Mantle (MNT) token is drawing attention after a significant increase: it rose 20% recently and reached a three-month peak.
Mantle: Growth and Liquidity
The price of MNT token surged by 20% over the last day, reaching $0.88. Following news of liquidity inflows, MNT became a top gainer among altcoins. The trading volume of the token reached over $484 million in 24 hours. MNT's open interest hit a three-year peak at over $43 million, indicating a spike in interest in the asset.
Impact of ETH Treasury on Mantle
A key factor for renewed attention to Mantle is its status among Ethereum holders. The project, formerly known as BitDAO, collected a significant ETH treasury during previous market cycles. Currently, Mantle is among the top 10 ETH holders with a treasury of 101.9K ETH, allowing it to capitalize on various passive income options.
Increased Network Activity and Stablecoins
Web3 activity surged in July, with a peak of 130K daily active addresses compared to less than 10K in previous months. The total value locked in the Mantle network is around $232 million, with stablecoins now exceeding $653 million. Growing interest in other L2 networks indicates a revival of activity within the Ethereum ecosystem.
Recent developments show that even relatively forgotten L2 chains can find prominence in the Ethereum ecosystem, and the increase in active wallet numbers gives Mantle a chance for further growth in the DeFi sector.
