UPDATE: Mantle has been identified as a frontrunner in the Layer 2 landscape for onchain finance, according to a new report from Messari released on December 24, 2025. The report outlines Mantle’s strategic advancements in network design and exchange integration, marking a significant shift in its role within the financial ecosystem.
This report is particularly relevant as it highlights Mantle’s recent collaborations with Bybit, one of the world’s leading cryptocurrency exchanges. The partnership has evolved from a basic token listing to a comprehensive integration, with Mantle’s token, MNT, becoming a core asset utilized across various trading and institutional services.
As of October 8, 2025, MNT’s circulating market capitalization surged to approximately $8.7 billion, showcasing enhanced liquidity and broader participation through Bybit’s extensive distribution channels. This increase reflects the growing demand and adoption of Mantle’s infrastructure in the financial markets.
The report further emphasizes Mantle’s strong capital foundation, bolstered by the mETH Protocol, which holds about $791.7 million in ETH and $277 million in cmETH, totaling around $1.07 billion in underlying assets. Additionally, Mantle’s DeFi Total Value Locked (TVL) reached $242.3 million by September 30, 2025, indicating a robust onchain activity trend.
Messari also underlines Mantle’s commitment to developing institutional-grade infrastructure through its Tokenization-as-a-Service (TaaS) platform. This initiative facilitates compliant issuance of real-world assets (RWA), with notable transactions such as Ondo Finance’s USDY token, which reached approximately $29 million in tokenized value on Mantle.
“Institutions don’t adopt isolated execution layers, but they adopt ecosystems that coordinate capital, liquidity, and distribution,”
said Emily Bao, Key Advisor at Mantle. She added that the focus is on bridging gaps to make onchain finance scalable for institutional use rather than just optimizing for speed.
Evan Zakhary, Protocol Research Analyst at Messari, commented, “Mantle’s development reflects a broader shift among Layer 2s toward coordinating capital, applications, and distribution rather than optimizing execution in isolation.” As Mantle continues to deepen its exchange integrations and attract institutional interest, its role as a pivotal distribution layer for onchain finance becomes increasingly clear.
This analysis positions Mantle as an essential player in the evolving landscape of decentralized finance, as it integrates more deeply with exchanges and strengthens its appeal for institutional investors. With over $4 billion in community-owned assets, Mantle is set to redefine how traditional finance interacts with onchain liquidity and real-world asset access.
As developments continue, Mantle’s trajectory will be pivotal to watch in the coming months. The implications for institutions and the broader finance sector could be transformative, marking a significant evolution in how financial transactions are executed and managed on blockchain platforms.
For further details about Mantle and its operations, visit mantle.xyz.
Stay tuned for more updates as Mantle and Bybit continue to shape the future of onchain finance.
