Tokens for Ethereum scaling have shown stronger resilience compared to the broader cryptocurrency market following the weekend’s downturn, highlighting the robust price dynamics of layer-2 (L2) projects built on the leading smart contract platform.
Mantle (MNT), an Ethereum layer-2 scaling solution, experienced a 31% rebound on Monday, ranking as the third-largest gain among the top 100 cryptocurrencies monitored by CoinMarketCap.
Other tokens, such as Arbitrum (ARB) and Immutable (IMX), also saw double-digit increases, while Polygon (POL) enjoyed an 8% uptick over the 24-hour period leading up to this report.
Analysts attribute the rebound of the MNT token to its growing use within the Bybit exchange ecosystem, particularly after the $19 billion liquidation event.
“Mantle is gaining momentum, particularly with the utility derived from Bybit integration, the range of products available, and its substantial treasury,” stated Jake Kennis, senior research analyst at the Nansen blockchain analytics platform.
According to Kennis, the MNT token’s price has tripled over the last three months.
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Mantle’s active addresses surged by 117% week over week, registering the “most significant growth among all L2s,” as noted by blockchain analyst SatyaXBT.
“Bybit’s expansion combined with Mantle’s increasing on-chain activity is establishing a solid feedback loop between centralized exchanges (CEX) and L2,” he commented in a Monday X post.
In August, Bybit rolled out numerous campaigns and staking options for MNT, followed by a collaborative roadmap with Mantle that outlines lower slippage trades, new payment methods, and expanded savings features. This initiative signals the start of Mantle 2.0, which aims to position the network as an institutional “liquidity chain” for tokenized real-world assets, bridging centralized (CeFi) and decentralized finance (DeFi).
“Mantle has evolved beyond just an L2; it serves as the backbone of Bybit’s ecosystem. This is not merely a partnership but a strategic move towards dominance in real-world assets (RWA),” noted Delphi Digital in a September 3 X post.
“This update transitions the Mantle token into a Bybit utility asset.”
Bybit may also enhance liquidity through grants like the $200 million Mantle EcoFund, aimed at investing in applications built within its ecosystem.
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MNT token could gain from Binance platform challenges
Some analysts believe Mantle’s rise was further fueled by disruptions on the Binance platform during the recent market fluctuations. Binance reported sporadic delays and display inconsistencies on Friday amid heightened trading activity.
Although Binance remained operational, some “platform modules” faced “technical issues,” leading to the depegging of three cryptocurrencies on the exchange, including Ethena’s synthetic dollar (EUSDE), Binance Staked Solana (BNSOL), and Wrapped Beacon ETH (WBETH).
To compensate users impacted by these glitches, Binance allocated $283 million worth of funds, as detailed in a Sunday announcement.
“After the issues on Binance, where users were unable to manage their positions, Bybit operated without a hitch,” reported blockchain investigator Finish, emphasizing that “Bybit will lead, and $MNT is going to surge.”
Despite speculations of market manipulation, the recent correction was “clearly a genuine market occurrence, not merely an exchange error,” stated Marcin Kazmierczak, co-founder of Redstone blockchain oracle solutions, to Cointelegraph, adding:
“When President Trump announced 100% tariffs on China around 5:00 PM ET on Friday, October 10th, crypto markets became the only avenue for global investors to convey their astonishment.”
With other global markets closed during the announcement, “crypto absorbed the full brunt of panic selling that would typically be spread across multiple asset classes,” he continued.
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This article does not provide investment advice or recommendations. All investment and trading actions carry risk, and readers should conduct their own research prior to making any decisions.
