From a sevenfold increase in TVL to a surge in on-chain activity: Mantle’s “customer attraction” rule in L2 competition
Author: Xiaobai Navigation coderworld
According to L2 beat data, there are more than 153 L2s that have been launched or are about to be launched. In the fierce competition, more and more people are aware of:As the threshold for "issuing an L2" becomes lower and lower, "how many people use this L2" becomes an important criterion for judging the success of L2.
At a time when “not taking over each other” has become a prominent feature of this cycle, L2s need to show their true abilities to impress users and developers in order to continuously promote the expansion of the ecological scale.CommunityMembers still noticed the modular L2 MantleXiaobai Navigation The beautiful exponential growth curve drawn by Network on the chain:
Not only has the TVL increased several times, but the on-chain activity has also been impressive. With more and more users choosing it, Mantle has stood out in the L2 competition and ranked in the top five of the TVL on the L2 beat list.
How is this done?
Let us analyze the multiple driving forces behind Mantle’s growth through data, and further understand Mantle’s “customer attraction” rules and future growth potential in the current L2 competition.
Image source: Mantle Medium
TVL growth is certainly gratifying, but on-chain activity is even more valuable
Following the logic of "provide evidence first, then analyze", let's first establish a concrete perception of Mantle's growth in the past six months through multiple sets of data comparisons. We know that Mantle's mainnet was launched on July 17, 2023. After a period of stability, it ushered in explosive growth at the end of 2023.
In terms of TVL: According to L2 beat data, Mantle TVL was about US$200 million in December 2023, and then it began to soar.It reached a peak of USD 1.49 billion in April 2024, an increase of more than 700% in 4 months.In the July 2024 Layer2 Monthly Report recently released by Coin98 Analytics, Mantle's TVL also achieved a 1.6-fold increase in July, ranking second among all 11 mainstream L2s counted, and its growth rate was second only to Scroll. As a basic indicator for evaluating the development of L2, TVL largely reflects the value information of user participation, market confidence, and the health of the ecosystem. The rapidly growing TVL often represents the trust and acceptance of users, and is also one of the proofs that Mantle can provide stronger liquidity.
Image source: l2beat.com
After looking at the TVL fundamentals, let’s take a look at Mantle’s on-chain activity. We know that as more and more L2s are born, more and more L2s are gradually becoming “ghost towns” because no one uses them.Therefore, it is more realistic to measure the prosperity of L2 through data such as the number of users and transaction volume, and we have also seen the outstanding user activity shown by Mantle's growth data.
A careful study reveals that the main contributors to Mantle's TVL come from multiple ecological sectors such as Dex, lending, Restaking and RWA, and the rapid growth of Dex TVL accounts for a relatively high proportion, which is more intuitively displayed in the Deflama data dashboard, which also proves that more of Mantle's on-chain assets have been deployed on the chain.
Image Source:defillama.com
In terms of user volume: According to Dune data, the number of Mantle users has shown a clear step-by-step growth trend. In December 2023, the number of Mantle users was about 330,000. As of August 9, 2024, when this article was written,Mantle has more than 3.15 million users.The nearly tenfold increase also shows that more and more users are entering the Mantle ecosystem.
In addition, according to the L2 2024 Q2 report data released by Coin98 Analytics, Mantle's independent addresses increased by more than 160% in the second quarter of this year.On June 13, the number of newly added super addresses exceeded 114,000, ranking second among all 11 mainstream L2s counted, and its growth rate was second only to Blast, which launched airdrops in the second quarter.
Image source: Twitter @Coin98Analytics
In terms of transaction volume: According to the L2 2024 Q2 report data released by Coin98 Analytics, Mantle's total transaction volume in the second quarter of this year increased by more than 77%, ranking high among all 11 mainstream L2s counted.
In addition, according to Dune data, the total transaction volume on the Mantle chain has exceeded 120 million, with a daily transaction peak of more than 2.2 million, showing strong on-chain activity. The more active the on-chain transactions, the higher the network transaction fee income, which to a large extent represents the network's stronger ability to generate self-revenue.
Image source: dune.com
The growth that has been achieved is certainly gratifying, but being good at summarizing the success factors behind the growth is the only way to achieve sustainable growth in the future.
We know that applications are the key containers that carry ecological users, assets, and transactions. A rich and diverse ecosystem can not only attract more new users, but also encourage existing users to interact more frequently and diversely in the ecosystem.
Thinking about Mantle's growth from this perspective, although the rotation of market cycles has indeed brought it positive impact, what is more important is the support brought by Mantle's continuously enriched ecological landscape.
