Mantle (MNT) is on track to celebrate a year since rebranding from BitDAO, one of the prominent projects in the crypto space. Since then, Mantle has rebranded itself as a hub for decentralized finance, and had significant success in bringing deposits.
Mantle holds nearly $300M in value locked, down from a peak of $368M in mid-April. Despite the slide, Mantle aims to keep a high profile on social media and make its new brand known.
Mantle Inherits BitDAO Funding
BitDAO was a high-profile project with a focus on governance and supporting other sub-projects. In fact, Mantle was one of the small brands incubated by BitDAO. The initial project was successful with an ICO raising $632M in 2021, later creating a significant token treasury estimated as high as $4B.
The goal of BitDAO was to vote on proposals and assign funds to new technologies. Mantle retains those functions, aiming to create mass adoption for governance tokens. Additionally, the Mantle treasury will be the main tool for future development. Mantle has around 49% of its tokens locked, and will only release new assets after voting on clear development proposals.
Only last year, BitDAO decided to rebrand and created Mantle, which aimed to become a new Layer 2 solution.
Mantle follows in the footsteps of successful L2 leaders like Arbitrum and Optimism, seeking funding and community support to achieve similar success. Mantle maximizes value by optimizing transaction batching on Ethereum’s L1 network.
Mantle Network launched its main net in July 2023, and has accrued 3.4M addresses so far. The network handles more than 380K transactions per day with minimal fees and a new block every two seconds.
MNT Token Recovers Above $1
The recent exposure of the Mantle platform also gave a boost to the MNT token. Sitting just outside the top 30 market cap leaders, MNT is now trading at $1.05.
MNT still holds onto a market cap of $3.4B, though with slower daily trading at around $64M in 24 hours. For the longer term, Mantle is trying to boost the value of MNT by adding reward tokens and a new asset for the ecosystem, MYT.
What MYT Token Does on the Mantle Network
Mantle is now creating a new asset, the MYSO token, with the MYT ticker. Despite locking 49% of the MNT supply, Mantle also wants to take more tokens out of circulation.
To reach that goal, Mantle offers reward for locking, or staking MNT tokens, in exchange for new MYT rewards.
One of the incentives is the limited supply of MYT tokens, capped at 90,909. The distribution of MYT is on a lottery principle, where buyers can get tickets for a chance of getting some of the tokens. The role of MYT in the Mantle ecosystem is to facilitate trading and DeFi, with already more than $2M in value locked.
The first snapshot date for Mantle was between April 26 and May 3. But MNT owners can continue to lock their tokens for future snapshots and additional raffles to win MYT. The new token distribution started from May 4, with a claim period of 30 days.
The MYSO project will start with an open sale, where the exact token distribution will depend on how many tokens the buyers decide to lock.
What is the MYSO Protocol
The MYSO protocol offers decentralized lending, with custom loans using any ERC-20 Ethereum-based token. MYSO is also organizing covered calls services, where projects can secure a collateral for their call options.
Additionally, MYSO organizes synthetic token buybacks and other on-chain trading strategies, targeted at whales or project treasuries that need risk mitigation for deals and trades.
The MYSO protocol also offers peer-to-peer loans, which can be covered with token-based collateral. MYSO matches the borrower with the best lenders and selects the best loan pair for receiving stablecoins and posting collateral.
MYSO offers two main products: a retail peer-to-peer lending tool and a whale-matching tool for loans at scale.
