November 24, 2023
Web3
6
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0xScope

Mantle: A 0xScope Overview

0xScope has recently launched support for Mantle, a Layer-2 blockchain platform built on top of Ethereum. Mantle joins the roster of supported blockchains on Scopescan, which includes Ethereum, BNB Chain, Arbitrum, Polygon, Base, Optimism, and Avalanche.

Mantle is a Layer-2 scaling solution that facilitates fast and cheap transactions by using Optimistic rollups. But unlike Layer-2 rival Optimism, which uses OP Stack architecture for its network, Mantle was developed using OVM architecture. Optimism initially created OVM as its original rollup design but ultimately abandoned it in 2021 in favor of OP Stack.

By design, the Mantle network takes a modular approach that combines OVM rollups with a data availability layer that uses EigenDA (a core application on the EigenLayer protocol built on Ethereum) and an EVM-compatible execution layer. This design results in the processing of execution, consensus, settlement, and data availability functions in separate chains, resulting in lower transaction costs compared to Layer-1 platforms.

In this article, the 0xScope team provides an overview of key statistics and important trends related to the Mantle ecosystem.

Mantle and the CEX-Related New Blockchain Rush

Mantle is known for its ties with the Bybit centralized exchange (CEX), whose founders Daniel Yan and Ben Zhou created BitDAO in June 2021. The Layer-2 blockchain merged with BitDAO in May 2023 to unite their ecosystems under Mantle's brand and $MNT native token. As a result, the Mantle ecosystem boasts a $3B treasury as of August 2023, one of the biggest in the Web3 industry. Mantle went live on July 3, 2023, following a six-month testnet period during which more than 14 million on-chain transactions were processed.

Bybit is one of several major crypto exchanges that have either created or supported the creation of new blockchains. Here are other exchanges that have pursued the same path:

1. Binance: The recently-embattled CEX market leader has backed the launch of four blockchains throughout its history. Binance Chain was rolled out in April 2019, mainly to migrate Binance's native $BNB token from Ethereum to its own blockchain. Binance Smart Chain then debuted in September 2020 as a Layer-1 smart contract network that directly competes with Ethereum. Less than two years later, in February 2022, BNB Chain emerged as a result of consolidating Binance Chain and Binance Smart Chain, which were then respectively renamed BNB Beacon Chain and BNB Smart Chain. This was part of a rebranding effort to disassociate the Binance brand from the blockchain platform, which was being billed as a community-driven, decentralized ecosystem. The exchange also had a hand in the creation of two Layer-2 blockchains: the zk-rollup-based Layer-2 blockchain zkBNB (launched in June 2023) and the OP Stack-based, Layer-2 blockchain opBNB (debuted in August 2023).

2. HTX (formerly Huobi): The global exchange launched a Layer-1 network named Heco in December 2020.

3. OKX: The second-largest exchange started its blockchain foray with the introduction of Layer-1 network OKTC in January 2021, followed by the testnet debut of X1, a Layer-2 blockchain developed with Polygon's zkEVM architecture, in November 2023.

4. Crypto.com: The Singapore-based exchange debuted Layer-1 blockchain Cronos in November 2021.

5. Coinbase: The U.S.-based exchange powered the development of Layer-2 blockchain Base, which launched its testnet in February 2023, made its first official block in June 2023, and became publicly available in August 2023.

CEXs entered the blockchain-building business as early as 2019, but recent trends indicate that more exchanges are seeking their own Layer-2 solutions, as shown by OKX and Coinbase. For instance, Kraken is reportedly seeking a partner to develop its own Layer-2 blockchain.

While CEXs are mainly motivated by profit-earning from their lucrative trading services, these companies' increased investment in blockchain creation indicates their desire to build their own dapp ecosystems to fuel further growth. By fostering developer communities through new Layer-1 or Layer-2 blockchains, exchanges are able to discover new products and drive more crypto activity, which will also benefit their bottom lines.

Mantle TVL and Project Data

As of November 22, 2023, Mantle's TVL is at $75.33M, distributed across at least 16 Web3 projects. For most of its four-month run, the network sustained its TVL at the $40M level, before a recent crypto bull run increased this amount.

Source: DefiLlama.

The top Mantle project based on TVL and daily active addresses and entities is Agni Finance, a Mantle-exclusive DEX that currently has 3,174 daily active entities and $32.61M in TVL. Other Mantle projects with more than 1,000 daily active entities are multi-chain DeFi protocol iZUMi Finance ($16.26M TVL) and automated market maker DEX FusionX Finance ($13.60M TVL). Another Mantle project worth mentioning is the multi-chain Ondo Finance, the third-biggest real-world asset (RWA) DeFi project, with $201M in TVL, including $30.16M in Mantle.

Source: Scopescan

Mantle Blockchain Data

Here are some more statistics that highlight recent trends on the Mantle network:

1. $MNT token data: The total circulating supply of $MNT is at 95.48M tokens, out of a total supply of 6.219B $MNT. There are 392,891 $MNT holders, among which Bybit's hot wallet is the largest whale, with 37.17M $MNT tokens (around $18M) in possession.

2. Top gas spender and consumer: Unsurprisingly, Agni Finance is the top gas consumer on Mantle, while address 0xdff4 is the top gas spender. This address has a very high transaction frequency, almost all of it with Agni Finance.

Source: Scopescan

3. On-chain active users: Over the past 30 days, the number of active users and entities on Mantle has fluctuated from as low as 4,000 to as high as 14,000. The 0xScope team also noticed that the number of active Mantle users sharply drops at around 11:00 PM UTC each day.

Source: Scopescan

Conclusion

With 0xScope's launch of support for Mantle, users can uncover more insights and trends on the activities on this blockchain. For this report, we used Scopescan tools such as Project Explorer, Wallet Explorer, Live Statistics, Whale Watch, and more. We encourage the Web3 community to unearth more findings about Optimism projects and activities using 0xScope and Scopescan. You can also share your thoughts on this topic through our links below.

0xScope is adding support for more blockchains in the future. Stay tuned for updates.

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