Today in Markets

Mantle Layers on the Gains

The MNT token is outpacing every other L2 token this month.
Mar 29, 20242 min read

Mantle Network’s MNT is on track to outperform all other major Ethereum rollup tokens this month! What catalyzed a massive MNT pump this week, and can you capitalize on the opportunity?

While MNT lagged behind the competition throughout much of March, the token began strengthening relative to the broader rollup sector on Tuesday before eventually ripping by nearly 60% to establish a new all-time high and become this month’s top gainer!

Source: TradingView

From a tokenomics perspective, MNT received a major upgrade this week, with Mantle’s deployment of the “Rewards Station” transforming it into a productive asset that can be staked to earn yield.

Users who lock MNT through the program receive a pro-rata claim to the 2.5B Ethena Shards generated by the Mantle treasury’s holdings, and the platform can be adapted to distribute additional monetary rewards earned from Mantle’s treasury back to holders in the future!

Unfortunately, for those hopeful that the surge was due to an upgrade in MNT’s fundamentals, the deployment of the Rewards Station appears to have been merely coincidental with the token’s greatest price catalyst, its listing to Korean exchange Upbit at 18:00 KST on Wednesday.

MNT rallied hard in the hours preceding the listing before topping out shortly afterward and has sharply underperformed the broader rollup sector since, indicating that Mantle’s dislocation from the broader market was largely due to this one-time development.

While the demonstrated lack of sustainability behind MNT’s stretch of outperformance makes the token a questionable buy at this moment in comparison to L2 alternatives, existing holders who got in prior to the Upbit-induced pump may be well-served by staking to the Mantle Rewards Station!

By passing through the yield generated by its treasury holdings back to holders, Mantle Network showcases the substantial treasury that sets it apart from other L2 solutions and provides evidence that Mantle is committed to leveraging these funds for the benefit of the ecosystem.


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