The rise of multi-sector applications behind the growth: a panoramic view of the Mantle ecosystem
According to the Mantle official website ecology page, Mantle ecology has more than 195+ projects settled in, covering Dex, Restaking, real world assets (RWA), games and other sectors, showing the diversity and breadth of ecology. The continuous improvement of the ecological map not only provides users with a wealth of choices and services, but also provides an important driving force for on-chain growth.
Image credit: Twitter @0xMantle
For ecological construction, the importance of DeFi is self-evident:If each chain is compared to a country, then DeFi is like the GDP of this country. The perfection of DeFi infrastructure will largely affect the potential and upper limit of the development of the entire ecosystem.
在 Mantle DeFi 生态中，不仅在 DEX、借贷等 DeFi 基础组件板块拥有多个深受Community欢迎的产品，而且生态内也有再质押这样紧贴热点叙事的项目迅速成长。
In the DEX sector, Agni Finance and Merchant Moe have made outstanding contributions in terms of liquidity and TVL:Agni Finance, as an AMM-based DEX, specializes in spot trading and centralized liquidity; Merchant Moe, as part of the Trader Joe ecosystem, aims to change on-chain transactions through its liquidity book protocol. According to Deflama data, Agni Finance TVL is $114 million and Merchant Moe TVL is $96 million.
In the lending sector, INIT Capital also plays an important role:As a liquidity-pegged money market, INIT Capital offers lending, borrowing and yield-earning strategies with liquidity pegs and has achieved $146.9 million TVL in May 2024.
In the pledge section:In December 2023, Mantle launched Mantle LSP mETH on the Ethereum mainnet. Its partners include Karak, Pendle, Renzo and other star projects in the re-staking track. It is currently the fourth largest liquid staker in DeFi.TokenAs the first L2 protocol to launch its own LSD, Mantle is building a powerful LSD ecosystem.
Image source: Mantle Medium
In addition to the DeFi track, another notable feature of this cycle is "embracing the attention economy", and the community has paid more attention and expectations to the implementation of consumer-level applications.Committed to building a rich experience for users, the Mantle ecosystem has also produced many high-quality projects in the RWA, game, and Meme sectors.
In the RWA section:Last September, Mantle and Ondo Finance, the leading project in the RWA track, launched USDY, a short-term U.S. Treasury bond and bank demand deposits.TokenThrough the use of Mantle’s DEX, users will be able to mint new USDY through Ondo and purchase USDY on DEX on Mantle, which can be adopted as a yield stablecoin throughout the Mantle ecosystem. In addition, Mantle has also partnered with Ethena to launch USDe.
In the Games section:In April this year, Mantle established a strategic partnership with Catizen, a TON ecological online cat-raising chain game. This cooperation aims to seamlessly integrate Mantle's native token MNT and its modular L2 infrastructure to innovate in-game transactions and asset management. With its cute cat image and unique gameplay, the game attracted 3 million players during the public beta stage. In just two months after its launch, the number of registered players reached nearly 20 million. As of June 23, the total number of users on the chain exceeded 1.25 million. Mantle's strong technical support contributed to the success of Catizen, and Catizen's popularity also brought Mantle more users and on-chain activity.
In addition, as games are a track that Mentle focuses on, another major game project in the ecosystem, MetaCene, has received strong support from Mentle and started a new round of game testing on July 28.As a large-scale Meta-MMO game, MetaCene has attracted more than 150,000 players to participate in pre-registration. This round of testing covers Asia and the Americas, and will provide MAK and NFT worth US$3 million as game rewards. Mantle officials will provide MNT as an additional reward for participating players.
In this year's hot MEME sector, the Mantle ecosystem also gave birth to the popular MEME project Puff:In the public minting in April, Puff attracted more than 7,000 mETH. The recently launched NFT collection Puff Dragons has currently achieved a premium of about 5 times, and the floor price is now 218 MNT (about US$145.58). The outstanding performance has attracted widespread attention from the community.
Image source: element.market
Mantle's prosperous ecosystem provides strong support for the growth of on-chain data. This prosperity is due not only to Mantle's unique technical advantages as the underlying platform, but also to its all-round support for projects within the ecosystem.
Technological advantages + financial support dual drive: Helping Mantle ecosystem to develop rapidly
As a highly modular L2, Mantle combines transaction processing, state verification, and data availability.BlockchainThe core functions of the blockchain are separated into dedicated layers to optimize performance and reduce costs. Developers and users in the ecosystem enjoy the advantages brought by modularization:
Decentralized sorters reduce decentralization risks
Transaction processing is handled by Sequencers in Mantle. At first, Mantle used the official foundation to operate a centralized Sequencer. Later, Mantle introduced a "scheduler" to determine who the Sequencer is when the next block is generated, in order to provideSafetyand trustless block production, reducing the possibility of single points of failure or censorship on the network.
