Coin columns · Mainnet Province
Mantle (MNT): The BitDAO-Born Ethereum L2 Close to Bybit
Own coin of a modular rollup built on the OP Stack
MNT is the own coin of Mantle Network, an Ethereum layer 2 (a chain that bundles transactions and settles them on Ethereum). It was created in 2023 when BitDAO, a DAO with a large treasury, merged into Mantle, and it is known for close ties to the exchange Bybit.
1. Where it came from: BitDAO to Mantle
BitDAO was a decentralised autonomous organisation (DAO), run by token-holder votes, launched in 2021 with backing from the exchange Bybit and other investors. It invested from a large treasury, and the layer-2 project it incubated itself was Mantle.
In May 2023 BitDAO voted to merge with Mantle, swapping BIT tokens one-for-one into MNT, and Mantle Network’s mainnet opened that July. MNT pays the network’s gas fees and is used in governance votes. On the Crypto Nation map, MNT is the city-hall tower of the Mantle neighbourhood in the Mainnet Province.
2. How it works
Mantle is a rollup built on Optimism’s OP Stack: it processes transactions in batches and records the results on Ethereum. Instead of posting all transaction data to Ethereum, it uses an external data-availability layer such as EigenDA to cut costs, a “modular” design in which execution happens on Mantle and final settlement on Ethereum.
In 2025 it adopted Succinct’s zero-knowledge technology, OP Succinct, to move from an optimistic rollup, which waits out a challenge period, to a ZK rollup that confirms results with proofs. Proof-based settlement shortens the wait for withdrawals back to Ethereum.
3. Ecosystem and milestones
The flagship product is mETH, a liquid staking token for Ether launched in late 2023: users stake ETH for rewards while using the receipt token elsewhere, for example as collateral. A restaking version, cmETH, followed, and decentralised exchanges, lending and real-world-asset services operate on Mantle.
From 2025 Mantle pushed into everyday finance under a “Mantle Banking” banner, announcing UR, a neobank app combining wallet, card and bank-account features. Bybit is a key partner, and the two businesses are widely seen as intertwined.
4. Things to know
Layer 2s lean on Ethereum technically, but many, Mantle included, still run centralised parts such as the sequencer, the server that orders transactions. Relying on an external data layer lowers costs but makes the chain depend on that layer’s safety, a risk that rating sites such as L2BEAT flag separately.
A large share of MNT sits in Mantle’s treasury, so treasury decisions affect how much reaches the market. The Bybit relationship drives growth but is also a dependence on one company: the February 2025 theft of a huge amount of Ether from Bybit by North Korea-linked hackers showed how a partner’s incident can shake confidence.
Written from information public up to October 2026. It does not recommend or rate any coin and is not investment advice. If something is wrong, please tell us through the contact page.