The Layer 2 network Mantle has made a major play in the crypto market by staking 40,000 ether (ETH) on staking protocol Lido. This strategic move was green-lit after a governance vote on treasury management earlier in the month, signifying a slight shift in the off-chain scaling solution’s strategies.
At the current market rates, the staked ether translates to an approximate value of $66 million. Not to mention, it would churn out a yield of 4.1% APR, contributing to Mantle’s treasury. Speaking of which, Mantle’s treasury currently boasts a staggering $3.2 billion in value. Its impressive portfolio includes its native governance token (MNT), bitDAO (BIT), and stablecoins as primary holdings.
Behind the painted image of this brawny treasury, lies the newly instilled power in the hands of the community members. A unique restructuring has now granted them the authority to carve out strategies relating to Mantle’s treasury. Following the governance vote, up to 200,000 ether has been given the green light for staking, of which 20% is allocated to Lido.
Riding the waves of the larger crypto market downturn, Mantle’s native token faced a dip of 29% in the past month and is currently trading at the value of $0.43. While the ripple effects of the crypto market’s volatility animate the journey of Mantle’s native token, its technological prowess simultaneously works to scale Ethereum and brace itself against rivals like Arbitrum and Optimism.
The recent roll-out of Mantle’s mainnet technology stack aims to augment Ethereum’s scaling capabilities. Currently, it holds $37 million in Total Value Locked (TVL), working to mark its territory amidst the bustling Layer two networks. However, this emergent network faces the stern challenge of establishing a solid foothold amidst its peers in this competitive landscape.
In conclusion, the Layer-2 network Mantle is making sizable strides, embracing the inherent divergence characteristic of the crypto market. Betting on large stakes in an unpredictable market, diversifying its treasury’s portfolio, empowering its community, and knocking on the doors of cutting-edge technology – Mantle gives us the quintessential crypto narrative. The tale is out, and only time will unfold the measure of success these bold moves will bestow upon Mantle.
Source: Coindesk
