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What is MNT?

MNT is an ERC-20 token on Ethereum that doubles as the working asset of Mantle Network, a rollup that settles to Ethereum. On the layer 2 the bridged token pays gas, the way ETH does on mainnet, which makes MNT unusual among governance tokens: it has a built-in, recurring use every time someone transacts on the network.

The token replaced BIT, the governance token of BitDAO, an investment DAO launched in 2021 with backing from the exchange Bybit. The Mantle brand absorbed BitDAO after the BIP-21 vote passed, and MIP-22 defined the new token's design and conversion terms. Migration channels opened on 17 July 2023, converting BIT one for one.

How MNT works

Mantle governance runs off-chain. Proposals are discussed on the Mantle forum, formalized as Mantle Improvement Proposals, and voted on Snapshot, where one delegated MNT equals one vote. A passed vote does not execute code by itself; the Mantle core contributor team implements ratified proposals, including treasury transfers into product budgets.

MNT itself lives on Ethereum, and the canonical Mantle bridge issues the layer 2 form used for gas. Mantle Network launched its mainnet alongside the token conversion in July 2023, anchoring its state to Ethereum while keeping transaction data on a separate data availability layer.

MNT supply and tokenomics

The conversion fixed the initial supply at 6,219,316,768 MNT as of 7 July 2023, following the MIP-23 supply optimization approved by governance. About 51% of it, 3,172,988,154 MNT, was circulating at that date, with the remaining 49%, 3,046,328,614 MNT, held by the Mantle Treasury.

There is no fixed emission schedule. Treasury spending is authorized through governance, with budget proposals moving MNT into workforce, marketing, ecosystem and infrastructure programs. The treasury also holds DAO-owned liquidity positions such as MNT and ETH pairs, so the amount in circulation changes with governance decisions rather than with a preset curve.

Who builds MNT

Mantle is developed by a core contributor team funded by the treasury rather than by a single company. The project inherited BitDAO's backers, most visibly Bybit, which sponsored BitDAO's launch in 2021. Product lines beyond the network itself include the liquid staking protocol mETH Protocol and yield products, each funded through governance budgets.

How MNT is governed

Everything of consequence passes through token-weighted Snapshot votes: the BIP-21 merger, the MIP-22 token design, the MIP-23 supply optimization and the ongoing budget proposals that move treasury funds. Voting weight requires delegation, either to yourself or to another address.

Because execution is off-chain, MNT holders are trusting the core contributor team to carry out what passes. That is a different trust model from protocols whose votes execute on-chain, and it is worth understanding before treating a proposal's passage as final.

What people use MNT for

MNT works as the fee token, the governance weight and the incentive asset of the Mantle ecosystem, so most holders touch at least one of these:

• Pay gas for transactions on Mantle Network.
• Delegate and vote on Mantle Improvement Proposals.
• Earn rewards through Mantle Rewards Station campaigns.
• Bridge between Ethereum and Mantle Network through the canonical bridge.

MNT risks and considerations

MNT concentrates several roles in one asset, so its risks stack: a fault in Mantle Network's rollup infrastructure, a governance capture of the large treasury, or weak demand for block space would each land on the same token. Treasury holdings are large relative to circulating supply, and governance can vote to spend them.

Governance execution depends on the core contributor team, and votes happen off-chain on Snapshot. The MNT you trade on Ethereum is the layer 1 token; the gas token on Mantle Network is its bridged form, so moving between the two depends on the canonical bridge.