The latest Layer 2 (L2) solution, Mantle, is shaping up to be the new El Dorado. Mantle is winning straight out of the gate – recording an impressive 10,000 transactions on Day 1. 

With its unique technology stack, deflationary asset model, and a bustling ecosystem of dApps, Mantle is not just another shiny new object. 

It's a whole new goldmine. And the treasure trove? The MNT token. 

So, grab your pickaxes and let's dive in!

TLDR 📃

• Mantle mainnet goes live, offering users 4 MNT for free for bridging over.
• With 10K transactions in one day, Mantle's rapid growth reminds us of Starknet, which has seen a 10x TVL over the past four months!
• Mantle's MNT token is set to increase as all gas fees are paid in MNT and subsequently burned.
• Several dApps go live on Mantle, one with an airdrop already confirmed.

Disclaimer: Not financial or investment advice. Any capital-related decisions you make are your full responsibility.

Mantle: a launch with a bigger splash than most 🚀

A new L2 enters the scene occasionally, but none have made an entrance quite like Mantle.

With a staggering ~10,000 transactions processed on its first day, Mantle didn't just step onto the stage – it stormed it!

And as expected, users have responded with loud applause; especially considering that its gas fees are a massive 500x less than Ethereum's!

Mantle is rolling out the red carpet if you are ready to take this L2 machine for a spin. New users bridging to Mantle are welcomed with four free MNT tokens – more on the token in a bit.

But what sets Mantle apart is its unique approach to gas fees - they're paid in MNT, not ETH!

This use case isn't just a novelty; it's a game-changer. This is incredibly bullish for the MNT token because it is the same reason we're bullish on ETH.

Just like ETH, MNT is a deflationary asset. But with a decreasing supply and demand set to skyrocket, MNT isn't just following in ETH's footsteps - we might be witnessing the birth of the next ultra-sound asset. Time will tell.

dApps drive L2 growth; Mantle knows how to attract them ⚡️

The secret sauce to a thriving L2? Give people plenty to do. 

This is particularly true for Mantle, where every use of the MNT token adds to its value. What's truly remarkable is the number of dApps ready to roll on Mantle's first day. And the cherry on top? One of them is already teasing an upcoming airdrop!

• FusionX Finance, the first DEX to launch on Mantle, is already offering a variety of liquidity pools and the opportunity for some lucrative yield farming.
• Timeswap v2 is a lending platform, the first of its kind on Mantle. While it's still a smaller platform with $1 million in TVL, it's paving the way for users to provide liquidity for borrowers and others to borrow funds.
• Rarible, a household name in the NFT market, is also in the mix. This OG has announced its support for NFTs on Mantle. This could be the quickest we've seen a veteran NFT platform embrace a rising L2!

Keep a close eye on these DEXes. They may be small now, but their liquidity pools could offer attractive returns for early depositors of currencies like ETH and USDC.

Starknet's 10x TVL growth set the stage for Mantle 👉👈

As we marvel at Mantle's impressive debut, it's hard not to draw parallels with Starknet's explosive growth. 

A few months ago, Starknet was a small fish in the vast L2 ocean. But with consistent upgrades and a vibrant community, it has transformed into a giant, boasting a whopping $100 million in TVL!

This is nothing short of extraordinary for Starknet, especially considering its status as a ZK rollup with limited dApps. Yet, it has increased its TVL by an astounding 10x in just four months!

Now, enter Mantle, an optimistic rollup with wider compatibility for dApps. With more activities and opportunities than Starknet, Mantle is poised for potentially even more tremendous growth. As we've seen with Starknet, a strong start can lead to incredible journeys, and Mantle is already off to the races.

What does all this mean for the MNT token? 🤔

Mantle's launch has certainly made waves, but what does it mean for the MNT token? 

While details on token distribution remain under wraps, the fundamentals of Mantle's operation paint a promising picture, and we're incredibly bullish on the MNT token. As earlier stated, the MNT token operates on a deflationary model, a feature that sets it apart from many other tokens, including ETH. 

In this model, all gas fees on the Mantle network are paid in MNT, and these tokens are subsequently burned. There's no creation of new MNT tokens, only a perpetual decrease in supply. This scarcity effect, coupled with sustained or increasing demand, can potentially drive up the value of MNT over time, creating a continuous bullish impact.

But the potential of MNT doesn't stop there. The growth of an L2 solution is intrinsically tied to the vibrancy of its ecosystem, and Mantle is investing heavily in this area. 

Over the next three years, Mantle plans to release $100 million in grants to support the development of dApps on its platform. This substantial investment strongly incentivises existing dApps to integrate with Mantle or even transition entirely to this new L2 solution. As the Mantle ecosystem expands and activity increases, the demand for MNT - the essential token for paying gas fees - will likely rise, further bolstering its potential value.

Price analysis 📊

But beyond fundamentals, let's look at what the charts tell us about MNT.

First, the lack of data doesn't help identify MNT's actual direction.

Still, by combining fundamentals with lower timeframe technical analysis, we're left with a very simple conclusion: MNT will see more upside.

We've highlighted potential levels for accumulation purposes, but do keep in mind that what you're seeing on this chart is the 1H timeframe. MNT's price will fluctuate and form more data; hence new levels can form in a few days.

We now view the $0.5530 - $0.5420 as the best region to accumulate from in the short term.

Cryptonary's take 🧠

Mantle is not just another L2; it has been powered by a passionate community from its inception under BitDAO. Similarly, the MNT token is a separate breed from other L2 tokens. Not only is it used for governance, but it also has direct utility within the Mantle ecosystem. 

These unique features aren't just competitive advantages – we see them as potential catalysts for exponential growth. The digital gold rush in L2s is just starting, and Mantle is the new frontier.

As always, thanks for reading! 🙏

Cryptonary, out!