Summary
Mantle is a modular Ethereum Layer 2 network launched in July 2023, emerging from a merger of the BitDAO DAO and the Mantle L2 project. The MNT token was converted 1:1 from BitDAO's BIT token following a May 2023 community vote. The protocol holds a treasury of over $6 billion in assets and ranked approximately #43 by market cap as of mid-2026, but carries notable centralization risks including a single sequencer, zero-delay contract upgrade capability, and deep strategic and financial dependence on Bybit, the centralized exchange that held approximately 60% of the initial BIT token supply and suffered a $1.5 billion North Korean hack in February 2025.
Connected Entities
1 entities- + 7 more
Timeline(17 events)
2021-08-01
BitDAO founded with Bybit as primary institutional backer; Bybit holds approximately 60% of initial BIT supply.
Mantle / CryptoHopper2022-12-01
BitDAO governance proposal introduces Mantle L2 concept, proposed by pseudonymous community member jacobc.eth and Bybit CEO Ben Zhou.
AiCoin Research2023-05-01
BitDAO community passes BIP-21, approving merger of BitDAO and Mantle brands under 'one brand, one token' structure; BIT to be converted 1:1 to MNT.
CryptoSlate2023-06-01
MIP-23 passes, burning 3 billion unconverted BIT tokens and reducing total MNT supply from 9.2 billion to 6.219 billion.
Mantle Tokenomics Docs2023-07-17
Mantle Network Mainnet Alpha launches at EthCC in Paris, alongside $200 million EcoFund.
CryptoSlate2023-07-01
Security audits completed by OpenZeppelin (token and bridge), Secure3 (smart contracts), and Sigma Prime (rollup assessment).
Medium/Secure32024-03-01
Mantle research team publishes fair sequencing architecture paper using verifiable randomness to reduce MEV and censorship; design not yet live on mainnet.
Mantle Network Blog2025-02-13
Mantle announces leadership expansion with key hires from traditional finance and Web3.
Blockhead2025-02-21
North Korean Lazarus Group steals approximately $1.5 billion in ETH from Bybit via compromised Safe Wallet UI; approximately $24 million in mETH among stolen assets. MNT falls ~17%, Bybit records $2.2 billion in outflows.
FBI / CNBC2025-03-01
Mantle becomes first major L2 to fully integrate EigenDA, expanding data availability infrastructure from 10 to over 200 operators.
Mantle Network Blog2025-09-01
Mantle deploys OP-Succinct (SP1 ZK proofs) on mainnet, transitioning from optimistic rollup to ZK validium.
L2BEAT / Mantle Blog2025-12-15
mETH Protocol upgrades with Buffer Pool mechanism enabling on-demand mETH-to-ETH redemptions via dual liquidity pathways.
OSL Academy2026-04-19
KelpDAO exploited for approximately $292 million in rsETH via LayerZero cross-chain verification flaw; attack attributed to Lazarus Group. Mantle core infrastructure unaffected but rsETH holders on Mantle impacted.
CoinDesk2026-04-27
Mantle pledges 30,000 ETH credit facility (~$127 million) to assist Aave's recovery following KelpDAO contagion, joining the 'DeFi United' relief fund.
CoinDeskDecision Log
- hash: B9cW4ib1LMGbv2PkDFMQX2NFscVLAtFZgKdUS2xYhfPQ
- hash: BoKx8TyYAZKU63e9zwspRPfdFAUiVbG8eo46Md8PipHZ
- hash: ADT5YM7K15jCucGASi6iZ9jrJKmvdyz3cFhcB4YKnT3X
- hash: df2vBfQRdnHf8TyPkqJz2DsMX69CzeVf7Cxizy6aHQm
- hash: FG4wxuKuqGd3fNurr8LDTcwuJFyPd4c3zB6PMV1ZJQ1u
This investigation is cryptographically anchored to the Solana blockchain and source URLs are archived via the Internet Archive.
model: claude-sonnet-4-6
generated: 5/13/2026, 3:19:26 AM
last updated: 6/14/2026, 11:16:20 PM
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