MNT
Mantle · Ethereum L2 (OP Stack, OP Succinct proofs) with a BitDAO-legacy treasury
Key facts
- Circulating 3.30B, 53%
- Locked or unvested 2.92B, 47%
- Max 6.22B
Market data: CoinGecko, Oct 24, 2026. Scores reviewed Oct 23, 2026.
Assessment
MNT is a governance token over a large exchange-affiliated treasury rather than a claim on network cash flow. Protocol income is small (~$4.5M a year, chain fees $0.21M) and all of it stays in the treasury, while holders have only off-chain Snapshot votes that a multisig executes. Nearly half the supply sits in a 3-of-7 Safe, roughly 2B more in wallets traced to 2021 BIT genesis allocations and Bybit-linked addresses, and a 6-of-14 Safe can upgrade the token after a one-day timelock. The rollup is Stage 0 with instant upgrades and a single sequencer, and its DeFi TVL fell from $230M to $109M over the year.
How value reaches holders
None. Mantle Network gas is paid in MNT to the sequencer and swept to Mantle-controlled addresses; mETH (a share of staking rewards), cmETH and the MI4 fund pay fees to the Mantle Treasury, ~$4.5M in total over the trailing year, of which chain fees were only $0.21M (DefiLlama, Oct 2026). There is no burn, no fee share, no staking yield from fees and no buyback since the 2022-23 BIT purchase programs; Rewards Station pays partner-token airdrops to MNT lockers. The 2023 launch removed supply once: MIP-23 left 3B treasury BIT unconverted. The treasury (a 3-of-7 Safe acting on off-chain Snapshot votes) holds 2.92B MNT plus ~$0.1B of visible mETH and undisclosed assets at centralized venues; the token owner, a 6-of-14 Safe, can mint 2%/yr and upgrade the contract after a 1-day timelock
Score anatomy
Demand
9 / 45: the stronger of two routes, plus adoptionWhy would anyone hold it: does value reach the token, and is the network or product used today?
Chain fees and the mETH, cmETH and MI4 fees all accrue to the Mantle Treasury; no burn, buyback or staking payout, and the last token buyback (BIT) ran in 2022 and Jan 2023
Approved or designed but inert, indirect sinks only, or flows into a treasury or endowmenthigh confidenceHow this is scored
About $4.5M over the trailing year: mETH $1.39M, cmETH $1.40M, MI4 fund $1.45M and just $0.21M of chain fees, down from $1.37M a year earlier (DefiLlama, Oct 2026)
$0.5-5M/yr, or undisclosedmedium confidenceHow this is scored
Gas on Mantle (~26K transactions a day per L2BEAT); MNT posted at third-party lenders is under $10M, and Bybit collateral or Launchpool use sits on an affiliated venue
Pays its own network's fees (gas never counts higher, whatever the size of the economy)medium confidenceHow this is scored
Mantle chain fees $0.21M TTM (-85%), TVL $0.11B (-53%) and stablecoins -21%: negligible use for its size
Marginal or fading: negligible use for its size, usage down 60%+ year on year, or a lost forkmedium confidenceHow this is scored
Two routes, the stronger counts
Soundness
5 / 40Can a long-term holder trust the rules: supply, float, distribution and control?
Zero issuance today, but a 6-of-14 Safe can upgrade the MNT proxy after a 1-day timelock (an uncapped mint path) and can mint 2%/yr directly; governance is off-chain Snapshot
Over 15%/yr, or a key, company, committee or multisig can mint without limit or redirect issuancehigh confidenceHow this is scored
Float 53% (3.30B of 6.22B); the treasury holds 2.92B MNT with no release schedule, spending under a 200M MNT/yr budget cap (MIP-33), about 130M net drawn since Jul 2023
0.5-1.5% per month, or large foundation or treasury holdings without a schedulehigh confidenceHow this is scored
All 10B BIT went in 2021 to BitDAO's treasury, Bybit-linked wallets, private investors and launch partners with no open sale; a 3-of-7 Safe still directs 2.92B MNT (46.9%)
Insiders received over 50%, or one organization directs over 30% todayhigh confidenceHow this is scored
Stage 0: a 6-of-14 multisig upgrades the bridge and portal with no delay, a 3-of-7 multisig can pause withdrawals, and one company-run sequencer orders transactions (L2BEAT)
A halt, rollback or exploited consensus bug in the last 24 months, attack cost under $10M, or a foundation-selected validator set or small multisig can halt or upgrade with no meaningful exit windowhigh confidenceHow this is scored
Durability
8 / 15Is it big, proven and reachable by institutions?
