2024 has been a defining chapter for Mantle, as we continue to lay the groundwork for our overarching goal — becoming a leader in the future of on-chain finance. Through the ongoing development and growth of our innovation pillars — Mantle Network, mETH Protocol, and Mantle's Core Yield-Bearing Assets — we have moved beyond being just a blockchain, emerging as a true innovator by blending cutting-edge solutions with institutional-grade security.

Mantle's Vision for 2025

Looking ahead to 2025, Mantle is building on the momentum of 2024 by advancing key areas of growth, pushing the boundaries of on-chain finance, and delivering innovative products and opportunities for all stakeholders. This vision is already taking shape with two major announcements that set the stage for the year ahead.

First, the Mantle Scouts Program returns for Season 2, building on the success of its inaugural season. With an expanded network of 40 industry-leading scouts, including names like Piers Kicks (Founding Partner of Delphi Ventures), Guy Young (Founder of Ethena Labs), Nick van Eck (Founder of Agora), and Tim Wong (Chairman of Foundation Catizen), the program continues to foster innovation by supporting early-stage crypto projects.

Second, Mantle’s strategic integration with Succinct’s SP1 marks a pivotal milestone in our technical roadmap. By uniting zero-knowledge proofs with the proven versatility of the OP Stack, we’re introducing cutting-edge scalability and security while achieving chain finality within one hour — a 168x improvement over existing bridging capabilities. This upgrade positions Mantle Network closer to Ethereum Layer 1 economically, enabling better asset availability, lower slippage, and improved money markets.

These initiatives not only strengthen Mantle Ecosystem, but also drive progress across our key growth pillars — positioning Mantle Network as a liquidity chain to enhance capital efficiency, leveraging AI to enable new applications in decentralized finance (DeFi), and expanding access to institutional-grade financial products.

As we move into 2025, these advancements, paired with ongoing developments in Mantle’s innovation pillars, are shaping a more efficient, interconnected, and accessible financial future. But before we fully step into what promises to be a transformative year, let’s take a moment to reflect on the milestones and achievements that made 2024 such a defining chapter for Mantle.

Key On-Chain Metrics: A Record-Breaking Year

Building on sustained growth throughout 2024, Mantle's Total Value Locked (TVL) reached an all-time high (ATH) of $2.36B on Dec. 9, 2024.

It's not just Mantle's TVL that has seen sustained growth throughout 2024. Other key on-chain metrics also reached new heights. Below is a summary of some standout figures from the year. Shoutout to all the new Mantle users — you're part of this journey, and we see you!

mETH Protocol

Since its launch just over a year ago, mETH Protocol has firmly positioned itself as the 4th largest ETH liquid staking protocol by TVL. In 2024, the protocol introduced restaking capabilities, marking a key moment in its growth journey. These advancements have driven a notable increase in TVL and a steady rise in the number of holders across all mETH Protocol assets, solidifying its role as a key player in the liquid staking space.

Mantle's Core Yield-Bearing Assets

Mantle’s core yield-bearing assets has seen significant growth this year, with the addition of $FBTC and $AUSD to an already well-established lineup, including $USDe and $USDY.

• $FBTC As core contributors to $FBTC — an omnichain Bitcoin asset pegged 1:1 to $BTC and designed to unlock new opportunities for $BTC holders across the on-chain financial landscape — we’re excited to see its rapid growth. Since launching in July, $FBTC has become the most integrated wrapped BTC asset in the space, powering ecosystems like Babylon, Solv Protocol, PumpBTC, and more.

With a current TVL of $1.23B, $FBTC is making significant strides in expanding Bitcoin’s potential within DeFi and institutional-grade products. Backed by Mirana, Antalpha, and Mantle, $FBTC is well-positioned to continue driving adoption and unlocking new opportunities for Bitcoin holders across the on-chain financial landscape.

• $AUSD Our latest core yield-bearing asset, $AUSD — Agora's U.S. dollar stablecoin — is another addition we're stoked to bring to the ecosystem. Fully backed by cash, U.S. Treasury bills, and overnight repo agreements, this integration marks a significant achievement, introducing a secure, institutional-grade stablecoin to Mantle.

These additions not only provide users with more diverse yield opportunities but also strengthen Mantle's overall financial infrastructure. Let's take a look at some of their on-chin metrics.

Mantle Ecosystem Expansion

Mantle’s dApps have also experienced remarkable growth, with in-dApp TVL surpassing $630M on two separate occasions, highlighting the increasing engagement accross the ecosystem. As of Dec. 8, 2024, here are the dApps leading the way in TVL.

During 2024, we once again joined forces with incredible ecosystem allies, adding to the array of protocols that help power Mantle and drive the achievements we've seen this year. It's been a privilege to collaborate with these dApps across Mantle's diverse innovation pillars.

Naturally, we have to shine a spotlight on Mantle’s Showcase Apps, particularly as we welcomed exciting new additions in 2024.

