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anchored·2e54r2…9tP9Summary
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
9 entities · 60 linked investigations- Mantle→mentioned with→Bybit(70%)
- Mantle→mentioned with→Tectonic(65%)
- Mantle→mentioned with→Ethereum(80%)
- Mantle→mentioned with→Polygon(60%)
- KelpDAO / LayerZero Bridge Exploit (April 2026) — DPRK Lazarus→mentioned with→Ethereum(80%)
- KelpDAO / LayerZero Bridge Exploit (April 2026) — DPRK Lazarus→mentioned with→Mantle(65%)
- Safe{Wallet}→mentioned with→Ethereum(80%)
- Safe{Wallet}→mentioned with→Bybit(70%)
- Safe{Wallet}→mentioned with→Polygon(60%)
- Eigenlayer→mentioned with→Mantle(60%)
- + 12 more
Timeline(17 events)
August 2021
BitDAO founded with Bybit as primary institutional backer; Bybit holds approximately 60% of initial BIT supply.
Mantle / CryptoHopperDecember 2022
BitDAO governance proposal introduces Mantle L2 concept, proposed by pseudonymous community member jacobc.eth and Bybit CEO Ben Zhou.
AiCoin ResearchMay 2023
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.
CryptoSlateJune 2023
MIP-23 passes, burning 3 billion unconverted BIT tokens and reducing total MNT supply from 9.2 billion to 6.219 billion.
Mantle Tokenomics Docs17 July 2023
Mantle Network Mainnet Alpha launches at EthCC in Paris, alongside $200 million EcoFund.
CryptoSlateJuly 2023
Security audits completed by OpenZeppelin (token and bridge), Secure3 (smart contracts), and Sigma Prime (rollup assessment).
Medium/Secure3March 2024
Mantle research team publishes fair sequencing architecture paper using verifiable randomness to reduce MEV and censorship; design not yet live on mainnet.
Mantle Network Blog13 February 2025
Mantle announces leadership expansion with key hires from traditional finance and Web3.
Blockhead21 February 2025
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 / CNBCMarch 2025
Mantle becomes first major L2 to fully integrate EigenDA, expanding data availability infrastructure from 10 to over 200 operators.
Mantle Network BlogSeptember 2025
Mantle deploys OP-Succinct (SP1 ZK proofs) on mainnet, transitioning from optimistic rollup to ZK validium.
L2BEAT / Mantle Blog15 December 2025
mETH Protocol upgrades with Buffer Pool mechanism enabling on-demand mETH-to-ETH redemptions via dual liquidity pathways.
OSL Academy19 April 2026
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.
CoinDesk27 April 2026
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: E3sozabpWU21WQut2R76vbj5ywvnP5Lhtv4kwBvAE31o
- hash: B9cW4ib1LMGbv2PkDFMQX2NFscVLAtFZgKdUS2xYhfPQ
- hash: BoKx8TyYAZKU63e9zwspRPfdFAUiVbG8eo46Md8PipHZ
- hash: ADT5YM7K15jCucGASi6iZ9jrJKmvdyz3cFhcB4YKnT3X
- hash: df2vBfQRdnHf8TyPkqJz2DsMX69CzeVf7Cxizy6aHQm
- hash: FG4wxuKuqGd3fNurr8LDTcwuJFyPd4c3zB6PMV1ZJQ1u
This investigation is cryptographically anchored to the Solana blockchain (6 events). 21 of 24 cited source URLs have an Internet Archive snapshot.
model: claude-sonnet-4-6
generated: 5/13/2026, 3:19:26 AM
last updated: 7/25/2026, 10:30:00 AM
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