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Mantle Network (MNT) is one of the leading Ethereum (ETH) Layer 2 solutions, designed to deliver scalability and cost efficiencies that aren’t available when transacting directly on Layer 1s. The platform’s native cryptocurrency, the MNT token, is the backbone of the Mantle ecosystem. Launched in 2023 after the rebrand of BitDAO (BIT) to Mantle, MNT serves a dual role as both a governance and utility token.
In addition to powering transactions and governance within Mantle, MNT has a range of applications within centralized finance (CeFi) and decentralized finance (DeFi). On Bybit, the world’s second-largest crypto exchange, MNT’s uses include spot and perpetual futures swaps, earning passive income through the Bybit Card and Bybit Earn programs, and access to new tokens through Launchpool and Megadrop.
In this article, we’ll take a detailed look at the MNT token, a cryptocurrency that has evolved well beyond simply being an asset to support blockchain transactions.
Key Takeaways:
MNT is a governance and utility token of the Mantle Network’s Layer 2 ecosystem.
It has a wide range of utilities and use cases across both centralized and decentralized crypto platforms, including diverse options for spot and perpetual trading, lending solutions, liquidity solutions and Ce-DeFi yield-generating products.
Mantle Network's road map is aligned with its goal of establishing itself as the liquidity chain by onboarding new high quality RWAs and connecting cross-chain solutions.
MNT is the native crypto token of Mantle Network, a leading Layer 2 scaling solution for the Ethereum blockchain. Mantle network was built on OP stack but is evolving into the largest ZK layer2 powered by Succinct's ZK settlement solution, SP-1. This change allows shorter finality and more secure environment where institutions can rely on with zk settlement on Ethereum. It also leverages Ethereum's consensus layer. Mantle Network is known for its modular architecture, utilizing EigenDA, an outsourced data availability (DA) layer built on the EigenLayer (EIGEN) restaking platform, to enhance its network functionality.
The MNT token is used within the Mantle Network ecosystem for two primary purposes: governance and utility. As a governance asset, MNT allows token holders to vote on proposals to introduce changes or improvements to the platform's products and operations.
As a utility token, MNT is used to pay for transaction fees on Mantle Network. It also acts as a core asset across over 200 decentralized apps (DApps) on Mantle network including trading, lending, and yield farming.
The MNT token was first issued in July 2023, when the original BitDAO (BIT) project (launched in 2021) was rebranded to Mantle Network. BIT was migrated to the new Mantle token as part of the rebrand. The BitDAO community overwhelmingly voted for the rebrand in May 2023 via the Mantle genesis proposal BIP-21, and for migration to the new token in June 2023 in the Mantle proposal MIP-22.
MNT is deployed on both the Ethereum Layer 1 and Mantle Layer 2 networks. It's a supply-capped token, with a total and maximum supply of 6,219,316,794. As of Sep 9, 2025, MNT's circulating supply stands at 3,252,944,055.
Upon its launch in July 2023, MNT’s total supply was split into two major parts: 51% for publicly available, unlocked circulating supply and 49% for the Mantle Treasury, which aims to use the funds to support network growth, development, grants and incentives. The 49% allocated to the Treasury may only be spent after governance approvals. As part of the governance process, MNT holders play a key role in votes to decide on the allocation of funds.
As noted above, the main use cases for MNT on the Mantle chain are governance and utility functions. Mantle applies a hybrid governance model that combines off-chain and on-chain elements. Any potential change is first discussed as an initial proposal by community members off-chain, typically through forums and other online channels. If the discussions gain traction, a formal on-chain proposal is submitted. During these on-chain votes, MNT token holders determine the outcome of the proposal by casting their votes.
MNT is also the gas token for the Mantle transaction data processed on the network.
However, MNT’s role extends well beyond being a governance token and an asset for paying network fees. The token serves as a base asset for trading pairs on. decentralized exchanges (DEXs), such as Uniswap (UNI) and Merchant Moe (MOE). In addition, it can be used as collateral within certain lending protocols.
MNT is also used extensively in the CeFi sphere, particularly on Bybit, a major platform in the CeFi space. In Bybit’s Spot market, MNT can be swapped against more than a dozen major cryptocurrencies. Bybit also lists MNT perpetual futures tied to the stablecoins Tether (USDT) and USDC (USDC), as well as the US dollar.
