crypto market experienced a downturn in Q1 2025, with ETH’s market cap declining by 46.0%. In line with this broader decline, Mantle's circulating market cap fell 36.6% to $2.7 billion, slightly outperforming ETH. Despite this decrease, Mantle maintained a leading position among competing protocols, prioritizing long-term infrastructure development.