Mantle | Mass Adoption of Decentralized and Token-Governed Technologies

Mantle Milestones: Q2 2024 in a Gist

07/01/249 min read

by Mantle

Ecosystem

Roundups

As we approach the first anniversary of the launch of Mantle Network Mainnet, we are showing no signs of slowing down. Throughout Q2, Mantle has continued its journey to create an ecosystem that brings convenience to users through strategic collaborations and updates. For those who may have been out of the loop over the past few months, here's a recap of the latest developments to bring you up to speed.

Restaking Comes to Mantle: $cmETH & $COOK Join the Ecosystem

It’s safe to say that Q2 (and Q3 for that matter) belongs to $cmETH and $COOK. With the passing of MIP-30, the next phase of development is underway. This includes a brand new liquid restaking protocol featuring a receipt token, $cmETH, which will offer further utility within Mantle Ecosystem. Creating a restaking platform helps Mantle become much more than a general-purpose chain. With the introduction of $mETH and now $cmETH, Mantle is providing ETH holders with yield-bearing opportunities while enhancing capital efficiency within Mantle Ecosystem due to the composability of $mETH and $cmETH within its dApps.

The restaking platform will also introduce its very own governance token, $COOK. As recently announced, ongoing campaigns will enable users to acquire $COOK. For more details, please visit our Mantle LSP teaser blog. There will also be opportunities for you $MNT holders out there, as $COOK initiatives will be included in the Mantle Rewards Station. Again, keep your eyes peeled on Mantle's social media channels and blog for all the latest developments.

2024 So Far on Mantle

Before we go in-depth and dissect the other exciting developments within Q2, let's set the scene by covering some of the major events of 2024 so far.

Introducing Mantle's Latest Showcase Applications

IntentX: Mantle's first intent-based, decentralized derivatives exchange that offers perpetual futures trading to users.
Catizen: An immersive new cat-themed game on Telegram. With plenty of rewards on offer, it's garnered a lot of attention within Mantle Ecosystem.
MetaCene: The first derivative project of the MetaCene ecosystem, xMetaCene, has recently launched on Mantle. It is a play-to-earn Chrome extension mini-game that allows users to earn both $tMAK and $MNT simply by playing.
Vertex: Mantle's latest cross-margined decentralized exchange (DEX) protocol.

Upgrades and Proposals

Mantle Mainnet v2 Tectonic Upgrade: Explore a full breakdown of the benefits this upgrade brought to Mantle Network here.
MIP-29: Authorized the second capital call of US$30 million (in USDC) from Mantle Treasury, and the updated governance processes and expanded investment mandate of Mantle EcoFund.
MIP-30: Introduced Restaking on Mantle Network. Bringing the all-new Liquid Restaking Token (LRT), $cmETH, and the restaking platform's governance token, $COOK. More information on this is below!

Remember, if you want to get involved and help shape the future of Mantle by participating in Mantle Governance, be sure to keep an eye on the proposals here.

Rewards, Rewards, and More Rewards

Mantle Rewards Station: Lock $MNT to receive Mantle Ecosystem rewards

Lock Now

Mantle Missions: Complete Mantle Ecosystem quests and earn rewards

Join Mantle Missions

Key On-Chain Metrics: QoQ Growth Remains Positive

Despite remarkable growth over Q1, Mantle has once again recorded quarter-over-quarter (QoQ) on-chain growth. Here are some of the highlights.

Mantle Ecosystem Highlights

When we dive deeper, we can see that Mantle's flourishing ecosystem is powering the network's growth. Leading the way in terms of TVL are protocols such as Pendle, INIT Capital, and Merchant Moe. Additionally, other Mantle Ecosystem dApps have entered the fray. Agni Finance experienced significant growth over Q2, with the platform’s TVL increasing by 90% in June alone.

We also have to give a shoutout to all of you gamers on the Mantle Network. Despite launching on Mantle only recently, xMetaCene and Catizen have posted impressive growth figures. Both gaming dApps have received substantial support from the Mantle Treasury to ensure they got off to the best possible start on the network, and it's safe to say they have. Here's an overview of their on-chain achievements thus far.

Throughout Q2, Mantle Network has welcomed many exciting additions to its ecosystem, providing users with the tools they need to ensure their blockchain experience is as smooth and straightforward as possible. Apart from the Showcase dApps mentioned above, here are some other dApps that recently joined Mantle Ecosystem:

To stay fully up-to-date with the latest integrations, make sure you're following Mantle on X/Twitter, or why not visit our ecosystem page to explore the range of dApps Mantle has to offer.

Bitcoin Yield Arrives on Mantle: Introducing FBTC

We haven't forgotten about you Bitcoin holders! To help bridge the benefits of the Bitcoin and Ethereum ecosystems, we introduced FBTC, an omnichain $BTC asset designed to offer deep liquidity and diverse yield opportunities within Mantle Ecosystem. As core contributors, we are excited to see the upcoming developments of FBTC and how Mantle can further enhance the use cases for Bitcoin within the Ethereum DeFi landscape, providing holders with enhanced utility beyond a simple store of value.

