State of Mantle Q3 2025

Key Insights

• Bybit advanced its Q3 integration with Mantle by introducing new MNT pairs, enabling discounted MNT denominated fees, adding trading fees discounts for holding MNT, and tying MNT holdings to enhanced VIP progression and institutional borrowing terms.
• MNT’s price rose 199.8% to $1.8, aided by deeper Bybit integration. Circulating market cap also surged 189.8% QoQ to $5.7B.
• Mantle’s UR finished invite-only access (Jul 11-Aug 8), offering users a unified fiat/stablecoin account with bank rails and a multi-currency card. The next phase will offer fiat onramps, idle-balance yield, and in-app exposure to MI4, mETH, and FBTC.
• Average daily active addresses were up 334.6% QoQ to 53k. New addresses averaged 3,860 (up 85.2% QoQ) and returning addresses reached 49.2k (up 386% QoQ), signaling healthier retention and onboarding.
• Mantle deployed OP-Succinct on mainnet on Sept 16, shifting to a ZK validium with one hour finality and six hour withdrawals. The SP1 zkVM preserves OP Stack compatibility while targeting proof costs near ~$0.002/tx and reducing reliance on trusting the sequencer.

Primer

Mantle is focused on building a sustainable hub for onchain finance by combining institutional-grade infrastructure with blockchain technology. At the heart of Mantle is its ~$5.6 billion community-owned treasury, which actively funds innovative products and fosters the growth of ecosystem partners.

Mantle drives financial utility and liquidity through core products like Mantle Network, mETH Protocol, Function (FBTC), and MI4, enabling the development of solutions that enhance sustainable yield, deep liquidity, and composability across DeFi.

Mantle Network (MNT) is built using OP Stack Bedrock. The network has integrated EigenDA and Succinct's SP1 on mainnet to further enhance user security. The EVM-compatible network employs an optimistic rollup mechanism to batch multiple transactions into a single transaction on the Ethereum mainnet. Mantle Network aims to offer lower gas fees, reduced latency, and higher throughput than Ethereum.

The project’s ecosystem primarily consists of RWA, DeFi, restaking, and gaming protocols, which its large community-owned treasury anchors. Mantle Network aims to be the "liquidity chain" to drive capital efficiency in the onchain economy through modular architecture, data availability solutions, and zero-knowledge proofs.

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Key Metrics

Financial Analysis

Market Cap and Price

In Q3 2025, MNT’s circulating market cap increased 189.8% QoQ, from $2.0 billion to $5.7 billion. Similarly, the price of MNT increased 199.8% QoQ, from $0.59 in Q2 to $1.8 in Q3. In Q3, Mantle deepened its integration with Bybit by offering trading fee discounts through holding MNT, and listing 21 new MNT pairs, which materially improved liquidity and contributed to the rise in price.

Revenue

Mantle Network’s quarterly revenue in USD increased 66.2% QoQ from $151,900 to $252,400. Quarterly revenue in MNT was also up a smaller percentage of 15.8% from 219,400 MNT to 254,100 MNT. The larger USD gain versus MNT is driven by MNT price appreciation, but higher onchain activity from the aforementioned Bybit catalyst still contributed to positive revenue growth in MNT terms.

Total Value Locked (TVL)

As of September 30, 2025, Mantle Network’s DeFi TVL grew 14% from $212.5 million to $242.3 million. This increase was primarily driven by AGNI, a high-capital efficiency AMM and launchpad, which grew 129.9% QoQ from $38.2 million to $87.9 million by the end of Q3.

Mantle Network’s DeFi ecosystem is led by a small group of protocols that comprise the majority of locked onchain value. Excluding liquid staking, RWAs, and double counts, the top 5 protocols accounted for 92% of TVL, around $224 million. AGNI and Merchant Moe accounted for 66.2% of Mantle’s DeFi TVL in Q3, holding $87.9 million (36.1% share) and $73.3 million (30.1%), respectively. Over Q3, AGNI grew 129.9% QoQ and saw its TVL overtake Merchant Moe which fell 12.4% QoQ.

The rest of the top five protocols on Mantle Network include Stargate Finance which fell slightly to $25.2 million (10.4%), INIT Capital which remained steady around $21.0 million (8.6%), and Lendle which grew to $16.6 million (6.8%). The remaining protocols in the “Others” category consist primarily of Compound Finance, IntentX, and Subseaprotocol among others, which collectively contributed $19.5 million (8.0%).

Network Analysis

Activity and Usage

In Q3 2025, Mantle Network’s average daily transaction count increased by 3.8%, from 252,400 in Q2 to 262,000 in Q3. The protocol recorded an average of 53,000 daily active addresses, increasing 334.6% QoQ from 12,200 in Q2. The protocol also recorded an average of 3,860 daily new addresses in Q3, a 85.2% QoQ increase from the 2,000 average in Q2. Lastly, Mantle Network’s average daily returning address count rose by 386% QoQ, from 10,100 to 49,200 addresses.