$1.8B market cap (band 4), $27.6M/day median volume (band 3), no flags.
Mid-cap: $250M-1B market cap and $10M/day+How this is scored
Counted from BIT (Jul 2021, converted 1:1 to MNT in Jul 2023): 5.3 years; MNT is 81% below its Oct 2025 high; no chain halt or $50M+ exploit found
5-8 years and survived an 80%+ drawdownmedium confidenceHow this is scored
Spot on Bybit, Coinbase and HTX; a Valour SEK ETP since Aug 2025 and a 0.21% weight in the pending KraneShares Coinbase 50 Index ETF; no single-asset US filing
OTC trust, non-US product, or a pending US filingmedium confidenceHow this is scored
What would move it up
To reach T4 Speculative, one gate is still open:
- Supply 0needs 1(open)
Tier outlook
Stablelow likelihood
- Any MIP routing fees to holders or proposing MNT buybacks or burns (none since 2023)
- Use of the 2%/yr mint cap or an L1MantleToken implementation upgrade
- Movements of the 2.92B treasury MNT and of ~2B MNT in Bybit-linked genesis wallets
- L2BEAT Stage 1: a real Security Council and a 7-day exit window
- Chain fees and DeFi TVL recovering from $0.21M/yr and $109M
Research report
Oct 23, 2026 · source confidence 75%Mantle began as BitDAO, a treasury DAO tied to the Bybit exchange, and became an Ethereum layer 2 whose gas token is MNT. The network now uses validity proofs and posts its data to Ethereum, but it remains Stage 0 on L2BEAT: a 6-of-14 multisig can upgrade its bridge contracts without delay, a 3-of-7 multisig can pause withdrawals, and one operator sequences transactions. Economically, MNT is a governance token over a large treasury rather than a claim on fees. Network fees were about $0.2 million over the past year, and Mantle's products (mETH, cmETH and an index fund) added roughly $4.3 million, all retained by the treasury, with no burn, buyback or fee sharing. Treasury actions are approved by off-chain votes and executed by multisigs. The main treasury wallet holds 2.9 billion MNT, about 47% of supply, and roughly 2 billion more sits in wallets that trace back to the 2021 BitDAO genesis allocations and to Bybit-linked addresses. No new MNT has been minted, but the token's owner, the same 6-of-14 multisig, can mint up to 2% a year and can upgrade the token contract after a one-day timelock. Usage has contracted over the year, with DeFi deposits on the network down about half. Access includes a Swedish exchange-traded product and a small weight in a pending US index ETF.
Structure (12 facts)
- Chain
- Ethereum L1 ERC-20 L1MantleToken behind a TransparentUpgradeableProxy (impl 0xcd36...685c); gas token of Mantle Network, an OP Stack L2 with OP Succinct validity proofs since 2025-09-16 and Ethereum-only DA since the Arsia upgrade (2026-04-16)
- Supply
- totalSupply 6,219,316,795 MNT (Oct 23, 2026); circulating 3.302B per Mantle's API (total minus 2.917B treasury holdings); 105.5M unconverted BIT also sit in the treasury
- Mint authority
- owner = 6-of-14 Safe 0x4e59...d40f, which can set mintCapNumerator up to 200 (2% of supply) and mint once per 365 days (nextMint elapsed 2024-06-19; numerator 0 today, so no mint yet). ProxyAdmin 0x0cac...9add is owned by TimelockController 0x6533...447f (1-day minDelay) whose proposer, executor and admin is the same 6-of-14 Safe: an implementation upgrade, and so an unlimited mint, is one day away. Governance votes are off-chain Snapshot (bitdao.eth) and not binding on-chain
- Treasury
