地幔網絡Q1 2025報告

Mantle專注於通過將機構級基礎設施與區塊鏈技術相結合，為Onchain Finance建立可持續的樞紐。

Key Innovations:

關鍵創新：

* 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.

*模塊化體系結構：地幔正在構建具有模塊化體系結構的下一代財務系統，從而使各種用例並與更廣泛的以太坊生態系統進行了深入的整合。

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

*數據可用性解決方案：為了確保最佳的吞吐量和可擴展性，Mantle正在集成高級數據可用性解決方案，例如Eigenda及其內部技術。

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

*零知識證明：地幔計劃在其樂觀的滾動體系結構中介紹零知識證明，以增強安全性和隱私。

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

*互操作性：地幔正在與其他連鎖店（包括HypereVM）積極整合，以擴大跨鏈流動性和資產管理的可能性。

* 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.

*機構級基礎設施：地幔專注於建立機構的金融產品，例如用於BTC收益率的液體蒸發和功能的甲基甲基甲基元素協議，以吸引更廣泛的用戶。

New Offerings:

新產品：

* 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.

*地幔索引四：四個令牌的籃子 - Ethena USDE，Ondo Usdy，Agora Ausd和Eigenlayer Eigen-均選擇了它們的獨特效用和對生態系統的貢獻。

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

*地幔銀行業務：用於管理，轉換和交換加密貨幣的服務，適合個人和機構用戶。

* 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.

* Mantlex：將諸如人工智能（AI）和機器學習（ML）（ML）等尖端技術集成到財務領域的倡議，旨在開發創新的Defi產品和服務。

Financial Analysis:

財務分析：

* 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.

*市值和價格：截至2025年第1季度，Mantle的循環市場上限下降了36.6％，至27億美元，而MNT的價格下跌了36.6％，至0.79美元。

* 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.

*總價值鎖定（TVL）：地幔網絡的TVL在2024年第四季度顯示出顯著增長，從約16.9億美元增加到2024年11月7日至1224年12月4日之間的約21.6億美元。這一增長可以歸因於擴展的用戶基礎，並且在網絡範圍內通過網絡範圍內的活動，尤其是在網絡中通過諸如METECENTYESS -egecter Productys等生態系統的活動，例如MECET Procestates，例如Meth Compents CMETH和CMETH和CMETH。

* 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.

*國庫價值和持股：在第1季度，第1季度，Mantle的總財政部持有從39億美元下降到35億美元，顯示出10.3％的下降。財政部的主要部分為65.4％，總計為23億美元。第二大部分是甲基苯丙胺的14.8％或5.192億美元，其次是ETH，為11.9％和4.176億美元。

Key Updates:

密鑰更新：

* 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.

*與Eigenda的集成：2025年3月19日，Mantle網絡完成了Eigenda的完整集成，成為第一個採用數據可用性解決方案的以太坊層。

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

*對Sepolia的OP進行測試：2025年3月26日，Mantle將其簡潔的集成部署到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.

* CMETH擴展到HypereVM：2025年3月25日，CMETH宣布與Mizu和Hyperbeat合作，將其擴展到HypereVM與居住的穹頂。

Key Highlights:

關鍵亮點：

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

* Mantle完成了Eigenda的集成，這一舉動強調了網絡對模塊化和可擴展性的承諾。

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

*隨著OP簡潔的部署到Sepolia testnet，Mantle距離過渡到ZK-VALIDIDE匯總體系結構更近一步。

* 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.

*作為其更廣泛的互操作性策略的一部分，CMETH宣布與Mizu和Hyperbeat建立合作夥伴關係，以推出Hypereth Vault，從而使流動性轉移和跨不同鏈條的收益策略轉移。

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.

更廣泛的加密貨幣市場在2025年第1季度經歷了低迷，ETH的市值下降了46.0％。與這種較大的下降一致，Mantle的循環市值下降了36.6％，至27億美元，略優於ETH。儘管有這種情況下降，但Mantle在競爭方案中保持領先地位，優先考慮長期基礎設施的發展。