Messari Report Puts Mantle Network at the Top of L2 Rankings in Q1

On May 28, Mantle revealed its Q1 2025 report in a post on X. The report, compiled by Messari, details Mantle Network’s position among competing protocols. It highlights Mantle Network’s performance relative to peers during the quarter. Despite a 36.6% market cap decline, Mantle outperformed Ethereum’s 46% drop. Market cap fell to $2.7 billion by quarter end. Throughput rose to 15 MB/s, improving data availability and decentralization. The network secured over 163,000 mETH tokens through restaking measures. These measures aimed to strengthen network security and encourage token holder participation.

Mantle’s User Activity Drops in Q1 as Daily Addresses Fall by 19.6%

The Q1 Mantle Network’s performance shows a 19.6% drop in daily active addresses. Daily transactions decreased by 2.7%, averaging 391,399 per day. The average new daily addresses also fell 9.3% in this period. These declines indicate lower user activity during the quarter measured. Initiatives such as the Mantle Rewards Station helped sustain user engagement. Methamorphosis Season 3 introduced point rewards for cmETH holders completing tasks. The EcoGalaxy: Mantle Surge event partnered with Bybit for community tasks. Kaito’s Yapper Leaderboard encouraged content creation and network participation.

Mantle TVL Reaches $709.7 Million in March 2025

Based on the Mantle Network’s performance report, the total treasury value declined by 10.3% QoQ. Treasury assets fell from $3.9 billion to $3.5 billion. MNT tokens comprised 65.4% of treasury holdings during this period. Restaked mETH tokens represented 14.8% of overall treasury assets. Other assets included ETH and stablecoins like USDC, USDe, and USDT. This distribution shows a blend of native tokens and Ethereum-based assets. The treasury remains diversified while retaining significant exposure to MNT tokens. Stablecoin reserves help manage volatility in token valuations and liquidity requirements.

Mantle Network’s TVL grew by 27.8% between November and December 2024. Growth resulted from increased usage of DeFi offerings on the network. Mantle’s mETH Protocol emerged as a key liquid staking solution in its first year. This protocol ranked 4th among all Ethereum liquid staking tokens by TVL. As of March 31, 2025, Mantle’s TVL reached $709.7 million. The Function product, based on Bitcoin, added $1.2 billion in TVL. Mantle’s mETH Protocol and Function infrastructure remain central to the overall Mantle Network’s TVL growth dynamics.

Integration of EigenDA Boosts Mantle’s Scalability and Data Availability

Mantle Network’s Integration of EigenDA increased the data availability node count from 10 to over 200. This change reduced operator concentration and improved overall network uptime reliability. Throughput capacity rose to 15 MB/s, far above Ethereum’s limit of 0.0625 MB/s. Restaking over 163,000 mETH tokens improved security while generating yield opportunities. These technical upgrades aim to enhance network scalability and reliability for users. Overall, EigenDA integration marks a meaningful step in foundational network improvements.

Mantle Rewards Station continued providing token incentives to network participants. Methamorphosis Season 3 awarded “Powder” points for cmETH holders completing tasks. EcoGalaxy: Mantle Surge, hosted with Bybit, engaged users through interactive challenges. The Yapper Leaderboard by Kaito drove content creation and community participation. These campaigns aimed to keep engagement steady amid market activity declines. Incentive programs played a key role in maintaining network usage levels during the downturn.

Expanding DeFi Tools To Support Market Demand and Evolution

Looking forward, the protocol plans to extend modular finance features across its ecosystem. Liquid staking services aim to provide users with flexible yield generation options. Q1 results highlight strategic actions for weathering market volatility and uncertainty. Recent protocol upgrades aim to support future scalability and performance needs across the network. Although usage metrics declined alongside broader market trends, strategic steps were taken. Continued focus on diverse products seeks to foster ongoing on-chain finance growth. These plans position the network for further engagement in evolving decentralized markets.