- MTreasuryL1 0x7860...b73d, a 3-of-7 Safe, holds 2,900,022,409 MNT (46.6% of supply); other treasury addresses add ~17M. Visible non-MNT assets ~$0.1B (34,529 mETH in custody wallet 0x0a89...d908); Mantle says further assets sit at centralized venues and does not list them. MIP-33 (Sep 2025) budget cap: 52M USDx and 200M MNT for Jul 2025 to Jun 2026; MIP-34 (May 2026) authorized lending up to 30,000 ETH to Aave DAO after the Apr 18, 2026 rsETH exploit
- Genesis and bybit
- BIT minted 2021-06-10 (10B) and split on 2021-07-01 into 3.0B (to the treasury), 2.4B (a wallet releasing monthly in 2022-23), 1.5B, 0.5B, three of 0.3B, one 0.26B, 0.24B and six of 0.2B. The 1.5B wallet 0x5a07...5e78 still sent 463.9M MNT to a new wallet on Jan 21, 2026; ~2.0-2.4B MNT sits in about ten unlabelled wallets funded in Dec 2025 to Mar 2026 from genesis wallets and from addresses that receive from Bybit's hot wallet. BIP-20 (Apr 2023) put Bybit's contribution on a fixed 2.7B BIT schedule over 48 months; MIP-23 (Jul 2023) left 3B treasury BIT unconverted at launch. Exact 2021 allocation labels and the private-round terms are not verified here (provenance gap)
- Value accrual
- none to holders: chain gas to the sequencer and Mantle addresses, product fees to the treasury; no burn, buyback (last BIT purchase program Jan 2023) or fee-funded staking; Rewards Station pays partner airdrops to MNT lockers
- Revenue
- DefiLlama trailing 365 days to Oct 22, 2026: chain fees $0.209M (prior year $1.37M, -85%), mETH Protocol revenue $1.39M, Mantle Restaking (cmETH) revenue $1.40M, Mantle Index Four fund fees $1.45M; MIP-33 reported $48.86M of FY Jul 2024 to Jun 2025 revenue, mostly treasury investment income
- Security
- L2BEAT (Oct 2026): Stage 0 ZK rollup; MantleSecurityMultisig 6/14 upgrades OptimismPortal, L1StandardBridge, L1CrossDomainMessenger, SystemConfig and the output oracle with no delay; MantleEngineeringMultisig 3/7 can pause withdrawals, delete state roots and toggle optimistic mode; single centralized sequencer (force inclusion after 12h), whitelisted proposer; exit window none; 1h10m data-submission gap on 2026-10-15
- Usage
- L2BEAT ~26K transactions a day, TVS $1.33B (MNT $0.19B of it); DefiLlama DeFi TVL $109M (from $230M a year earlier, $702M peak Apr 2026), stablecoins $557M (from $703M); mETH TVL $564M (from $950M)
- Liquidity
- CoinGecko 24h volume $18.1M (1.0% of market cap); Bybit the largest venue, Coinbase small
- Institutional access
- Valour Mantle (MNT) SEK ETP on Spotlight Stock Market since Aug 27, 2025; MNT is a 0.21% component of the pending KraneShares Coinbase 50 Index ETF (S-1/A May 6, 2026); no single-asset US filing on EDGAR
- Market cap (approx)
- $1,765,000,000
Market figures at report date (Oct 23, 2026)
- Price (approx)
- $0.535
- All-time high / low
- MNT ATH $2.86 (2025-10-08), ATL $0.308 (2023-10-17); -68% over 1y
Sources (17)
- etherscan.io/address/0x3c3a81e81dc49a522a592e7622a7e711c06bf354
- sourcify.dev/server/v2/contract/1/0xCd368c1d80120b0Dd92447c87…
- etherscan.io/address/0x78605Df79524164911C144801f41e9811B7DB73D
- etherscan.io/token/0x1A4b46696b2bB4794Eb3D4c26f1c55F9170fa4C5
- docs.mantle.xyz/governance/parameters/tokenomics.md
- docs.mantle.xyz/governance/parameters/treasury.md
- docs.mantle.xyz/governance/parameters/governance.md
- api.mantle.xyz/api/v1/token-data
- snapshot.org
- snapshot.org
- snapshot.box
- l2beat.com/scaling/projects/mantle
- api.llama.fi/summary/fees/mantle
- api.llama.fi/summary/fees/meth-protocol
- sec.gov/Archives/edgar/data/1888274/000127956925000925/ex991.htm
- sec.gov/Archives/edgar/data/2073505/000182912626004635/kranes…
- coingecko.com/en/coins/mantle
Compare with
How the ranking works and how MNT compares: see the full ranking. This entry as JSON:
GET https://tokens.10102.io/api/v1/tokenomics?symbol=MNT