Mantle Gains Institutional Spotlight in New Messari Layer-2 Assessment

A newly released report by blockchain research firm Messari places Mantle among the leading Layer-2 ecosystems, pointing to its expanding role in institutional-grade DeFi, exchange integration, and real-world asset tokenisation.

Rather than focusing purely on transaction speed or cost efficiency, Messari’s report frames Mantle as a “distribution layer,” a network built to coordinate liquidity, capital formation and access to financial products across the onchain economy. This positioning reflects a broader shift in how Layer-2 networks are being evaluated as institutional interest in blockchain infrastructure continues to grow.

At the center of Mantle’s strategy is its deepening integration with the crypto exchange Bybit, a relationship that extends well beyond a conventional token listing. Mantle’s native token, MNT, has been embedded into multiple layers of Bybit’s platform, including trading pairs, fee structures, and incentive programs aimed at active and institutional traders.

In August 2025, Mantle and Bybit announced an expanded collaboration that introduced MNT-denominated trading pairs and discounted trading fees for certain user segments, including Bybit’s VIP customers. Messari notes that this tighter integration coincided with increased liquidity and market participation for MNT, with the token’s circulating market capitalization approaching $8.7 billion by early October 2025.

The report suggests that this exchange-level integration has become a key distribution channel for Mantle, allowing the network to reach users and capital at scale through existing trading infrastructure rather than relying solely on organic onchain growth.

Beyond exchange distribution, Mantle’s onchain ecosystem is anchored by a growing base of staked and restaked assets. Messari highlights the scale of Mantle’s staking architecture, noting that its mETH protocol, the network’s native liquid staking solution, held approximately $791.7 million worth of ETH, while cmETH positions accounted for a further $277 million. Together, these pools represent more than $1 billion in underlying capital supporting Mantle’s DeFi activity.

This capital base plays a central role in Mantle’s decentralized finance ecosystem, providing liquidity and yield opportunities across applications built on the network. As of late 2025, Messari estimates Mantle’s total value locked at around $242.3 million, a figure that reflects sustained participation from users and protocols operating within the ecosystem.

The report emphasizes that this concentration of staked assets gives Mantle a different profile from many Layer-2 peers, positioning it as a network where capital efficiency and financial composability are core design features rather than secondary considerations.

Mantle’s ambitions extend beyond native DeFi. Messari also points to the network’s push into real-world asset tokenization through its Tokenization-as-a-Service framework, which is designed to support compliant issuance of onchain financial products. One example highlighted in the report is Ondo Finance’s USDY token, which has seen approximately $29 million in issuance on Mantle, signaling early traction for regulated asset offerings on the network.

Alongside product development, Mantle has supported ecosystem growth through RWA-focused hackathons, education initiatives, and scholarship programs, efforts that Messari interprets as part of a longer-term strategy to attract developers and institutions working at the intersection of traditional finance and blockchain infrastructure.

While the Messari report primarily focuses on ecosystem positioning, it also places Mantle’s evolution within a broader industry context. Layer-2 networks in 2025 are increasingly moving away from a one-size-fits-all scaling narrative, instead differentiating themselves through specialized financial infrastructure, distribution partnerships, and capital coordination mechanisms.

In Mantle’s case, its combination of exchange integration, large staking pools, and institutional-oriented tooling sets it apart from networks that prioritize developer activity or transaction throughput alone. Messari’s analysis suggests that institutions evaluating onchain finance are less concerned with raw performance metrics and more focused on whether a network can support liquidity, compliance, and reliable access to markets.

Mantle’s positioning as a distribution layer for onchain finance will likely be tested by broader market conditions, regulatory developments, and competition from other modular and institution-focused Layer-2 networks. Sustained growth in tokenized assets, DeFi participation, and exchange-driven liquidity will be critical to maintaining momentum, the report implies.

Messari’s assessment places Mantle firmly within the conversation around how blockchain infrastructure is evolving to meet the needs of institutional capital, signaling a shift in how success is defined in the Layer-2 ecosystem as onchain finance continues to mature.