DUBAI, UAE, Dec. 24, 2025 — Messari has released a detailed report analyzing Mantle’s network architecture, ecosystem framework, and recent achievements, emphasizing the protocol’s progress toward becoming a coordinated distribution layer for onchain finance. The analysis zeroes in on Mantle’s growing exchange partnerships, expanding real-world asset (RWA) infrastructure, and the rise of a modular financial stack covering capital, applications, and user access.

Deepening Distribution Through Bybit Integration

Messari points out Mantle’s evolving partnership with Bybit, which has moved beyond a basic token listing to a deep platform-wide integration where MNT serves as a key asset for trading, fee payments, VIP programs, and institutional offerings. After a joint roadmap was unveiled in August 2025, Bybit added more MNT-quoted trading pairs, offered discounted fees in MNT, and rolled out MNT-related perks for VIP and institutional users. Over this time, MNT’s circulating market cap hit around $8.7 billion on October 8, 2025, a sign of wider access, better liquidity, and greater engagement through Bybit’s distribution channels.

Capital Formation Anchored for DeFi Hubs

The report mentions that Mantle’s capital foundation is supported by the mETH Protocol, which continues to be one of the network’s top sources of onchain liquidity. By late 2025, mETH held $791.7 million in ETH and cmETH held $277 million, totaling roughly $1.07 billion in underlying assets. At the application layer, Mantle’s DeFi total value locked (TVL) reached $242.3 million as of September 30, 2025, showing ongoing growth in onchain activity across the network.

Expanding Institutional Stack Across RWAs, DeFi, and Infrastructure

Messari also highlights Mantle’s advancements in creating institutional-grade onchain infrastructure via its Tokenization-as-a-Service (TaaS) platform, which offers full support for compliant RWA issuances. Institutional engagement grew with issuances like Ondo Finance’s USDY, which saw around $29 million tokenized on Mantle, plus wider ecosystem efforts such as global RWA hackathons and scholarship programs.

“Institutions don’t adopt standalone execution layers—they adopt ecosystems that align capital, liquidity, and distribution,” stated Emily Bao, Key Advisor at Mantle. “Mantle has focused on bridging those gaps and making onchain finance work for institutions at scale, instead of just optimizing throughput.”

“Mantle’s growth mirrors a larger trend among Layer 2s toward aligning capital, applications, and distribution instead of optimizing execution alone,” noted Evan Zakhary, Protocol Research Analyst at Messari. “Its expanding capital stack and exchange-driven distribution make it a network focused on institutional onchain activity.”

Messari’s analysis frames Mantle as a Layer 2 moving beyond execution to align capital, infrastructure, and distribution. As the network strengthens exchange ties and institutional uptake, Mantle is more and more recognized as a distribution layer for institutional onchain finance.

About Mantle

Mantle bills itself as the leading distribution layer and gateway for institutions and traditional finance (TradFi) to link with onchain liquidity and access real-world assets, enabling the flow of real-world finance.

Boasting over $4 billion in community-owned assets, Mantle merges credibility, liquidity, and scalability with institutional-grade infrastructure to support mass adoption. The ecosystem is centered on $MNT within Bybit and built out through core projects like mETH, fBTC, MI4, and others. This is augmented by Mantle Network’s partnerships with top issuers and protocols such as Ethena USDe, Ondo USDY, OP-Succinct, and EigenLayer.

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About Bybit

Bybit is the world’s second-largest cryptocurrency exchange by trading volume, catering to a global community of over 80 million users. Established in 2018, Bybit is redefining openness in the decentralized space by building a simpler, more open, and equitable ecosystem for all. With a strong emphasis on Web3, Bybit partners strategically with top blockchain protocols to deliver robust infrastructure and drive onchain innovation. Known for its secure custody, diverse marketplaces, user-friendly experience, and advanced blockchain tools, Bybit connects TradFi and DeFi, empowering builders, creators, and enthusiasts to unlock Web3’s full potential. Discover the future of decentralized finance at .

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