Mantle
Summary
Mantle is a modular Ethereum Layer 2 network launched in July 2023, emerging from a merger of the BitDAO DAO and the Mantle L2 project. The MNT token was converted 1:1 from BitDAO's BIT token following a May 2023 community vote. The protocol holds a treasury of over $6 billion in assets and ranked approximately #43 by market cap as of mid-2026, but carries notable centralization risks including a single sequencer, zero-delay contract upgrade capability, and deep strategic and financial dependence on Bybit, the centralized exchange that held approximately 60% of the initial BIT token supply and suffered a $1.5 billion North Korean hack in February 2025.
Timeline(17 events)
2021-08-01
BitDAO founded with Bybit as primary institutional backer; Bybit holds approximately 60% of initial BIT supply.
Mantle / CryptoHopper2022-12-01
BitDAO governance proposal introduces Mantle L2 concept, proposed by pseudonymous community member jacobc.eth and Bybit CEO Ben Zhou.
AiCoin Research2023-05-01
BitDAO community passes BIP-21, approving merger of BitDAO and Mantle brands under 'one brand, one token' structure; BIT to be converted 1:1 to MNT.
CryptoSlate2023-06-01
MIP-23 passes, burning 3 billion unconverted BIT tokens and reducing total MNT supply from 9.2 billion to 6.219 billion.
Mantle Tokenomics Docs2023-07-17
Mantle Network Mainnet Alpha launches at EthCC in Paris, alongside $200 million EcoFund.
CryptoSlate2023-07-01
Security audits completed by OpenZeppelin (token and bridge), Secure3 (smart contracts), and Sigma Prime (rollup assessment).
Medium/Secure32024-03-01
Mantle research team publishes fair sequencing architecture paper using verifiable randomness to reduce MEV and censorship; design not yet live on mainnet.
Mantle Network Blog2025-02-13
Mantle announces leadership expansion with key hires from traditional finance and Web3.
Blockhead2025-02-21
North Korean Lazarus Group steals approximately $1.5 billion in ETH from Bybit via compromised Safe Wallet UI; approximately $24 million in mETH among stolen assets. MNT falls ~17%, Bybit records $2.2 billion in outflows.
FBI / CNBC2025-03-01
Mantle becomes first major L2 to fully integrate EigenDA, expanding data availability infrastructure from 10 to over 200 operators.
Mantle Network Blog2025-09-01
Mantle deploys OP-Succinct (SP1 ZK proofs) on mainnet, transitioning from optimistic rollup to ZK validium.
L2BEAT / Mantle Blog2025-12-15
mETH Protocol upgrades with Buffer Pool mechanism enabling on-demand mETH-to-ETH redemptions via dual liquidity pathways.
OSL Academy2026-04-19
KelpDAO exploited for approximately $292 million in rsETH via LayerZero cross-chain verification flaw; attack attributed to Lazarus Group. Mantle core infrastructure unaffected but rsETH holders on Mantle impacted.
CoinDesk2026-04-27
Mantle pledges 30,000 ETH credit facility (~$127 million) to assist Aave's recovery following KelpDAO contagion, joining the 'DeFi United' relief fund.
CoinDeskThis investigation is cryptographically anchored to the Solana blockchain and source URLs are archived via the Internet Archive.
model: claude-sonnet-4-6
generated: 5/13/2026, 3:19:26 AM
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