The Mantle Treasury holds $2.25 billion, while the price of MNT has fallen by 80% compared to histor

Mantle Network: A detailed analysis of its vaults, which hold $2.25 billion in assets, along with $99 million of assets stored on the blockchain itself.

The Mantle network manages a total of $2.25 billion in assets, of which approximately $99 million is stored directly on its own blockchain. This ratio of 23:1 reveals more about the nature of Mantle than any other metric: while the organization behind Mantle has substantial financial resources, its network scale is relatively small. Both those who hold MNT tokens and those considering investing in them should pay attention to these two figures, as the value of the tokens depends on the former, while the functionality of the network depends on the latter.

This article will provide a comprehensive overview of the Mantle network, including its technical architecture, vaults, token economy, application scenarios, methods of integration, trading platforms for European investors, and potential risks.

What is the Mantle network? Who supports it behind the scenes?

Mantle is a Layer-2 blockchain solution built on Ethereum. Layer-2 networks conduct transactions within their own networks and submit the processed results to the Ethereum mainnet, thereby improving transaction speed and reducing costs. Mantle uses the chain ID 5000 and is compatible with Ethereum’s development tools, allowing developers to migrate smart contracts seamlessly.

This network is operated by an organization with independent financial resources. This organization originated from the former BitDAO. These resources are referred to as the “Mantle Treasury,” which is what distinguishes Mantle from most other Layer-2 projects. Other networks typically raise funds from investors, while Mantle has its own existing capital. The use of the Treasury is decided upon by the token holders through voting, and governance processes involve public proposals.

The products under this organization include: the Mantle Network, which is used for transactions within the blockchain itself; the mETH Protocol, which allows users to stake Ethereum tokens; the Function, which enables connections to Bitcoin; the Mantle Index Four, a fund-based product; and UR applications, which allow users to spend their balances and convert them back into euros or dollars. Therefore, the blockchain is just one part of this “building,” not the whole thing. This layout also explains why there is a significant difference between data on the chain and data at the organizational level.

From optimistic Rollups to ZK-efficient Rollups: The technological advancements of Mantle v2

Rollups are blockchain technologies that perform transactions themselves and submit results to Ethereum. The key issue lies in how Ethereum verifies the correctness of these results. In optimistic Rollups, it is assumed that the results are correct, and a window is provided for others to prove otherwise. In contrast, ZK-efficient Rollups provide mathematical proofs, which are verified by Ethereum itself.

Mantle has completed this transition. According to the technical documentation, the current architecture involves the use of ZK Rollups with Mantle v2 (codenamed Skadi). The service “Mantle-Succinct-Proposer” will periodically submit verified proofs to the contracts on Ethereum. Since these verified proofs no longer require a challenge period, this mechanism is no longer mentioned in the documentation.

The real impact for users is a significant reduction in wait times when returning data to Ethereum. In terms of security, the validity of a block depends on the correctness of the proof procedures and the security of the contracts. For more details about the architecture, please refer to the relevant technical documentation.

Instead of using an independent data layer, Mantle uses Ethereum’s Blob mechanism for storing transaction data

. Every Rollup must store transaction data, so that the network can be restored when the network operator is unavailable. This is known as “data availability”. For a long time, Mantle has solved this problem through its Mantle DA layer, which utilizes EigenDA technology. Now, it appears that Mantle has taken a new approach: the service “op-batcher” writes Rollup data into transactions that carry Blobs, directly stored on Ethereum. This means that both the data and the proofs are stored in the same location.

Mantle采用模块化构建：执行、数据可用性和结算模块相互独立，可单独替换。此次数据层的变更未触动其余基础设施，充分证明了这一点。该架构基于OP Stack，这是其他Layer-2也在使用的开源Rollup构建套件。对开发者而言，这意味着更短的路径：在以太坊上工作即可携带现有合约和工具，而在主网之外进行的执行则负责扩展性。

文档未明确说明排序器（Sequencer，即设定交易顺序的服务）由谁运营。它仅描述节点运营商将交易传递给它，且交易池并非公开可见。目前尚无声明表明该服务是否由多个独立运营商分散运营。年轻的Layer-2项目通常处于此阶段，这也是衡量真正去中心化程度的关键点。

金库持有22.5亿美元，其中71.78%为MNT代币

根据项目金库页面数据，截至2026年10月13日，总价值为2,252,971,490美元。具体构成如下：MNT占比71.78%，价值1,617,206,536美元；ETH占比12.58%，价值283,593,226美元；BTC占比10.55%，价值237,810,643美元；稳定币占比4.93%，价值111,168,807美元；其余少量为COOK代币。

这种构成带来了特定风险。金库近四分之三由自身代币MNT组成。如果MNT价格下跌，金库规模也会随之缩水。真正不受自身价格影响的仅是稳定币及Ether和Bitcoin持仓，合计约6.32亿美元。

The funds are used to distribute them to MNT holders through the rewards page. The vault page shows previous distribution records, including 4 million ENA distributed in partnership with Ethena, 570,000 EIGEN distributed through connections with EigenLayer, and 200 million COOK. In addition, there is a $200 million eco-fund designed to support applications and technology partners within the ecosystem.

