Mantle Milestones: Q3 2024 in a Gist

10/01/246 min read

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Mantle Milestones: Q3 2024 in a Gist

As we move into the final quarter of 2024, let's take a moment to reflect on Q3 and some of the major events and milestones we've seen. It's arguably been the year's busiest period, and Q4 is already shaping up to be even more action-packed. If you've missed any of the recent developments, here's a quick recap of what happened in Q3.

Sustained Momentum: Mantle's On-Chain Metrics in 2024

Mantle continues to see a steady rise in both active users and transactions, growing by 9.5% and 13.1% quarter-over-quarter, respectively.

Since the start of 2024, Mantle's TVL has also shown impressive growth, with the TVL increasing from $341 million to $1.26 billion from Q1 to Q3, with TVL from Mantle key assets like $mETH, $FBTC, and USDe accounting for 48%.

A closer look at Mantle's Ecosystem dApps reveals the sources of this TVL growth, with in-dApp TVL climbing. Agni Finance, INIT Capital, and Merchant Moe are leading the charge, all showing strong momentum.

Mantle's Ever-Expanding Ecosystem

With over 240 dApps, it's clear that Mantle Ecosystem is becoming increasingly vibrant, benefiting both dApps and their users alike. Don't miss any of the latest integration updates by following @MantleEcosystem on X/Twitter. In case you missed them, here's a list of some of the integrations over Q3.

We also have to give a special shoutout to our latest Showcase applications that we welcomed in Q3:

Methamorphosis: The Next Growth Phase of mETH Protocol

Since the passage of MIP-30, mETH Protocol officially entered its next stage of growth with the upcoming introduction of $cmETH and $COOK. In Season 1: Methamorphosis, $mETH holders can collect Powder — our unique points-based rewards — that will be redeemable for $COOK during the upcoming Token Generation Event (TGE).

Stake ETH to Get mETH Here

There's still time to join Season 1: Methamorphosis and seize the opportunities available for those looking to be part of the next growth phase of mETH Protocol. Visit the Methamorphosis campaign page for all the details on how to position yourself to earn $COOK when it becomes available.

For a step-by-step guide on getting $mETH to participate, check out our "mETH Protocol: How to Get $mETH" guide.

All-New Mantle Rewards Station's Features

While we are on the topic of $COOK, users can lock $MNT on Mantle Rewards Station to secure their of 200 million $COOK.

Lock Now

Event Period

  • Start of Lock-in Period: July 15, 2024 12PM UTC
  • First Snapshot Date: July 16, 2024
  • Final Snapshot Date: Oct. 9, 2024

As if that wasn't enough, users who locked their $MNT on the Mantle Rewards Station between Sept. 20 and Sept. 29 were also entered into a lottery with a prize pool of 5 million Ollies, the points system for Skate, designed to reward early and active contributors.

What's new with Mantle Rewards Station?

Beyond the rewards, Mantle Rewards Station recently underwent a revamp to enhance user experience, offering more flexibility and allowing users to earn Mantle Ecosystem rewards on their terms! Here's a summary of all the latest features:

  • A redesigned, user-friendly layout makes it easier than ever to lock $MNT.
  • The introduction of lock-in periods allows users to accumulate more MNT Power (MP), boosting their potential rewards.
  • Users can now make deposits in batches on Mantle Rewards Station, providing greater flexibility.
  • Users have the freedom to choose how much MP to delegate to each reward pool. When multiple Mantle Rewards Station campaigns are running simultaneously, they can allocate their preferred percentage to each pool, offering ultimate flexibility!

Please note that since the mETH Protocol pool is currently the only active rewards pool, all MP will be automatically allocated to it.

Mantle AI Fest: CH(AI)N REACTION

Another standout event in Q3 was the Mantle AI Fest. Throughout the various stages of the campaign, users had the chance to compete for a prize pool of 1 million $MNT, along with additional rewards from participating protocols. The best part? Participants could earn rewards while exploring some of the most cutting-edge AI applications in the space!

Join the final phase of Mantle AI Fest now! To wrap up Mantle AI Fest: CH(AI)N REACTION, we've teamed up with FIDE AI and Layer3 to allow users to earn a portion of the 100k $MNT & 10M FIDE up for grabs. The final phase is scheduled to get started at the start of October. Stay tuned for updates!

A Year Full of Rewards!

Speaking of rewards, Mantle hasn't limited its generosity to just Q3 — the rewards have been flowing all year long! If you missed out, don't worry. Mantle is gearing up to launch even more rewarding initiatives to support ecosystem participants as we strive to become one of the most lucrative ecosystems in the space. Here's a look back at some of the rewards we've distributed throughout 2024.

Mantle Network's 1-Year Anniversary

Q3 2024 was a standout quarter for Mantle, as July 17 marked 1 year since the launch of Mantle Network Mainnet Alpha. It's been an incredible journey filled with significant milestones, and none of this would be possible without our vibrant community. Kudos to everyone who's been part of our journey so far — let's keep cooking!

Community Highlights

We've been hosting a series of AMAs & broadcasts on X/Twitter, diving into Mantle's latest updates and active campaigns. If you weren't able to join, you can catch up by listening to the full sessions here:

Alongside our AMAs and broadcasts, we've kept the community engaged through our monthly town halls! Don't miss the next one coming up at the end of October — we'd love to have you there!

Connecting Through Q3: Our Event Highlights

Q3 was packed with major events, and our team was out in full force at EthCC in Brussels, Korea Blockchain Week, Token2049 Singapore, and more. As our team expands, so does our presence at these events, providing us with fantastic opportunities to connect with our community and key ecosystem players. With Mantle representatives like Chief Alchemist Jordi Alexander, Public Liaison Igneus Terrenus, Head of BD Mark Veer, and Product Lead Joshua Cheong (to name a few), it's safe to say all the alpha was spilled.

Sneak Peak Into Q4

Q4 is shaping up to be even more eventful, with exciting developments on the horizon for Mantle. The next growth phase of the mETH Protocol will inevitably take centre stage as we introduce restaking capabilities, bringing two new assets into the ecosystem — $cmETH and $COOK. For those who have participated in Season 1: Methamorphosis, stay tuned for information regarding the $COOK TGE.

Apart from that, here are some other things to keep an eye out for over the next few months:

Upcoming integrations

  • Safe
  • CrossCurve
  • Thirdweb
  • Nillion

Other notable developments:

  • The final phase of Mantle AI Fest is set to kick off at the start of Q4! Don't miss out on your last opportunity to scoop up some rewards!
  • INIT Capital launches INFINIT: A DeFi abstraction layer designed for new DeFi builders, currently in its early access phase. Be sure to check it out and stay tuned for further developments ahead of the full launch.
  • MancakeSwap Launching on Mantle: The official franchise-fork of PancakeSwap, MancakeSwap, will soon be launching natively on Mantle.
  • $EIGEN Unlock on Sept. 30: For all $mETH users on Mantle L2, the $EIGEN unlock is coming up. Keep an eye on the official mETH Protocol X/Twitter for more details.

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