MNT is further integrated into Bybit’s broader product ecosystem. It’s one of the assets that can be selected as the funding source for Bybit Card, a debit card that enables crypto-based payments for everyday transactions. Other Bybit offerings that incorporate MNT include the following:
Launchpool and Megadrop, to win new and trending tokens through investing in MNT
Easy Earn, which lets you optimize your MNT yields
The Advanced Earn suite of products for experienced traders
Beyond crypto finance, MNT has applications for non-fungible tokens (NFTs) and GameFi. Users can use MNT to buy and trade NFTs on Mantle-based marketplaces such as Element market and Mintle. Several blockchain gaming platforms — such as Catizen, Spot Zero, Party Icons and L3E7 — feature MNT either for in-game asset purchases or as a reward currency.
As of September 2025, Bybit continues to integrate the MNT token further into its ecosystem. Its new offerings include the following:
Expanding the number of swap pairs for MNT to over 20, offering greater discounts on the token through Discount Buy
Support for options trading
Higher cashback rates through Bybit Card
Higher leverage for institutional clients
You can also invest in MNT Fixed-Term products under Easy Earn. Previously, MNT could only be used for Easy Earn’s Flexible Term offers.
Mantle Network is also expanding its use cases to include more DApp types, with the developer community working on solutions in areas such as real-world assets (RWAs) and cross-chain integration of digital assets.
The MNT token’s future road map and strategic direction include additional utilities beyond governance and gas fee payments, such as payment solutions, trading fee discounts, discounted token purchases and more RWA use cases. Together with MNT’s integration into more Bybit products, these developments will significantly expand the MNT token’s utility, with more adoption by retail and institutional users as well as DApp operators.
One key road map item is the tighter integration of zero-knowledge (ZK) proofs. While Mantle Network is still primarily an Optimistic L2 network, it’s committed to transitioning into offering ZK capabilities for improved security of the network and stronger finality guarantees. In March 2024, Mantle Network leveraged Succinct, a leading decentralized ZK prover network provider, to implement a new zero-knowledge virtual machine (zkVM) solution. Meanwhile, the Sepolia Testnet upgrade integrates OP Succinct and EigenDA, enhancing transaction speed and security and laying a strong foundation for DeFi, banking and trading applications. In Q4 2025, Mantle Network plans to extend the ZK capability to its mainnet.
You can buy Mantle's MNT token on major CEXs, including Bybit, MEXC, Kraken, Upbit and others. If you prefer to go via the DEX route, MNT is available on Uniswap v3 and on numerous Mantle-based DEXs and aggregators, including OpenOcean, Merchant Moe and StealthEX.
Some on-ramping solution providers also offer MNT for fiat currencies. This option is available at providers like Alchemy Pay, Banxa, Transak and Meld.
Some exchanges also offer MNT in perpetual futures contracts, typically based on a popular stablecoin like USDT or USDC. A number of USD-based MNT perps are also available through CEXs like Bybit, XT.com and Kraken, as well as DEXs Hyperliquid (HYPER) and dYdX (DYDX).
The MNT token was launched in mid-2023 as Mantle Network's governance asset and as a utility to pay transaction fees on the network. As of September 2025, MNT not only powers these functions but has expanded well beyond its original scope. The token is now integrated into a wide array of products and services at Bybit, including spot, futures, Bybit Card, Easy Earn, Advanced Earn and more. Future use cases on Bybit are already in the road map, as is the expansion of the MNT token's utilities in decentralized blockchain technology solutions.
The project's goal as a liquidity hub for the broader blockchain ecosystem focuses on RWAs, cross-chain applications and the development of fundamental layer infrastructure with innovative solutions like Succinct's ZK solution. MNT is aiming to expand its use cases beyond Ethereum and Mantle network, with HyperEVM integrated as Omnichain Fungible Token (OFT) via LayerZero for a seamless cross-chain experience.
MNT currently ranks 40th among the top 50 cryptos by market cap (as of Sep 15, 2025), emerging as a major altcoin that may challenge higher-ranked tokens as its ecosystem growth gathers pace. If you’re looking for a token with a significant and expanding footprint across both CeFi and DeFi, Mantle Network's MNT is definitely a promising option.
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