It's that time of the month when we recap the latest happenings within Mantle Network. Like all the others, this has been another exciting month with many developments, integrations and announcements. So, without further ado, let's unpack what happened throughout May.

Strength in Numbers: Mantle's On-Chain Metrics

As we've been discussing throughout the year, Mantle Network's on-chain metrics have continued to show consistent growth. Two of the key metrics we frequently refer to are Mantle's Total Value Locked (TVL) and $MNT on-chain holders (on both layer 1 and layer 2). Throughout May, these metrics thrived once again, with Mantle Network's TVL increasing by 17.14% and $MNT holders increasing by 9%.

Mantle dApp Growth

INIT Capital

Since launching on Mantle Network, INIT Capital has shown impressive growth, and this momentum has only accelerated throughout May as INIT Capital's TVL reached new highs of $146.85 million, representing a 52% increase from the start of the month.

As a reminder to those looking to take advantage of the initiatives within INIT Capital, users can still earn INIT Points, EigenLayer Points, and Ethena Sats by participating in INIT's looping hook strategies. For further information, head to INIT Capital.

Merchant Moe

With the introduction of Moe's Journey Season 3, which offers users up to 250,000 $MNT in rewards, it's not surprising that throughout May, Merchant Moe's TVL rose by an incredible 74.65%. Visit Merchant Moe now to explore their innovative features and initiatives. Don't forget to follow them on X/Twitter to stay updated on future offerings and opportunities.

Introducing $cMETH: Bringing Restaking to Mantle Network

One of the most exciting developments to come out of May was the passage of MIP-30. The proposal received 198M $MNT voting yes and 2.8K $MNT voting no, meaning that restaking is officially coming to Mantle Network. This, in turn, brings a brand new asset to Mantle Network, $cMETH, a liquid restaking token that will be highly composable within Mantle Ecosystem dApps.

Here's a brief summary of MIP-30:

• A spinout of MantleLSP (codename: "NewProject"), including:
  • A new governance token - $COOK
  • A product extension for restaking strategies
  • A corresponding liquid restaked token - $cMETH
  • A go-to-market plan involving a pre-token points program and token incentive program
• The establishment of "NewProject" Tokenomics
• A phased "NewProject" Governance and Administrative transition
• A phased "NewProject" Finance and Budgetary transition

More details on MIP-30 can be found on Mantle Snapshot.

Lock Your $MNT to Secure Your Share of 1 Million INTX

As part of Mantle's ongoing mission to become a DeFi paradise and a hub full of opportunities for its community, and to welcome the ever-increasing number of $MNT holders, we kicked off the latest Mantle Rewards Station campaign.

Mantle is giving $MNT holders a chance to earn their share of 1 million INTX tokens through the Mantle Rewards Station. To participate, lock your $MNT on Mantle Network and earn your INTX rewards in the form of xINTX, the staked form of INTX, today!

Lock Now

Mantle Swag Design Challenge

While we're on the topic of rewards, we have something special for all you aspiring artists out there. Many of you have admired the Mantle swag we've showcased at events worldwide, including our bicycle Pepe tote bags, T-shirts, Bellroy backpacks, and fanny packs. You guys seem to love them! Now, we are involving the community in the design process and rewarding those whose designs are selected.

Submit your best designs that represent Mantle. If you win, you'll get a chance to see this design printed across Mantle event T-shirts. More importantly, you can win 1,000 USDC. There will be a total of three winners, so start submitting now. For further details, including a step-by-step guide on participating, please refer to the Mantle Swag Design Challenge blog.

Mantle x Game7 Dungeons & Degens

Mantle x Game7 Dungeons & Degens is now live. In this ongoing initiative, web3 gamers are rewarded for playing web3 games. It's free to play, and everyone is eligible for prizes! Enter the dungeons and explore the quest book to get involved: https://app.game7.io/quests?campaign=mantle.

Keep your eyes peeled on both Mantle's and Game7's X/Twitter accounts for further updates as more games join the campaign!

Community and Events

X/Twitter Spaces

Amid all the exciting developments within Mantle Network, we've worked hard to keep the community informed. Here's a recap of all the spaces we hosted throughout May:

• CeFi to DeFi: Hybrid Finance Migration
• Showcase Radio EP. 9 - MetaCene Unveiled: What's Next on Mantle?
• Mantle Ecowaves EP. 6 - Seamless NFT Play: Login, Trade, Swap
• cMETH: What's Cooking
• Art Attack: Rewarding Creative Talent in the Community

Community Townhall

The previous Community Townhalls have been a great opportunity to connect with our community, provide the latest updates, and answer some of their questions. These sessions have proven to be very useful. Here is what was discussed this month:

• What's next for Mantle
• Merchant Moe updates
• Ecosystem updates
• Community Q&A

As always, the Community Townhall was hosted on Mantle's Discord channel. Make sure you join so you can attend the next one!

Events

Outside of the digital world, Mantle attended many events across the globe to connect with as many of you as possible. Here are some of the events we attended:

• ETH Global, Sydney
• Sozu Haus Australia
• Bitcoin Asia 2024
• Bitcoin Devcon
• FBTC Launch Party
• Consensus 2024
• ETH Prague

What's Next For Mantle?

As we approach the halfway point of 2024, things aren't slowing down for Mantle Network. Here are some things you can expect in June:

• Earn 3M $TMAK and 200K $MNT in rewards on xMetaCene!
• More Mantle x Game7 Dungeons & Degens gaming fest quests
• Dune x Mantle integration
• Further $cMETH and $COOK updates
• FBTC developments. Be sure to follow their X/Twitter for the latest updates
• Mancake Swap launch
• Bybit x Mantle NFT mint