The Mantle Network is poised for a significant transformation as it transitions into what it calls Mantle 2.0, a strategic initiative aimed at establishing itself as the institutional “liquidity chain” for tokenized real-world assets. This evolution is expected to foster a cooperative landscape between centralized finance (CeFi) and decentralized finance (DeFi), presenting a novel business model that could reshape the cryptocurrency sector.
Initially introduced in 2021 as an Ethereum layer-2 scaling solution under BitDAO, Mantle Network marked its importance as the first layer-2 network launched by a decentralized autonomous organization (DAO). In July 2023, the project underwent a consolidation with BitDAO, adopting the Mantle brand alongside the Mantle (MNT) token, signaling the beginning of a new era.
With the introduction of Mantle 2.0, the network is placing significant emphasis on enhancing its governance and operational framework. Bybit executives are now serving as key advisers, and a comprehensive roadmap has been developed to facilitate interactions between CeFi and DeFi sectors, as highlighted in a recent report from crypto research firm Delphi Digital.
The new business model heralded by Mantle 2.0 is poised to encourage DAO-governed projects to collaborate with established centralized exchanges. This potential synergy aims to combine the benefits of decentralized governance with the substantial liquidity and extensive user base characteristic of centralized trading platforms.
Adding to the excitement, Bybit has launched a series of exclusive campaigns related to the MNT token, including various earn products. A combined roadmap introduced on August 29 outlines new benefits for MNT holders, such as reduced slippage fees, expanded payment options within the Bybit ecosystem, and diverse savings and staking products.
Delphi Digital noted, “Mantle is no longer just an L2 but the foundation of Bybit’s ecosystem. This isn’t a simple partnership but a play for RWA dominance.” The research firm posited that the integration of MNT as a utility asset within Bybit’s extensive trading ecosystem—reportedly generating $3-5 billion in daily spot volume and over $25 billion in derivatives—adds substantial value beyond mere governance considerations.
Bybit’s investment and multifaceted support could also enhance Mantle’s access to capital, bolstered by the Mantle EcoFund, a $200 million capital pool dedicated to fostering native applications within the ecosystem. Notable strategic partners for this fund include prominent firms such as Dragonfly, Pantera, Spartan, Figment Capital, and Hashkey Capital.
However, as the lines between Mantle and Bybit continue to blur, some investors are expressing concerns regarding the decentralized governance structure that Mantle had originally championed. While the network remains governed by its token holders under the DAO model, Bybit’s influential role raises questions about the future of its decentralization.
As Mantle 2.0 unfolds, the crypto community is keenly observing how this transformative phase will influence the competitive landscape by integrating traditional financial infrastructure with decentralized finance mechanisms.