If you'd like to learn more about FBTC, please visit here. To ensure you're fully updated with its latest developments, follow them on X/Twitter.

Mantle Native Assets

With the introduction of these brand new assets, the list of Mantle native assets continues to expand. This means there are even more options to use and deploy within Mantle Ecosystem. Here is an updated list:

$MNT: Mantle's Native Token.
$mETH: Mantle LSP's Value-Accumulating receipt token.
$cmETH (Coming Soon): Receipt token of Mantle’s brand new liquid restaking protocol.
$COOK (Coming Soon): The future governance token for Mantle LSP.
$USDY: Ondo Finance’s tokenized note secured by short-term US Treasuries and bank demand deposits.
$mUSD: Rebasing Version of Tokenized Bearer Note $USDY.
$USDe: Synthetic dollar asset issued by Ethena
$FBTC (Coming Soon): An omnichain Bitcoin asset pegged 1:1 to BTC.

As mentioned, all of the tokens listed above are highly composable within the Mantle Ecosystem and can be used in various yield-bearing strategies. To learn more about how these assets can be utilized within Mantle, visit here.

Rewards Galore on Mantle

The second quarter for Mantle has been filled with opportunities for our users to access a variety of rewards. Here's an overview of what's been happening!

Mantle Rewards Station: Lock your $MNT on Mantle Network and earn ecosystem rewards. Throughout Q2 users had the chance to earn their share of:

2.5 Billion Ethena Shards
90909 MYSO Tokens
1 Million INTX Tokens

Visit the Mantle Reward Station today to see the active campaigns and put your $MNT to good use.

Mantle Missions: Complete ecosystem quests and earn rewards. This initiative was introduced to Mantle to reward users as they explore the various dApps we offer. Visit the Mantle Missions page for a list of all active quests, and start earning today.

Other Ongoing Campaigns: In addition to the ones mentioned above, here are some more initiatives you can become a part of to earn rewards right now.

Receive EigenLayer points on Mantle. Hold $mETH on Mantle L2 to qualify for rewards. $mETH holders can view their holdings and the amount of EigenLayer Points accumulated by visiting the mETH User Dashboard.

Go To Dashboard

Secure your Mantle City Canvas NFTs and win a share of $15,000. In collaboration with Bybit Web3, we are giving users a chance to win a share of $15,000 and to be whitelisted in future Bybit NFT Pro launchpad projects. Visit here to start collecting yours now.

Mantle x Game7 Dungeons & Degens

Calling all Mantle gamers! Mantle x Game7 Dungeons & Degens is now live! This ongoing initiative rewards web3 gamers for completing quests in participating games. In its latest phase, we've introduced the Mantle Lootbox, where users can earn their slice of 2 million $MNT! The more people play, the larger the prize pool, so gather your crew and dive into the quests. The Lootbox campaign will run for five weeks, with each week consisting of different Mantle gaming dApp quests. Users will need to embark on quests within these games to earn rewards.

It's free to play, and all participants are eligible for prizes. Dive into the dungeons and explore the quest book to join the fun.

Explore Mantle x Game7 Dungeons & Degens

Q2 Community and Events

Community

It's been a busy quarter with numerous integrations and exciting ecosystem developments. To keep everyone updated, we've hosted an array of X/Twitter spaces to answer the community's most anticipated questions. Just in case you missed any, here's a list of the ones we hosted over Q2.

In addition to our AMAs, we've gone one step further to connect with our community by hosting monthly Mantle Townhalls on our Discord. These are great opportunities to gain deeper insights into Mantle Ecosystem and ask any questions to our team. Don't miss the next one! Join Mantle's Discord here.

Events

The team has been super busy this quarter, taking every opportunity to connect with you all across the globe. Here are some of the events we managed to attend throughout the quarter.

Hong Kong Web3 Summit SevenX New Trends Summit Hack Summit Hong Kong Southeast Asia Blockchain Week GM Vietnam Mantle Russia Meetup Consensus 2024 ETH Prague ETHGlobal Sydney FBTC Launch Party Token2049 Dubai Global Blockchain Show Blockchain Life Dubai

What To Expect In Q3

That's it! You're all caught up with what happened on Mantle in Q2. Now, let's shift our focus to Q3. We've got an exciting lineup of events and updates over the next few months. It’s safe to say, It's going to be an eventful summer!

Mantle Network's first anniversary campaign: With Mantle Network officially turning one, we have exciting plans for everyone to get involved in celebrating our birthday.
cmETH Season 1 Methamorphosis: We are giving users the chance to earn $COOK. Starting July 1, 2024, users can start accumulating Powder, which will be convertible the Mantle LSP token ($COOK) in the future.
More Mantle Rewards Station initiatives: Over Q3, we’ve got plenty more rewards to distribute via the Mantle Rewards Station, including $COOK.
Mantle x Game7 Dungeons & Degens: With the next phase underway, there are more quests for users to complete, and of course, that means a fresh wave of rewards. Visit Game7 now to get involved.
Mantle AI Fest Season One: CH(AI)N REACTION: Dive into the world of AI with Mantle. A brand-new AI campaign is landing on Mantle shortly, offering plenty of rewards for you AI fanatics.