The One‑Minute Take
Mantle (MNT) is an Ethereum Layer‑2 that scales transactions using Optimistic Rollups and a modular design. The project emerged from the BitDAO community and formally rebranded in 2023, when BIT tokens began migrating 1:1 into MNT. Mainnet launched in July 2023; since then Mantle has integrated EigenDA for data availability, shipped a liquid‑staking stack (mETH), and most recently pushed into real‑world asset tokenization. If you’ve heard Mantle called a “liquidity chain” for on‑chain finance, that’s the vision: cheaper transactions, deep liquidity, and a treasury‑backed ecosystem.
Origins: BitDAO and the Road to Mantle
Before Mantle, there was BitDAO—one of the largest crypto treasuries, backed by exchange partner Bybit and a broad token‑holder base. In 2023, community proposals unified the BitDAO brand and its core product efforts under “Mantle.” That decision did three things:
- It made Mantle Network the flagship product (an Ethereum L2).
- It mapped the governance layer (formerly BitDAO) to Mantle Governance.
- It prepared a one‑way 1:1 conversion from BIT to MNT, aligning treasury, community, and product.
The motivation was straightforward: focus the brand around the product people would actually use (an L2) while preserving DAO governance and the large treasury to accelerate ecosystem growth.
The 2023 Breakthrough: Mainnet + Token Migration
Mainnet: Mantle Network’s mainnet went live in mid‑July 2023, after a period of public testing and developer onboarding. Launch activity clustered around major Ethereum events, helping developers and users discover the chain quickly.
Token migration: In parallel, Mantle began the migration of BIT → MNT at a 1:1 ratio. Centralized venues (like Bybit) supported the conversion, while the Mantle team provided a self‑serve migration portal for self‑custodied holders. The net effect: a cleaner setup where MNT acts as the gas, governance, and incentive token for the Mantle ecosystem.
Why it mattered: Launching the network and unifying the token removed confusion. Builders could deploy on a live L2; token holders knew what their asset represented; and the treasury could direct resources into products and growth.
Why Mantle Calls Itself Modular
Most L2s batch transactions off‑chain and settle to Ethereum. Mantle follows that Optimistic Rollup pattern, but emphasizes a modular stack:
- Execution: EVM‑compatible environment for apps and users.
- Settlement/Security: Ethereum L1 finality.
- Data Availability (DA): EigenDA, a decentralized data availability layer that’s designed to boost throughput and lower costs without sacrificing security assumptions.
In plain English, Mantle tries to split responsibilities across specialized layers. That lets it pursue lower fees and higher capacity while still leaning on Ethereum for security. Over time, the roadmap has also talked about tighter validity‑proofs and OP‑Stack‑aligned upgrades—aimed at further efficiency and interoperability.
2023–2024: From Base Layer to Liquidity Layer
After mainnet, Mantle’s narrative shifted from “we’re live” to “we’re liquid.” A few milestones stand out:
- mETH & Liquid Staking (late 2023): Mantle launched a liquid staking protocol so users could stake ETH and receive yield‑bearing mETH. That deepened Mantle’s liquidity story and gave builders a native yield asset to plug into DeFi.
- Ecosystem Momentum (2024): Grants, rewards stations, and builder programs expanded. The DAO leaned on its treasury to seed products and attract teams, while metrics like total value locked (TVL) and active apps grew through market cycles.
- EigenDA Integration (2025): Full EigenDA integration marked a major technical checkpoint, highlighting Mantle’s modular DA approach to scaling.
The through‑line: pair scaled blockspace with capital and incentives so that apps—especially finance‑heavy ones—have reasons to settle on Mantle.
2025 and Beyond: Tokenization and the “Liquidity Chain” Vision
In 2025, Mantle added a tokenization‑as‑a‑service platform aimed at compliant real‑world asset (RWA) issuance. Alongside that, the network announced the onboarding of WLFI’s USD1 stablecoin. Whether you love or hate RWA narratives, the strategic intent is clear: attract issuers, bring in stablecoin liquidity, and make Mantle a go‑to venue for on‑chain finance.
Combined with mETH and a large community treasury, Mantle’s recent moves reinforce its self‑description as a “liquidity chain.” The bet is that if you make issuing, trading, and composing financial assets easier—and pair that with cheaper transactions—users and institutions will come.
What Does MNT Actually Do?
Think of MNT as the network’s connective tissue:
- Gas & Fees: Pay for transactions on Mantle.
- Governance: Vote on proposals that shape treasury use, incentive programs, and upgrades.
- Ecosystem Incentives: Earned or distributed through programs that aim to bootstrap apps, liquidity, and users.
Because Mantle’s governance originated from BitDAO, the community’s treasury remains an important part of the story. A well‑funded treasury can accelerate growth; it can also introduce concentration and market‑cycle risks if not managed prudently. That’s why governance matters just as much as technology.
A Simple Timeline
- 2021–2022: BitDAO grows a large treasury and incubates Mantle as a core product direction.
- May–June 2023: Votes to unite brand and governance under Mantle; BIT → MNT 1:1 token migration plan finalized; exchanges announce conversion support.
- July 2023: Mantle mainnet goes live; automatic conversions begin on supporting venues; self‑custody migration portal opens.
- Dec 2023: mETH liquid‑staking stack launches, extending Mantle’s liquidity toolkit.
- 2024: Ecosystem programs, grants, and TVL growth; continued work on modular upgrades.
- Mar 2025: EigenDA is fully integrated for data availability.
- Oct 2025: Tokenization platform announced; USD1 stablecoin onboarding spotlighted.
Why Mantle Matters
If you’re choosing where to build or transact, you want three things: low fees, strong security, and deep liquidity. Mantle positions itself at that intersection:
- Fees & Scale: Optimistic Rollups + EigenDA aim to keep costs low as demand rises.
- Security: Settlement on Ethereum means you inherit Ethereum’s security assumptions.
- Liquidity: mETH, stablecoins, and a treasury‑backed ecosystem create raw material for DeFi and tokenized assets.
Plenty of L2s say similar things. Mantle’s differentiator is the combination of a modular tech stack with a governance‑directed capital base that can be mobilized for growth. Whether that translates into durable usage is the metric to watch.
Quick FAQ
- Is MNT the same as BIT? No. BIT was the original governance token for BitDAO. In 2023, the community approved a one‑way 1:1 conversion from BIT to MNT, aligning the ecosystem to Mantle’s L2.
- Is Mantle EVM‑compatible? Yes. It targets a familiar developer experience for Ethereum builders.
- Does Mantle use ZK? Mantle runs as an Optimistic Rollup today, but emphasizes a modular architecture and DA via EigenDA. The roadmap references validity‑proof alignment and OP‑Stack‑based upgrades over time.
- What is mETH? Mantle’s liquid‑staking stack that issues a yield‑bearing ETH derivative designed to plug into on‑chain finance.
The Conclusion
Mantle (MNT) is more than a rebrand: it’s a bet that a modular, liquidity‑first Ethereum L2—backed by an active treasury and clear incentives—can attract the next wave of on‑chain finance. If you’re exploring L2s, Mantle belongs on your shortlist for its pragmatic design, capital base, and push into tokenization.