TSS node status verification shortens fraud proof time
Mantle uses the Threshold Signature Scheme (TSS) to implement state verification, which involves MPC (Multi-Party Conferencing).SafetyComputing) related technologies can effectively shorten the transaction challenge period and improve the accuracy of off-chain transactions.
EigenDA achieves high performance data availability
EigenDA 通过 Eigenlayer 再质押机制共享以太坊强大Safety基础，此外 EigenDA 精心设计的奖惩机制使得数据可用性节点（DA节点）能够得到适当的激励，从而提供更加稳定和可靠的服务，保证了高度的数据可用性，为高吞吐量、低成本的BlockchainApps pave the way.
Image source: Mantle doc
The rapid development of good application experience requires solid underlying technology as support. In recent years, the technical homogeneity of the L2 track has been criticized, but Mantle has brought better experience to developers and users through its unique technical design. In the process of development, Mantle has also continued to iterate and improve, using its technological advantages to provide solid guarantee for ecological growth.The mainnet v2 Tectonic upgrade completed in March this year is one of the strong proofs. As the first major update since the mainnet Alpha v1, this upgrade aims to significantly reduce Gas fees.
In addition, Mantle has taken a series of measures to support the growth and innovation of developers in the process of promoting ecological development.On the one hand, Mantle provides developers with detailed developer documentation and complete developer tools. These resources not only cover the basic functions and usage guides of the platform, but also include rich sample codes and best practices to help developers develop on Mantle more quickly and efficiently.
另一方面，Mantle 还推出了 Mantle LSP 漏洞赏金计划，旨在鼓励开发者积极参与Safety审计和漏洞发现。发现 Mantle LSP 智能contractDevelopers who discover vulnerabilities will have the opportunity to receive rewards ranging from $5,000 to $500,000, a move that continues to enhance the security and reliability of the ecosystem.
In addition to its technological advantages, another outstanding advantage of Mantle in ecosystem construction is the strong financial reserves accumulated by Mantle Treasuary.According to Deflama data, Mantle Treasuary had a fund worth over $5 billion at its peak. As the largest project treasury in the crypto industry, Mantle Treasuary's astonishing scale has created a powerful developer incentive initiative for the Mantle ecosystem, further promoting Mantle to become a fertile ground for innovation.
Image Source:defillama.com
Currently, the Mantle ecosystem adopts multi-track parallel ecological incentive measures:
Mantle EcoFund is a $200 million eco-fund provided by Mantle Treasury, which aims to promote developers and DApp Adoption on the Mantle network, prioritizing investments in teams building high-quality and innovative projects within the Mantle ecosystem, and increasing investments in potentially outstanding projects when appropriate.
For early projects, Mantle launches Public GrantsProjects that submit applications and are approved can receive support of $20,000 in MNT tokens.
In response to the liquidity dilemma of projects within the ecosystem,Mantle also launched a liquidity support program for applications: The program, with a total of US$300 million (consisting of USDe, ETH, BTC and MNT), aims to provide liquidity support for applications within the ecosystem, thereby helping the ecosystem prosper and develop.
For high-quality projects within the ecosystem,Mantle launches the Mantle Scouts Program, by authorizing 16 Mantle ecosystem leaders to issue $1 million in MNT token funding to high-quality projects within the ecosystem;
Mantle is also committed to the globalBlockchainEducational promotion and innovative discovery:EduDAO 连接了全球各地的大学生态系统，以增强合作和数据交换，培养新一代的区块链和 Web3 创新者。作为一个独立指导委员会，EduDAO 每年分配高达 1100 万美元的资金，用于项目资助、研究和独立产品开发，目前大学合作伙伴包括伯克利 RDI、宾夕法尼亚区块链、哈佛区块链俱乐部、麻省理工斯隆区块链俱乐部、密歇根区块链、南加州大学区块链、牛津区块链协会和清华大学学生区块链协会。
It is worth mentioning that games are the ecological development direction that Mantle focuses on.Mantle also launched a game accelerator program in partnership with Game7.Based on the Mantle Network infrastructure, Game7 provides game developers with key tools such as NFT markets, cross-chain bridges, game DAOs, etc., providing high-quality user experience and ecological interconnection for the game projects it incubates and invests in. The two will be committed to promoting the development of a permissionless and interoperable gaming world.
In addition, based on the close relationship between Mantle and Bybit,Excellent projects in the Mantle ecosystem will have the opportunity to be listed on Bybit.And be discovered by more investors through Bybit's recommendation.
