In our first quarterly roundup since Mantle Network Mainnet’s launch on July 17, 2023, we take a look back on Mantle’s major achievements and exciting highlights thus far, and also look ahead to what can be expected in Q4 2023.

Network & On-Chain Growth

• Close to 200,000 active users
• More than 10 million transactions
• $87.2 million in Total Value Locked (TVL) with an all-time high recorded on Aug. 8 at $92.2 million
• $37.1 million in TVL by decentralized applications (dApps) on Mantle Network
• Top 3 dApps by TVL: AGNI Finance, iZiSwap, FusionX

Ecosystem Expansion & Showcase Apps

We welcomed a total of 94 projects into Mantle Ecosystem across DeFi, Infra/Tooling, Enterprise, Gaming and NFT pillars, providing access to a diverse set of innovative dApps that are aimed at accelerating the expansion of the ecosystem and community.

Introducing Showcase Apps

For the first time, we’re highlighting pivotal collaborations under a brand new category — Showcase Apps. Headlining this category this quarter are Ondo, Range Protocol, Valent, LiquidX, TsunamiX and Mintle.

Look out for Showcase App updates from Mantle — some of these collaborations, such as introducing $USDY yield together with Ondo, have already been announced. We're thrilled to shed a spotlight on new key cross-collaboration products and offerings under this segment of apps from now onwards.

New Products & Offerings

In the past three months, we rolled out the following to the community:

• Mantle Journey: The Mantle ecosystem engine where a user's activity on Mantle is tracked and indexed for rewards

In just under two months, we've welcomed more than 130,000 Mantle Journey users with confirmed Mantle Journey Soulbound Token (MJSBT) mints! Community members have been actively accruing Mantle Journey Miles (MJ Miles) via various events and activities, with users receiving an average of 757 miles*. Under this program, we're seeing increased activity with transaction count and delegation/voting ranking the highest in total interactions recorded by MJ users.

*This average is a snapshot of recent activity and should not be taken as a final estimate of average MJ Miles for Season Alpha.

• Citizens of Mantle NFT Collection: Our very first native NFT collection created in collaboration with internationally renowned artist Chen Man that was revealed in July 2023

This dynamic and upgradable NFT was created to reward our most active community and ecosystem members, who've supported Mantle since the launch of testnet back in January 2023. It serves as a Mantle user's companion as they continue to participate in activities within Mantle Ecosystem, and can evolve to feature new add-on traits or unlock exclusive perks and rewards under Mantle Journey.

Users eligible for the whitelist will be able to mint their unique Citizens of Mantle NFT basic characters in October.

• $USDY Offerings With Ondo: Access U.S. Treasury yield straight from the tap and directly into users' wallets

Our first Showcase App announced, Ondo will push Mantle into the Real World Assets (RWAs) space and allow users to acquire $USDY both by minting new $USDY with Ondo and by purchasing $USDY on DEXs on Mantle.

New Proposals & Discussions

A total of four proposals (MIP-24 - MIP-27) have been put forward on Snapshot for voting and successfully passed since we transitioned to governance and delegation with $MNT holders, receiving over 26,000 votes across the proposals mentioned.

• MIP-24: Mantle EcoFund and Mantle EcoFund Investment Committee established; Mantle EcoFund is a catalyzed capital pool of $200 million comprising $100M from Mantle Treasury and $100M from Strategic Venture Partners
• MIP-25: Mantle Economics Committee established, plus Mantle LSD and Lido ETH staking strategies authorized, with a combined allowance of up to 200k ETH, and Lido ETH staking strategies up to an individual allowance of 40k ETH
• MIP-26: On providing liquidity support for applications and to seed liquidity for RWA-yield backed stablecoins
• MIP-27: Implementing a new migration smart contract or migration service that can restrict the automatic migratability of FTX Group’s $BIT tokens, pending the resolution of related issues

Grants & EcoFund

More than $1.2 million in funds were disbursed to grantees under the Mantle Grants Program over two cohort applications, and with the establishment of Mantle EcoFund, Mantle will be able to support early stage companies with the help of a catalyzed capital pool of $200 million, hand in hand with Mirana Ventures. Projects currently supported under the EcoFund can be found here.

Community Growth

According to data from L2beats, Mantle’s community growth rate is charting up high on weekly reviews over layer 2s (L2s), with a 75% quarterly increase on X/Twitter and 10% on Discord. To better reach out to our community, we've also ramped up on our AMAs together with the help of ecosystem collaborators. You would have heard various members of the Mantle team speak at a total of 42 AMAs this quarter. Some of our recent segments and upcoming ones:

• Ecosystem Deep Dives on Discord: Join community managers as they explore interesting dApps deployed on Mantle Network and how users can interact with these dApps
• Builder Sessions on X/Twitter: For aspiring Mantle developers interested in hearing from developers who've built some of the most innovative dApps on Mantle Network thus far
• Regional Community Outreach: Mantle's Mandarin X/Twitter channel just hosted its very first AMA in September, and we had the chance to share our progress and answer questions from the Mandarin-speaking community. More regional AMAs to come!
• Monthly/Quarterly Rundowns on X/Twitter: Want a big update on what's been happening at Mantle without going through all the nitty-gritty details? Starting from October onwards, the community will be able to get a brief rundown on our monthly highlights.

Once again, a huge thank you to Mantle supporters who have contributed in any way to discussions and participated in our many events, campaigns and launches.

For those who haven't followed us on our socials just yet, we're reaching the 500,000 mark soon on X/Twitter — more exciting events to come, so stay tuned!

Hackathons and Major Events

We began this quarter in Paris at EthCC and ETHGlobal Paris, where we first unveiled Mantle Network Mainnet. Mantle has moved on to participate in 5 other events since then, including ETHWarsaw, Korea Blockchain Week, Token2049, Ethereum Singapore and ETHGlobal New York.

At the hackathon leg of events, a total of 634 projects were submitted by hackers on Mantle.

We thank event visitors who came to our booths, allowing the Mantle team the opportunity to chat with existing and new Mantle community members and, on occasion, send them off with some exclusive Mantle swags.

A Q4 Lookahead

• Mantle LSD and mETH

Mantle Liquid Staking Protocol (LSP) is slated for its debut soon, together with mETH, the receipt token of Mantle LSP.

It's all hands on deck as we move to launch Mantle LSD — sit tight and await the exciting news!

• Mantle Journey Upgrades & Season Alpha Progress

Mantle Journey participants can expect to see some new features and upgrades in the next few weeks, beginning with the Mantle Journey Leaderboard, an MJ Miles tracker and more. More will be revealed regarding the 20 million $MNT reward pool in due time as well. In the meantime, don't forget to head to Discord and tell us what else you'd like to see added to Mantle Journey!

• Showcase Apps

The Mantle team will continue to work closely with collaborators within the Showcase Apps category, and look forward to introducing new collaborative initiatives and offerings to the ecosystem.