Bybit Partnership

In Q3 2025, Mantle’s relationship with Bybit shifted from a standard exchange listing to a deeper integration in which MNT functions as a platform asset across Bybit’s trading, VIP, and institutional products. On August 29, Bybit and Mantle released a joint roadmap outlining three priorities:

• Expanding the number of MNT trading pairs,
• Enabling discounted MNT denominated fee payments, and
• Introducing MNT based benefits for VIP users and institutional borrowers.

On September 9, Bybit listed 21 new MNT-quoted spot pairs, expanding from four previously, and made MNT a base asset within its Main Trading Zone. The additional pairs are aimed to improve price discovery and accessibility for Bybit users to hold and utilize MNT natively on the exchange. MNT lockers in Bybit’s Earn also accessed airdrop rewards such as SKATE, BOMB, XO, TAC and more, via Bybit Megadrop events.

Near the end of the quarter, Bybit activated fee discounts and VIP progression tied directly to MNT balances. Users opting to pay trading fees in MNT received 25% discounts on spot and 10% on futures. The newly introduced “MNT Pass” program applied a 1.3 to 1.5x multiplier to MNT balances when calculating VIP tier asset values, enabling users to qualify for higher tiers with lower capital requirements.

For institutions, Bybit launched the MNT x Bybit Institutional program, which allows pledged MNT to unlock higher leverage and longer fixed-rate loan terms. Depending on MNT collateral levels, institutional clients could access up to 8x spot-margin leverage and fixed loans extending to four months.

Ecosystem Analysis

In Q3 2025, Mantle Network’s stablecoin market cap increased 51.7% from $483.2 million to $733.1 million. This strengthening was primarily reflected in the market cap of USDT and USDe, which grew 36.6% and 180.5% QoQ respectively. This growth signals rising demand for stable, onchain liquidity within the Mantle ecosystem.

Core Product Pillars Updates

Mantle’s mETH Protocol and Function (FBTC) continued to support the Mantle ecosystem’s TVL during Q3. mETH (on Ethereum L1) and FBTC (on Bitcoin network) TVL figures are steady across quarters, and both protocols remain foundational to Mantle’s broader architecture and driving onchain adoption.

mETH Protocol

mETH Protocol is Mantle’s native, vertically integrated staking and restaking protocol. With zero slashing-incidents and reliable validator operators like Kraken Staked, and P2P, it combines user accessibility with scalability to offer opportunities for users to accrue Ethereum staking yields while enhancing capital efficiency.

Through Q3, mETH remained a cornerstone liquidity primitive. At quarter’s end, mETH Protocol recorded a TVL of $1.1 billion, reflecting its role as a liquid staking and restaking solution focused on Ethereum-native yield strategies.

Function (FBTC)

Function (FBTC), previously known as Ignition FBTC, is Mantle’s standard infrastructure for enhancing Bitcoin’s capital efficiency, deep liquidity, and composability. It is powered by core contributors Antalpha Prime, Mantle, and Galaxy Digital.

Function ended the quarter with a TVL of $1.4 billion, entirely backed by BTC. In July 2025, Function announced a $10M seed led by Galaxy Digital with Mantle and Antalpha as core contributors. Galaxy’s role spans liquidity rails, governance, and security frameworks.

Mantle Index Four (MI4)

Mantle Index Four (MI4) is an institutional-grade fund offering broad, market-cap-weighted exposure to leading crypto assets, such as BTC, ETH, and SOL, enhanced by staked token yields. Overall, it provides simplified access to diversified crypto beta with traditional administration, quarterly rebalancing, and a 1% management fee.

UR

UR is a borderless smart money app that simplifies spending and off-ramping across fiat and stablecoins. It blends self-custodial crypto workflows with intuitive TradFi usability for natives and new users, and is meant to provide users with:

• TradFi convenience: a unified account of their fiat and stablecoin holdings, with everyday banking / payment rails like SWIFT/SEPA/SIC, a multi-currency card, FX, and crypto rails.
• Onchain settlement & proofs: all activity settled on Mantle allowing for real-time auditability and automated compliance via smart contracts.
• Integrated DeFi yield: Mantle-native products like MI4, mETH, and FBTC are inside the consumer app.

Overall, the app is designed to hide crypto’s complexity behind clean UX, while preserving its benefits. UR supports Mantle’s “Blockchain for Banking” vision and serves as the primary gateway for spending, saving, and earning across the ecosystem.

In Q3, Mantle continued with their expansion of UR. In Q3, UR ran an invite-only early access from July 11 to Aug 8, 2025. There was a $10 activation bonus (upon completing KYC, first top-up, and first card spend), and a weekly $3,000 lottery tied to card usage categories. The Mantle team emphasized that UR would expand with fiat onramps, idle-balance yield, and in-app access to MI4, mETH, and FBTC in subsequent phases.