The diverse ecological incentives have attracted a large number of developers to participate, and many projects have grown rapidly through Mantle's incubation:Last September, EcoFund announced the three innovative projects it supports: LiquidX, Valent, and Range Protocol; and in January this year, EcoFund deployed $10 million in investment to provide new funds for six DeFi projects in the ecosystem, including Merchant Moe, INIT Capital, Butter, Renzo, MUFEX, and TsunamiX. According to the official website, EcoFund has funded more than 13 projects, including INIT Capital, Catizen, Merchant Moe, and many other projects have grown into the backbone of the Mantle ecosystem.
Image source: Mantle Website
cmETH is coming: Mantle’s future growth expectations
Of course, facing Mantle, which has achieved steady growth in the past six months, some users will consider:
If we join now, can we still enjoy the ecological dividends brought by growth?
More community members are optimistic about Mantle's future growth, and this confidence comes from the arrival of cmETH.
We know that mETH is a Liquid Staking Token (LST), and with the passage of MIP-30, cmETH will become a new Liquid Restaking Token (LRT). Like mETH, cmETH will be highly composable in the Mantle ecosystem, allowing users to explore more revenue opportunities through L2 decentralized applications and protocols while maintaining the advantages of mETH. At the same time, COOK was introduced as the new governance token of Mantle LSP, and the official announced plans to conduct a token TGE in mid-October.
This TGE will create 5 billion tokens, of which 15% will be allocated to four ecological projects. The specific rules are as follows:
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Season 1 Methamorphosis event: 5%, 250 million tokens;
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Mantle Rewards Station: 4%, 200 million tokens;
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Puff: 5%, 250 million tokens;
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Puff NFT: 1%, 50 million tokens.
Therefore, users currently have multiple ways to participate in the ecosystem and accumulate COOK chips. In addition to staking MNT tokens for COOK rewards in future activities, Mantle has also launched related activities in conjunction with Bybit.
The event will be held from 12:00 (UTC) on July 26, 2024 to 23:59 (UTC) on October 8, 2024.walletHolding mETH in Bybit can earn Powder rewards. Each mETH will receive x10 Powder rewards every day. The first 50 new users will receive 2,000 COOK tokens airdropped. In addition, Bybit will also hold daily draws, and lucky users will have the opportunity to win $10,000 worth of COOK rewards.
Powder will be exchangeable for COOK in the future, which means that the more Powder you accumulate now, the more COOK you will get in the future. In addition, the top 500 participants in the Powder ranking will also receive additional COOK rewards.
Image source: Mantle Website
In addition, users can also get COOK rewards by participating in Puff and Puff NFT: On August 6, 2024, Puff Dragons, an NFT collection launched by Puff, held a TOP-UP Mint event. Participating in the casting of the Puff Dealer series will receive approximately 4,000 COOK rewards, and participating in the casting of the Puff Escobars series will receive approximately 5,000 COOK rewards.
Image source: Mantle Ecosystem Participation Guide (updated weekly) Twitter @0xMantle
In addition to cmETH and COOK, another hotly debated trend in the Mantle ecosystem is FBTC:
FBTC was launched by Mantle in cooperation with Ignition and is currently available for exchange and bridging on the Mantle network. As a secure, decentralized, composable and liquid full-chain Bitcoin asset pegged 1:1 to BTC, FBTC aims to increase the accessibility and practicality of Bitcoin while bringing richer returns to holders.
Although Mantle Ecosystem FBTC is still in its early stages of development, Bitcoin, as the world's largestcryptocurrencyIts solid consensus foundation not only gives it strong economic security, but also has a capital volume of over 1.5 trillion US dollars. As a popular narrative in this cycle, many community members believe that BTCFi will exceed the historical high of ETHFi and is expected to reach a scale of 300 billion US dollars. The launch of FBTC introduces the BTCFi narrative to the Mantle ecosystem and is regarded as one of the main drivers of the future growth of the Mantle ecosystem.
In short, through the Mantle ecosystem, we can see that the impressive growth is inseparable from a solid technical foundation, strong ecological support, and diverse participation options under a rich ecosystem. This growth path is applicable to every ecosystem, but not every ecosystem can be easily replicated.
Over the past six months, Mantle has demonstrated its strong competitiveness in the L2 track through impressive growth data. For current users, with the in-depth integration of FBTC and the ecosystem and the arrival of cmBTC and COOK, Mantle's future growth momentum is beginning to emerge. Faced with this foreseeable growth, actively participating in it may be one of the good choices for the layout of L2.
The article comes from the Internet:From a sevenfold increase in TVL to a surge in on-chain activity: Mantle’s “customer attraction” rule in L2 competition
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