Mantle’s Mainnet Launch Drives 4% Surge in MNT Token Value, Outperforming Rivals

The recent launch of Mantle’s mainnet, an Ethereum layer-2 network, has catapulted the utility and governance token, MNT, to a remarkable 4% surge in just one day. This surge in value has outpaced the native tokens of other major layer-2 blockchains, establishing Mantle as a formidable player in the scaling solutions space. In this article, we will delve into the reasons behind Mantle’s impressive performance, explore its unique three-layer modular blockchain structure, and shed light on the token migration initiated by BitDAO, now known as Mantle.

MNT Token Soars 4% Following Mainnet Launch

After the successful launch of Mantle’s mainnet, the MNT token has witnessed an impressive 4% surge in its value within a span of 24 hours. Starting at 48 cents on Monday, MNT has now reached 52 cents, as reported by CoinGecko. This surge signifies the growing demand and confidence in Mantle’s layer-2 network.

ARB and OP Decline as Mantle Takes the Lead

While MNT experiences a surge in value, its rivals in the layer-2 Ethereum scaling solutions space, ARB and OP, have both seen a decline in their native tokens over the past 24 hours, according to CryptoWatch data. Despite belonging to the same layer-2 blockchain category, Mantle distinguishes itself by incorporating EigenLayer’s EigenDA, resulting in a unique three-layer modular blockchain structure. In a report by Nansen research analyst Sandra Leow, she highlights Ethereum’s role in settlement and consensus, EigenDA’s contribution to data availability, and Mantle Network’s significance as the execution layer.

BitDAO Rebrands to Mantle and Initiates Token Migration

BitDAO, a decentralized autonomous organization holding the largest treasury in the crypto space, recently underwent a rebranding and transformed into Mantle. The organization made a significant decision to convert its BIT token into MNT tokens, following the principle of “One brand, One token.” This strategic move ensures a unified identity for Mantle and consolidates the value under the MNT token. Several prominent exchanges, including Bybit, MEXC, and Huobi, have extended their support for this token migration process.

Bybit, the third-largest holder of MNT tokens, holds over 15% of the total supply, as revealed by Etherscan. Additionally, Jump Capital and Jump Trading, sister companies in the crypto space, have accumulated more than $5.3 million worth of MNT tokens through multiple transactions converting BIT to MNT, as per data from blockchain analytics platform Nansen. However, CoinDesk’s request for comment from a Jump Trading representative remains unanswered at the time of writing.

Liquidity Pool Surge on Uniswap

In a show of confidence and support, crypto users have collectively deposited approximately 4,200 ETH and 14 million MNT tokens, valued at over $15 million, into a liquidity pool on the popular decentralized exchange, Uniswap. This significant influx of liquidity underscores the growing interest in Mantle’s layer-2 network and the MNT token.

Conclusion

Mantle’s mainnet launch has triggered a remarkable 4% surge in the value of its utility and governance token, MNT, outperforming its rivals in the layer-2 blockchain space. With its unique three-layer modular blockchain structure and the successful rebranding led by BitDAO, Mantle has positioned itself as a force to be reckoned with in the crypto industry. As more exchanges and investors rally behind MNT and its innovative features, Mantle’s ascent to the top of the layer-2 scaling solutions market seems promising. The future holds immense potential for Mantle and its ecosystem as it continues to revolutionize the Ethereum network.

For more articles visit: Cryptotechnews24

Source: coindesk.com

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