Mantle Emerges as a Leading Distribution Layer for Onchain Finance in Latest Messari Report
In a recent report published by Messari, Mantle has been highlighted as a prominent distribution layer within the rapidly evolving landscape of onchain finance. This comprehensive study dives into Mantle's intricate network architecture, ecosystem dynamics, and significant achievements, illustrating how it has positioned itself among the leading layer 2 solutions in the blockchain domain.
One of the key focal points of the report is Mantle's robust integration with Bybit, a leading cryptocurrency exchange. This collaboration has matured from a simple token listing to an extensive platform-level alliance where MNT, the native token, functions as a critical asset across various trading activities, fee settlements, VIP programs, and institutional offerings. Following a strategic roadmap revealed in August 2025, Bybit has expanded its offering of MNT-quoted trading pairs, implemented discounted trading fees for MNT transactions, and introduced exclusive perks for its VIP and institutional users. By early October 2025, the circulating market capitalization of MNT soared to around $8.7 billion, highlighting increased accessibility, enhanced liquidity, and a growing user participation across Bybit's platform.
Moreover, the analysis sheds light on Mantle's strong capital foundation, primarily supported by the mETH Protocol, which stands as one of the network's main sources of onchain liquidity. As recorded in late 2025, mETH held approximately $791.7 million worth of ETH, while cmETH accounted for about $277 million, culminating in an impressive total of roughly $1.07 billion in underlying assets. The network's commitment to decentralized finance (DeFi) is also evident, with its Total Value Locked (TVL) reaching $242.3 million as of September 30, 2025, reflecting continuous growth in onchain transactions and engagements throughout the ecosystem.
Furthermore, Messari underscores Mantle's ambitious initiatives to build onchain infrastructure tailored for institutional investors through its innovative Tokenization-as-a-Service (TaaS) platform. This offering provides comprehensive support for compliant issuance of real-world assets (RWAs), thereby facilitating institutional activity. Noteworthy issuances, such as the USDY token from Ondo Finance, have successfully raised around $29 million through tokenization on the Mantle platform. In addition to institutional token issuances, Mantle has initiated global RWA hackathons and scholarship programs aimed at fostering innovation and growth within the ecosystem.
Emily Bao, a key advisor at Mantle, emphasizes that institutions seek not merely isolated execution layers but cohesive ecosystems that harmonize capital, liquidity, and distribution channels. She states, "Mantle's focus has been on closing those gaps and making onchain finance usable at institutional scale, rather than optimizing for throughput alone."
Evan Zakhary, a Protocol Research Analyst at Messari, reflects on the broader trend among Layer 2 projects, noting that Mantle is shifting its focus from mere execution optimization to a more comprehensive coordination of capital, applications, and distribution. This alignment of resources positions Mantle as a network that is distinctly invested in enhancing institutional engagement within the onchain finance sector.
Overall, Messari's analysis reaffirms Mantle's evolution as a pivotal Layer 2 network, moving beyond the realms of execution to become a vital player in the coordination of capital, infrastructure, and distribution within the cryptocurrency sphere. As Mantle's integration with exchanges deepens and institutional adoption accelerates, it is increasingly recognized for its critical role as a distribution layer designed specifically for institutional onchain finance.
About Mantle
Mantle is strategically positioned as a premier distribution layer and access point enabling institutions and traditional financial entities to tap into onchain liquidity and seamlessly engage with real-world assets, thus fostering the flow of real-world finance. With over $4 billion in community-owned assets, Mantle amalgamates credibility, liquidity, and scalability through its institutional-grade infrastructure designed to support large-scale adoption. The ecosystem is fundamentally supported by the $MNT token within Bybit and supplemented by essential projects such as mETH and fBTC, alongside key partnerships with leading institutions in the blockchain domain.
One of the key focal points of the report is Mantle's robust integration with Bybit, a leading cryptocurrency exchange. This collaboration has matured from a simple token listing to an extensive platform-level alliance where MNT, the native token, functions as a critical asset across various trading activities, fee settlements, VIP programs, and institutional offerings. Following a strategic roadmap revealed in August 2025, Bybit has expanded its offering of MNT-quoted trading pairs, implemented discounted trading fees for MNT transactions, and introduced exclusive perks for its VIP and institutional users. By early October 2025, the circulating market capitalization of MNT soared to around $8.7 billion, highlighting increased accessibility, enhanced liquidity, and a growing user participation across Bybit's platform.
Moreover, the analysis sheds light on Mantle's strong capital foundation, primarily supported by the mETH Protocol, which stands as one of the network's main sources of onchain liquidity. As recorded in late 2025, mETH held approximately $791.7 million worth of ETH, while cmETH accounted for about $277 million, culminating in an impressive total of roughly $1.07 billion in underlying assets. The network's commitment to decentralized finance (DeFi) is also evident, with its Total Value Locked (TVL) reaching $242.3 million as of September 30, 2025, reflecting continuous growth in onchain transactions and engagements throughout the ecosystem.
Furthermore, Messari underscores Mantle's ambitious initiatives to build onchain infrastructure tailored for institutional investors through its innovative Tokenization-as-a-Service (TaaS) platform. This offering provides comprehensive support for compliant issuance of real-world assets (RWAs), thereby facilitating institutional activity. Noteworthy issuances, such as the USDY token from Ondo Finance, have successfully raised around $29 million through tokenization on the Mantle platform. In addition to institutional token issuances, Mantle has initiated global RWA hackathons and scholarship programs aimed at fostering innovation and growth within the ecosystem.
Emily Bao, a key advisor at Mantle, emphasizes that institutions seek not merely isolated execution layers but cohesive ecosystems that harmonize capital, liquidity, and distribution channels. She states, "Mantle's focus has been on closing those gaps and making onchain finance usable at institutional scale, rather than optimizing for throughput alone."
Evan Zakhary, a Protocol Research Analyst at Messari, reflects on the broader trend among Layer 2 projects, noting that Mantle is shifting its focus from mere execution optimization to a more comprehensive coordination of capital, applications, and distribution. This alignment of resources positions Mantle as a network that is distinctly invested in enhancing institutional engagement within the onchain finance sector.
Overall, Messari's analysis reaffirms Mantle's evolution as a pivotal Layer 2 network, moving beyond the realms of execution to become a vital player in the coordination of capital, infrastructure, and distribution within the cryptocurrency sphere. As Mantle's integration with exchanges deepens and institutional adoption accelerates, it is increasingly recognized for its critical role as a distribution layer designed specifically for institutional onchain finance.
About Mantle
Mantle is strategically positioned as a premier distribution layer and access point enabling institutions and traditional financial entities to tap into onchain liquidity and seamlessly engage with real-world assets, thus fostering the flow of real-world finance. With over $4 billion in community-owned assets, Mantle amalgamates credibility, liquidity, and scalability through its institutional-grade infrastructure designed to support large-scale adoption. The ecosystem is fundamentally supported by the $MNT token within Bybit and supplemented by essential projects such as mETH and fBTC, alongside key partnerships with leading institutions in the blockchain domain.
Topics Business Technology）
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