Mantle's 2024 Milestones

In case you missed any of Mantle's key highlights in 2024, here's a quick recap to get you up to speed. For a deeper dive into these achievements, visit the Mantle Blog, where you’ll find all the details to stay informed and up to date.

Rewards Galore on Mantle

Through Mantle Rewards Station and other campaigns and initiatives, Mantle distributed a significant amount of rewards in 2024, and we’re just getting started. Here’s a look at some of the prizes we’ve shared with our users.

These are just some of the rewards we've distributed. Mantle has also collaborated with a range of ecosystem dApps and partners to bring users even more opportunities to get their hands on exciting prizes. To ensure you don't miss out on any of our future initiatives, follow our official X/Twitter account and keep an eye on the Mantle Missions page, where a variety of ecosystem quests are posted!

Mantle Ecosystem Support

Mantle Governance

A total of 3 proposals were posted on Mantle Snapshot for the $MNT community to vote on, all of which were successfully passed.

• MIP 29: The approval of MIP-29 authorized the second capital call of $30 million USDC for Mantle EcoFund, following the successful deployment of the first $10 million. Additionally, the governance processes of Mantle EcoFund were updated, and its investment mandate was expanded to include Accelerators, Incubators, Venture Studios, and Venture Funds.
• MIP 30: The passage of MIP-30 marked the next phase of development for mETH Protocol, introducing a product extension for restaking strategies and launching a corresponding liquid restaked token, $cMETH. Additionally, MIP-30 established $COOK as the new governance token for mETH Protocol, empowering stakeholders to actively shape its development and strategic direction.
• MIP 31: With MIP-31 passed, the budget for Mantle's second budget cycle has been established, covering the period from July 2024 to June 2025. This follows the first budget cycle authorized under BIP-19 on February 20, 2023, ensuring continued funding for Mantle's operations and growth initiatives.

Mantle EcoFund

In addition to these governance milestones, Mantle EcoFund has established itself as a key driver of high-quality projects and ecosystem growth. By collaborating with 20 leading VCs, including Polychain Capital, Dragonfly Capital, and Hack.VC, the EcoFund has gained access to over 500 top-tier deals, further strengthening Mantle’s growth potential. The fund is also backed by the expertise of professionals from Mirana Ventures, who bring a wealth of experience from investing in over 30 funds and executing significant deals. Throughout 2024, Mantle EcoFund has continued to contribute to the growth of Mantle Ecosystem, playing a pivotal role in encouraging innovation and driving long-term value creation for all stakeholders.

The Mantle Scouts Program

While we're on the topic of ecosystem support, The Mantle Scouts Program has been instrumental in driving ecosystem growth this year. During its inaugural season in 2024, Mantle onboarded 16 high-quality projects, including FIDE AI, Allora, and Thetanuts. Many of these projects have since become core participants and advocates for Mantle, benefiting from active mentorship and the extensive technical, marketing, and financial resources provided by the Scouts.

Looking ahead to Season 2, the program shifts focus to consumer, payments, and AI applications, as well as projects that integrate key ecosystem assets like $FBTC, $mETH, $cmETH, $AUSD, and $USDe. As mentioned earlier, this season also features an expanded network of 40 Scouts, comprising industry leaders, experienced investors, and thought leaders dedicated to nurturing the next generation of innovation on Mantle.

Social & Community Highlights

It's not just Mantle's on-chain data that has seen remarkable growth this year — Mantle now boasts its largest social reach to date, with our channels reaching new milestones. As our community continues to grow and thrive as one of the most vibrant in the space, we want to thank each and every one of you for being part of this incredible journey. We hope you'll continue with us for the exciting years ahead.

But our connections didn’t stop behind the screens. The team actively engaged with the community at a range of events throughout 2024, leaving a global footprint by participating in 112 events this year. From ETHDenver and ETHCC Brussels to Token2049 Singapore and beyond, Mantle truly covered the globe.

2025: A New Era for On-Chain Finance

That’s a wrap on our 2024 recap! The next 12 months promise to be even bigger as we continue to drive the future of on-chain finance. At Mantle, we believe that global finance is moving on-chain, and our mission is to create innovative, valuable products that shape this transformation.

Mantle Network, our Layer 2 solution, is addressing the challenge of capital efficiency by establishing itself as the liquidity chain. Leveraging the advantages of modular design, Mantle has already achieved industry-first milestones, including the integration of EigenDA and the adoption of ZK Validity Rollup technology through Succinct’s SP1. These advancements position us at the forefront of technical innovation in the DeFi space.

We also recognize the synergy between AI and crypto technologies. By increasing our investment in the AI field, we aim to unlock new levels of creativity and innovation, paving the way for groundbreaking applications in on-chain finance. Finally, we are committed to creating the strongest yield-bearing assets in the space, providing users with unmatched opportunities to participate in the financial systems of tomorrow.

As we step into 2025, Mantle remains dedicated to pushing boundaries, building impactful solutions, and leading the next chapter in on-chain finance. Thank you for being part of this journey — the future starts here.