July 22, 2024: Take up the Mantle ⛓️💫
Curve launches on Mantle chain
With much of the world transfixed by real-world shifting power dynamics, few noticed the launch of Curve on Mantle chain.
With just $24 in TVL, it’s certainly more important to focus on what the potential of what the deployment can be, unburdened by where it is right now…
So what is Mantle, and where does it fit among the landscape of Ethereum L2s?
Mantle is indeed significant, currently ranked 16th by DeFi Llama by TVL, landing it in a similar tier as other chains getting some buzz like Linea, Scroll, and Hyperliquid.
The DefiLlama TVL metric measures TVL locked in-dApp, which puts it at $630MM. A few other similar measurements are a touch higher.
The Mantle website boasts of a $3.6B treasury, and they have an entire treasury monitor site where users can break this down in more detail.
The majority of this is in its native $MNT token, which handles governance and gas payments, which is currently ranked 35th on CoinGecko.
At launch, the initial distribution was roughly 50:50 between circulating supply and the Mantle Treasury
Mantle launched just over a year ago when their alpha mainnet went live.
Why do we need another L2? The market has demonstrated sufficient appetite for more L2s, so we’re reluctant to push this particular question too much.
For its sake, Mantle advertises its architecture as a modular chain, separating the functions of execution, consensus, settlement, and storage into different layers to offer cost savings. This includes an external data availability layer powered by EigenDA.
The Mantle technical documentation details how the modular architecture works in practice, with some data juggled between on-chain and off-chain system components.
Given issues L2s have with occasional downtimes, one noteworthy feature of Mantle is the “Forced Transaction Inclusion” mechanism. This allows withdrawals to L1s to continue in the event Mantle is unable to produce blocks on the L2 due to sequencer downtime or other issues.
As for what you can do on Mantle, they have an active ecosystem of applications. Their most recent major initiative has been the Mantle LSP (Liquid Staking Protocol) which centers Mantle Staked Ether ($mETH) in their chain.
They’ve jumped into the restaking narrative, hosting the “Metamorphosis” program to encourage locking of $MNT to earn $COOK, the governance token for their $cmETH liquid restaked version of $mETH.
To learn a bit more about opportunities on Mantle, we recommend this recent space by DeFi Dad chatting with Defi Maestro, a full time degen and strategist for Mantle.
Disclaimers! Author has no stake in $MNT, COOK 0.00%↑ crv.mktcap.eth is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber.