地幔网络Q1 2025报告

Mantle专注于通过将机构级基础设施与区块链技术相结合，为Onchain Finance建立可持续的枢纽。

Key Innovations:

关键创新：

* 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.

*模块化体系结构：地幔正在构建具有模块化体系结构的下一代财务系统，从而使各种用例并与更广泛的以太坊生态系统进行了深入的整合。

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

*数据可用性解决方案：为了确保最佳的吞吐量和可扩展性，Mantle正在集成高级数据可用性解决方案，例如Eigenda及其内部技术。

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

*零知识证明：地幔计划在其乐观的滚动体系结构中介绍零知识证明，以增强安全性和隐私。

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

*互操作性：地幔正在与其他连锁店（包括HypereVM）积极整合，以扩大跨链流动性和资产管理的可能性。

* 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.

*机构级基础设施：地幔专注于建立机构的金融产品，例如用于BTC收益率的液体蒸发和功能的甲基甲基甲基元素协议，以吸引更广泛的用户。

New Offerings:

新产品：

* 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.

*地幔索引四：四个令牌的篮子 - Ethena USDE，Ondo Usdy，Agora Ausd和Eigenlayer Eigen-均选择了它们的独特效用和对生态系统的贡献。

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

*地幔银行业务：用于管理，转换和交换加密货币的服务，适合个人和机构用户。

* 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：将诸如人工智能（AI）和机器学习（ML）（ML）等尖端技术集成到财务领域的倡议，旨在开发创新的Defi产品和服务。

Financial Analysis:

财务分析：

* 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.

*市值和价格：截至2025年第1季度，Mantle的循环市场上限下降了36.6％，至27亿美元，而MNT的价格下跌了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.

*总价值锁定（TVL）：地幔网络的TVL在2024年第四季度显示出显着增长，从约16.9亿美元增加到2024年11月7日至1224年12月4日之间的约21.6亿美元。这一增长可以归因于扩展的用户基础，并且在网络范围内通过网络范围内的活动，尤其是在网络中通过诸如METECENTYESS -egecter Productys等生态系统的活动，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.

*国库价值和持股：在第1季度，第1季度，Mantle的总财政部持有从39亿美元下降到35亿美元，显示出10.3％的下降。财政部的主要部分为65.4％，总计为23亿美元。第二大部分是甲基苯丙胺的14.8％或5.192亿美元，其次是ETH，为11.9％和4.176亿美元。

Key Updates:

密钥更新：

* 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.

*与Eigenda的集成：2025年3月19日，Mantle网络完成了Eigenda的完整集成，成为第一个采用数据可用性解决方案的以太坊层。

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

*对Sepolia的OP进行测试：2025年3月26日，Mantle将其简洁的集成部署到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扩展到HypereVM：2025年3月25日，CMETH宣布与Mizu和Hyperbeat合作，将其扩展到HypereVM与居住的穹顶。

Key Highlights:

关键亮点：

* 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，这一举动强调了网络对模块化和可扩展性的承诺。

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

*随着OP简洁的部署到Sepolia testnet，Mantle距离过渡到ZK-VALIDIDE汇总体系结构更近一步。

* 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.

*作为其更广泛的互操作性策略的一部分，CMETH宣布与Mizu和Hyperbeat建立合作伙伴关系，以推出Hypereth Vault，从而使流动性转移和跨不同链条的收益策略转移。

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.

更广泛的加密货币市场在2025年第1季度经历了低迷，ETH的市值下降了46.0％。与这种较大的下降一致，Mantle的循环市值下降了36.6％，至27亿美元，略优于ETH。尽管有这种情况下降，但Mantle在竞争方案中保持领先地位，优先考虑长期基础设施的发展。