Mantle’s MNT Token Outpaces Rival Layer 2 Blockchains Over Past 24 Hours

The utility and governance token for Mantle, an Ethereum layer-2 network, has jumped 4% in the past day after the launch of its mainnet, outpacing the native tokens of other major layer 2 blockchains.

MNT, which pays for gas fees on the Mantle network and grants token holders governance power, currently sits at 52 cents, after debuting at 48 cents on Monday, according to data from CoinGecko.

ARB and OP — the native tokens for rival layer 2 Ethereum scaling solutions Arbitrum and Optimism, respectively — have both declined over the past 24 hours, CryptoWatch data shows. While Mantle is a layer 2 blockchain like Optimism and Arbitrum, Mantle “sets itself apart by incorporating EigenLayer’s EigenDA, resulting in a distinctive three-layer modular blockchain structure,” Nansen research analyst Sandra Leow wrote in a report.

“Ethereum handles the settlement and consensus layer in this structure, EigenDA ensures data availability, and Mantle Network serves as the execution layer,” Leow noted.

On May 19, BitDAO, the decentralized autonomous organization with the largest treasury in the crypto space, rebranded itself as Mantle and voted to convert its BIT token to MNT tokens, applying a “One brand, One token” principle.

According to a blog post, exchanges Bybit, MEXC and Huobi are supporting the token migration. Per Etherscan, Bybit is the third largest holder of MNT, with more than 15% of the total supply. Moreover, sister companies Jump Capital and Jump Trading have together accumulated more than $5.3 million MNT tokens, after several wallets converted BIT to MNT in multiple transactions, data from blockchain analytics platform Nansen shows.

A Jump Trading representative did not immediately respond to a request to comment from CoinDesk for this story.

Crypto users have also deposited roughly 4,200 ETH and 14 million MNT tokens — collectively worth more than $15 million — into a liquidity pool on leading decentralized exchange Uniswap.