Mantle (MNT) Outperforms The Ethereum Ecosystem, Here Is Why

Mantle (MNT), a Layer 2 (L2) blockchain, has outperformed the majority of the top 100 cryptocurrencies in the market with impressive results. In the last 7 days, the token has increased over 48% and hit a new all-time high (ATH) of $1.49 before settling to a current price point of $1.17 per token. 

                                                                                                         Source: CoinMarketCap

To give a better understanding of the protocol, Mantle Network functions as an L2 scaling solution compatible with the Ethereum Virtual Machine (EVM). It makes use of optimistic rollups to facilitate quick and economical transactions. 

Mantle is special because of its modular architecture, which combines a separate data availability layer with optimistic rollups. Mantle's method, in contrast to conventional blockchains, handles the four essential blockchain functions at several tiers.

Mantle's EVM-compatible execution settlement layer is where transactions are executed. Mantle's sequencer creates blocks at the L2 execution layer and sends state root data to the Ethereum mainnet. 

This architecture enhances network performance by separating the layers and drastically lowers transaction costs when compared to the base layer. Moreover, the total load on nodes is reduced when optimizing rollups are used.

MNT soars, but why?

Crypto expert Alex Wacy pointed out that the launch of MNT staking is one of the possible catalysts driving the current increase in MNT. 

Wacy claims that the Mantle Rewards Station, which provides incentives to MNT stakers from the Mantle Ecosystem, is crucial to this staking endeavor. Staking allows users to benefit from these advantages while also helping to maintain the security and functionality of the network.

Users receive mShards tokens during the Ethena event, which kickstarts the staking process. Users can carry out a variety of decentralized finance operations on the network with the help of these tokens, which have value within the Mantle decentralized finance (DeFi) ecosystem. Trading, investing, and utilizing different DeFi protocols and apps constructed on top of Mantle are a few examples of these activities.

Specifically, users can benefit from possible market expansion opportunities by trading mShards within the Mantle decentralized application (dApp) ecosystem. The ability to trade these tokens promotes an active ecosystem on Mantle and boosts liquidity. 

The researcher also mentions that owners of mShard tokens will soon have the opportunity to exchange them for ENA, another currency connected to the Mantle Ecosystem. Token holders will find mShards more appealing as a result of this redemption process, which gives them more value and utility. 

Since there is only a brief window of time for users to obtain Ethena shards for Epoch 2 through staking, investors may be more interested in the blockchain in advance of the deadline in an attempt to take advantage of this opportunity. The Ethena shard issuance for Epoch 2 will conclude on April 1.

MNT in the future

Based on the data, MNT's trading volume increased to $828 million during the course of the last day, which represents a significant increase from the day before. 

At $3,791,424,360, the MNT token's market capitalization puts it in 37th place according to CoinMarketCap data. Mantle (MNT) has performed better than the global cryptocurrency market over the last seven days, while comparable cryptocurrencies inside the Ethereum ecosystem have increased by 12.70%.

The price of the MNT coin has currently dropped by 3.41% during the last 24 hours, retracing to the $1.17 mark. The token's strong momentum indicates possible trading risks and opportunities despite the brief setback. It is important to remember that the token's next recognized support line is located at the $1.080 mark. 

In the event that this support level is broken, the price of the token may fall even lower, maybe to $1. $0.94 would be the next notable degree of resistance. 

On the other hand, the token might aim for the $1.60 and $1.68 levels before maybe rising to the $2 mark if the bullish momentum persists throughout the week.