Mantle

MNT is the coin of Mantle, an Ethereum layer-2 network backed by a large DAO treasury, used to pay fees and vote in governance.

Mantle is a layer-2 network for Ethereum: it runs transactions on its own chain and publishes data and proofs to Ethereum, so fees are lower. It grew out of BitDAO, a treasury organisation backed by the Bybit exchange. In May 2023 BitDAO merged with Mantle, BIT holders could convert to MNT one-to-one, and the mainnet launched on 17 July 2023. Since September 2025 Mantle has used zero-knowledge validity proofs (OP Succinct), which cut withdrawals to Ethereum from 7 days to 12 hours.

MNT is the network's gas token and its governance token: each MNT gives voting weight on Mantle proposals. About 6.22 billion MNT were issued at launch, with 49% placed in the Mantle Treasury. There is no inflation schedule and no protocol staking; the treasury releases MNT through budget proposals voted by holders. Under the MIP-22 proposal (2023), governance can approve minting at most once a year within a cap that is 0% by default.

The treasury is one of the largest in crypto: about $2.8 billion on 27 September 2026, three quarters of it in MNT itself and the rest in ETH and mETH, BTC and stablecoins. Mantle also runs mETH, a liquid ETH staking token with about $639 million locked, plus a Bitcoin bridge (Function/FBTC), an index product (MI4) and a payments app (UR).

Mantle still depends on its operators. L2BEAT rates it Stage 0: one sequencer produces all blocks, and a 6-of-14 multisig can upgrade the contracts instantly. Bybit is its main trading venue and a strategic partner, and most MNT trading happens there.