Ecosystem Updates

Mantle RWA Updates

On October 2, 2025, Mantle announced a Tokenization-as-a-Service (TaaS) platform aimed at institutional issuers of RWAs. The service offers an end-to-end stack for compliant tokenization, including licensing and KYC, legal structuring, smart contract deployment, security monitoring, and a regulated user interface, and is designed to connect directly into Mantle’s DeFi and exchange integrations for price discovery and secondary liquidity.

At a TOKEN2049 Mantle Mixer, World Liberty Financial co-founders Donald Trump Jr., Zach Witkoff, and Zak Folkman announced that their stablecoin, USD1, will launch on Mantle.

Mantle Global Hackathon

On October 2, 2025, Mantle announced a global RWA hackathon series and a scholarship program. The hackathon is an online, ecosystem-wide competition offering $150,000 in prizes across six tracks, including a dedicated RWA track, DeFi, AI, ZK & Privacy, infrastructure, and GameFi.

Ecosystem Integrations & Partnerships

In Q3, Mantle expanded institutional and consumer-facing integrations across custody, automation, social content, and AI-driven markets:

• Anchorage Digital added support for MNT on their custody and self-custody wallet.
• x402, via Questflow’s automation facilitator, is now live on Mantle, providing builders with automation and intelligence tools for onchain development.
• printr, a meme launchpad and marketplace, deployed on Mantle, supporting user-generated content and lightweight NFT experimentation within the ecosystem.
• pvpfun, an AI-powered prediction market, is expecting to launch soon on Mantle, introducing new event-driven markets and speculative flows supported by AI-generated market creation and routing.

Wallet & Onboarding

On August 14, 2025, Mantle introduced Mantle Passport with Para’s Distributed MPC to shrink the difficulty of onboarding to Web3. Private keys are never reconstructed; instead, they’re split into threshold shares (e.g., device + service), with a social login–based recovery secret. This allows for

• One-click login across Mantle dApps with the same wallet and liquidity.
• Recoverability and censorship resistance vs. classic EOAs or custodial wallets.
• Per-app permissions and portability without browser-extension friction.

Rewards Station & Staking Funnels

The Reward Station’s Booster Season 3 launched July 8 and ran till Oct 6. It allocated 1.2 million MNT over three months, with a time-weighted MP formula rewarding longer locks. Across seasons, 3.7 million MNT have been distributed.

Technical Progress

OP Succinct on Mainnet

On September 16, Mantle deployed OP-Succinct on mainnet, transitioning from an optimistic L2 to a ZK validium powered by Succinct’s SP1 zkVM. The chain preserves OP Stack compatibility while adding cryptographic finality and drastically shortening withdrawal times.

Key enhancements include:

• Fast finality & exits: Target one hour finality and six-hour withdrawals, a significant improvement over seven day exit periods common in major optimistic L2s.
• ZK-verified security: State transitions are verified by validity proofs, reducing the necessity to trust the sequencer.
• Cost-efficient proofs: Succinct’s SP1 prover network and an optimized zkVM can lower proving costs to as low as $0.002 per transaction. Using aggregation and curve-based optimizations, the design can still remain scalable under high load.

Ongoing R&D:

In Q3, Mantle’s tech team also continued development on other fronts:

• Custom execution clients (RETH and REVM) that are expected to bring up to 2x speed improvements over the current Geth client.
• Integration of EigenDA v2 (following EigenDA’s v2 upgrade on July 30, 2025) to further decentralize data availability and allow users to verify offchain data publication more transparently.

Treasury Value and Holdings

At the end of Q3 2025, Mantle’s total treasury holdings denominated in USD increased from $2.6 billion to $5.6 billion, reflecting a 149.4% QoQ increase. MNT accounted for 93.1% of the total treasury holdings ($5.2 billion). The second-largest allocation was ETH, representing 6.6% ($370 million), followed by COOK, mETH’s governance token, at 0.3% ($15.6 million). Q3 represents a consolidation of Mantle’s treasury away from other assets that once held large positions in prior quarters such as USDe, mETH, and USDT. Mantle’s treasury ranked third among all protocols at quarter’s end according to DefiLlama.

Closing Summary

Mantle’s circulating market cap rose from $2.0 billion to $5.7 billion in Q3 2025, with MNT climbing 199.8% QoQ to $1.8. Bybit’s expansion (discounted fees by holding MNT and new MNT-quoted pairs) broadened liquidity and usage. USD revenue was up 66.2% to $252,400 over the quarter. DeFi TVL also increased 14% to $242.3 million.

Core pillars continued to anchor their stack. The mETH Protocol closed the quarter with ~$1.1 billion in TVL and optional restaking via cmETH, while Function (FBTC) ended near ~$1.4 billion in fully reserved BTC liquidity. The transition to OP-Succinct mainnet provided ZK-verified finality and shorter withdrawals improved settlement quality. Mantle’s super-app, UR, went through invite-only early access, and the quarter overall sharpened Mantle’s “Blockchain for Banking” positioning.