Mantle (MNT) is approaching its one-year anniversary since rebranding from BitDAO, a well-known project in the cryptocurrency industry. After rebranding itself as a decentralized finance hub, Mantle has achieved significant success in attracting deposits.
Currently, Mantle holds almost $300 million in locked value, which is slightly lower than its peak of $368 million in mid-April. Despite this decrease, Mantle is determined to maintain a strong presence on social media and establish its new brand.
Mantle inherited the funding from BitDAO, a project that focused on governance and supporting other sub-projects. Mantle was one of the smaller brands incubated by BitDAO. The initial project was successful, raising $632 million through an ICO in 2021 and accumulating a substantial token treasury estimated to be as high as $4 billion.
The main goal of BitDAO was to vote on proposals and allocate funds to new technologies. Mantle continues to carry out these functions, with the aim of achieving mass adoption for governance tokens. The Mantle treasury will also serve as the primary tool for future development. Currently, approximately 49% of Mantle’s tokens are locked, and new assets will only be released after voting on clear development proposals.
In the past year, BitDAO decided to rebrand and create Mantle as a new Layer 2 solution. Mantle follows the footsteps of successful L2 leaders like Arbitrum and Optimism, seeking funding and community support to achieve similar success. Mantle maximizes value by optimizing transaction batching on Ethereum’s L1 network.
Mantle Network launched its main net in July 2023 and has already accumulated 3.4 million addresses. The network handles over 380,000 transactions per day with minimal fees and produces a new block every two seconds.
The recent exposure of the Mantle platform has also boosted the value of the MNT token. Currently trading at $1.05, MNT is just outside the top 30 market cap leaders.
Despite slower daily trading at around $64 million in 24 hours, MNT still maintains a market cap of $3.4 billion. In the long term, Mantle aims to increase the value of MNT by introducing reward tokens and a new asset for the ecosystem called MYT.
Mantle is currently developing a new asset called the MYSO token, which will have the MYT ticker. Although 49% of the MNT supply is locked, Mantle intends to reduce the number of tokens in circulation. To achieve this, Mantle offers rewards for locking or staking MNT tokens, in exchange for new MYT rewards.
One of the incentives is the limited supply of MYT tokens, which is capped at 90,909. The distribution of MYT follows a lottery principle, where buyers have the chance to obtain tokens through tickets. MYT’s role in the Mantle ecosystem is to facilitate trading and decentralized finance, with over $2 million already locked in value.
The first snapshot date for Mantle was between April 26 and May 3. However, MNT owners can continue to lock their tokens for future snapshots and additional opportunities to win MYT through raffles. The distribution of the new token began on May 4, with a 30-day claim period.
The MYSO project will commence with an open sale, and the exact token distribution will depend on the number of tokens buyers choose to lock.
The MYSO protocol offers decentralized lending, allowing for custom loans using any ERC-20 Ethereum-based token. Additionally, MYSO provides covered calls services, enabling projects to secure collateral for their call options.
Moreover, MYSO organizes synthetic token buybacks and other on-chain trading strategies that cater to whales or project treasuries in need of risk mitigation for deals and trades.
The MYSO protocol also facilitates peer-to-peer loans, which can be covered with token-based collateral. MYSO matches borrowers with the most suitable lenders and selects the optimal loan pair for receiving stablecoins and posting collateral.
MYSO offers two main products: a retail peer-to-peer lending tool and a whale-matching tool for large-scale loans.