The $99 million held on our own blockchain represents a significant gap compared to the vault’s total assets

The Total Locked Value (TLV) measures the amount of capital invested in blockchain applications. This metric does not reflect profits or user numbers, but it indicates the level of trust placed in the network by investors. Based on DefiLlama’s data, we analyzed trends for 2026:

• At the beginning of the year, the value of assets on the chain was $169 million.
• On April 16th, this reached a high of $705 million.
• However, it dropped sharply: on June 1st, it was $230 million; on July 1st, it fell to $143 million; and on July 31st, it reached a low of $61 million.
• Recently, it has recovered slightly: on October 11th, it was $108 million, and on October 12th, it was $99 million.

Compared to its peak in April, the value has decreased by about 86%, but compared to the low point at the end of July, it has increased by about 60%. Among the blockchains ranked by deposit capital, Mantle ranks 28th. In contrast, Ethereum holds approximately $51 billion, Base around $6 billion, Arbitrum around $1.4 billion, and Polygon around $675 million.

The vault was not affected by this situation. Its holdings are mainly in MNT, ETH, and BTC on the Ethereum blockchain, outside of the network’s own blockchain. This is where the difference between $222.5 million and $99 million comes from.

The MNT payment network handles transactions, with a circulating supply of 3.3 billion units out of a total supply of 6.2 billion MNT

. MNT has two main uses in the network: paying fees for transactions and voting in treasury governance processes. It does not confer any rights to profits or revenues from projects, which is crucial when evaluating its value. According to CoinGecko data as of October 13, 2026, the circulating supply is 3,302,003,383 MNT, with a maximum supply of 6,219,316,795 tokens. The circulation rate is approximately 53.1%. The current price is 0.47 euros, with a market value of approximately 1.57 billion euros, placing it ranked 59th among all cryptocurrencies. If calculated based on fully diluted valuation, the value is approximately 2.95 billion euros.

The price has shown significant weakness: a 17.7% decline over 7 days, a 5.4% decline over 30 days, and a 75.7% decline over the past year. The price has fallen by 80.6% from its historical high of 2.45 euros on October 8, 2025. Recent daily trading volume is around 25 million euros.

The discrepancy between the circulating supply and the maximum supply is noteworthy: approximately 2.9 billion MNT remain unlisted in the market. Most of this amount is held in treasuries, meaning it is controlled by organizations.

Aave V3, CIAN, and Agni Finance: Where is the capital stored?

Behind the 99 million dollars lies specific applications. According to DefiLlama data (October 13, 2026):

• CIAN Yield Layer, a revenue management platform, has an estimated value of approximately 107 million dollars.
• Aave V3, the lending platform, has an estimated value of approximately 52 million dollars.
• Agni Finance, the exchange platform, has an estimated value of 16 million dollars.
• Merchant Moe has an estimated value of 12 million dollars.
• Fluxion Network has an estimated value of 7 million dollars.
• IntentX, the derivatives platform, has an estimated value of 2.3 million dollars.
• INIT Capital and Compound V3: Each with a value of approximately $1.7 million to $1.9 million. The reason why the total value of these assets exceeds the overall value on the blockchain is technical in nature: yield managers deposit capital into other protocols, and such capital is only counted once in blockchain TVL statistics. This does not affect the ranking of any of the projects.

  As a decentralized exchange (DEX), Mantle primarily offers services like Agni Finance, Merchant Moe, and Fluxion Network. There are no obvious examples of projects using their own Launchpad or NFT markets with significant capital. Currently, users looking for NFTs or new tokens will find limited options available. The focus seems to be on lending, yield-generating activities, and tokenized assets.

  The project also prioritizes these areas. Plans for 2026 include launching OpenStock in July, which includes shares before an IPO; introducing tokenized stocks; migrating the internal bridge Super Portal from LayerZero to Chainlink CCIP; and introducing a stablecoin issued by Paxos, USDG, starting from September 3rd. On the third anniversary, the project stated that the value of tokenized activities amounted to $116.4 million.

  mETH, Function, and Mantle Index Four: Products outside of the blockchain.

  The project’s most significant product isn’t located on the Mantle chain but instead on Ethereum. The mETH Protocol accepts Ether deposits and allows users to stake them to earn tradable mETH tokens. According to DefiLlama data, its deposits amount to approximately $583 million. It also includes variants like cmETH, as well as a re-staking branch with deposits worth $41 million.

  Function is described as a decentralized Bitcoin solution, allowing BTC to be used in blockchain applications. Mantle Index Four (MI4) is a fund product launched by Securitize in April 2025. The vault has committed up to $400 million as anchor investments through voting. This portfolio includes Bitcoin, Ethereum, Solana, and USDT stablecoins, which are rebalanced quarterly, with质押收益通过mETH, bbSOL, and sUSDe to be integrated. The project does not disclose the current size of the fund; the $400 million commitment represents the amount pledged, not the actual holdings.

  UR is an application for payments and converting funds back into local currencies. Overall, this project has a broader revenue source than its own blockchain. For MNT holders, this represents both an opportunity and a challenge: while the product enhances the organization’s capabilities, the tokens do not directly benefit from these efforts.

  Super Portal, browser, and network fees: How to access Mantle

  Accessing Mantle is possible through bridges. The project operates Super Portal, which uses Chainlink CCIP technology to process balances from Ethereum and other networks starting in July 2026. After entering Chain ID 5000 in the wallet, balances will appear just like those from other networks.

  Network fees are paid in MNT. Therefore, any wallet that wants to operate on Mantle must hold a certain amount of MNT; otherwise, even attempts to bridge transactions to Ethereum will fail. mantlescan.xyz serves as a block explorer, replacing the old explorer.mantle.xyz. All transfers can be tracked here, and addresses must be verified before granting contract permissions.

  Important note: Always bridge the transaction first, before applying it to the actual wallet. Sending funds directly from the exchange to the wrong address can result in wasted time or even financial losses. Checking the details takes only a minute—it’s recommended to do this in a browser.

  For EUR-based MNT transactions, Kraken offers trading pairs, while Coinbase and Bitvavo do not support such transactions.

  For European investors, the key question is where to buy MNT. Ideally, this should be done in EUR and through a European-authorized provider. We checked the public registrations of various exchanges:

  • Kraken lists MNT exchange rates in EUR and USD.
  • Coinbase and Bitvavo do not list any MNT trading pairs.
  • Bitpanda doesn’t have any price information for this token available.

  Among European-authorized exchanges, Kraken is the only one that allows direct EUR purchases. This situation is quite typical for MNT, and not very reassuring. Tokens that are traded only at a few authorized venues are harder to sell if needed. If you still want to purchase MNT, please compare costs and the qualifications of the providers beforehand.

  Risks associated with holding, pledging, or losing all of your tokens include those faced by German investors.

  From a tax perspective, German law treats MNT as another type of digital asset. Income from buying and selling within one year is considered a private disposal transaction, and taxes must be paid if the amount exceeds the exemption threshold. Once one year has passed, the income becomes tax-free. Pledged gains are calculated separately and recorded in the current year. Please consult a tax advisor for more details regarding individual cases.

  The remaining risks include:

  1. Risk factors: 71.78% of the vaults contain only one type of tokens, resulting in fluctuations in both the value and price of these tokens.
  2. Technical risks: The effectiveness of Rollup depends on the correctness of the proof procedures and Ethereum contracts. The documentation does not specify how tokens are distributed among different components of the system.
  3. Supply-related risks: Approximately 2.9 billion MNT still remain unissued.
  4. Liquidity risks: As mentioned earlier, trading in euros is limited to certain scenarios.

  Additionally, a fundamental risk associated with all network tokens is the possibility of total loss. A 80% decline in price compared to historical highs is a normal phenomenon in this market, indicating that token usage has fallen below expectations.

  Editorial team’s opinion: The size of the vaults cannot guarantee optimal utilization rates.

  Mantle is often discussed in relation to its vault size. $222.5 million is indeed a significant amount of money. However, this fund is allocated to a network whose total capital has decreased by approximately 86% since April, with only $99 million available for use within the network. This network ranks 28th on the ranking list. The funds are primarily held in MNT, ETH, and BTC, which are assets outside of Mantle’s own blockchain. This isn’t meant as criticism; rather, it reflects a change in measurement criteria. Today, Mantle seems more like an investment holding company with attached blockchains, rather than a Layer-2 network with a substantial vault portfolio.

  The facts supporting this view are as follows: The most successful product of this project, mETH, which valued at $583 million, and the fund product MI4, do not operate on the Mantle chain. The facts opposing this view are as follows: Since the low point at the end of July, the value of the blockchain has increased by approximately 60%, and it has become a viable platform for attracting serious applications such as Aave V3, CIAN, and Paxos Stablecoin USDG. Neither of these situations is yet settled.

  The direction of the market can be determined based on a single indicator: If deposits return to the level of $230 million in June within the next few months, then the network is growing. If the amount remains around $100 million, then the network is mainly supported by vaults. This article does not constitute any trading recommendations.

  Summary for Mantle: $99 million in usage is sufficient to support the $2.25 billion in vaults.

  To gain a deeper understanding of MNT, please follow these steps:

  1. Verify the legitimacy of the trading platform: Check whether the provider lists MNT against euros on European exchanges, and whether they have the necessary EU qualifications. Information on the costs and qualifications of major institutions can be found in exchange comparison tools.
  2. Determine the custody method before bridging: The on-chain balance must support wallets with chain ID 5000, along with a small amount of MNT used for network fees. Appropriate wallets can be found in software wallet comparisons.
  3. Record all transactions from the beginning: Purchases, bridging transactions, and staking revenues must be fully recorded; otherwise, the one-year tax exemption period could become a problem later on. Appropriate tools for tracking taxes can be found in tax tool comparisons.

  （截至2026年10月13日。本文不构成投资建议。价格和费用结构会发生变化；购买前请与提供商核实条款。）