Nansen

Overview

Mantle is a modular Ethereum Layer-2 blockchain constructed on the OP Stack, designed to ship excessive throughput and low transaction prices whereas sustaining Ethereum-grade safety. Initially launched as an optimistic rollup, the community transitioned to ZK validity proofs through OP Succinct in September 2025, turning into the biggest zero-knowledge rollup by TVL with over $2 billion in whole worth locked. Mantle has developed right into a DeFi-first, treasury-backed L2, constructing a full-stack RWA distribution layer, fast-tracking tokenized asset onboarding (SPCXx, USPXx), new entry infrastructure together with fairness vault, and adoption incentives (through xPoints and Fluxion Factors).

Every vertical reinforces Mantle’s buildout as a full-stack RWA distribution layer: the fast onboarding of latest tokenized equities by way of the xStocks platform, the launch of an Atomic RFQ mannequin on Fluxion, Mantle’s native DEX, through xChange, enabling institutional-level execution backed by an incentive marketing campaign, and a essential OP Stack codebase unification that strengthened the technical basis for RWA settlement and distribution at scale.

Key Developments: Q2 2026

• xStocks by Backed launched on Fluxion on April 10, bringing the primary 10 tokenized U.S. equities to Mantle — together with TSLAx, NVDAx, AAPLx, METAx, GOOGLx, MSTRx, HOODx, SPYx, QQQx, and CRCLx — accessible for twenty-four/7 onchain buying and selling. The launch was supported by Bybit, BackedFi, and Flowdesk, with tokens issued as ERC-20 tracker certificates underneath Switzerland’s DLT Act. By the top of Q2, the platform had expanded to 155 tokenized equities.

• The April 18 Kelp DAO rsETH exploit prompted a significant stress take a look at throughout 20+ networks. MIP-34 handed simply three weeks later, licensed a 30,000 ETH ($68-105 million) Treasury mortgage to Aave DAO to assist an Aave-led restoration effort to revive rsETH’s backing and defend customers, a 36-month facility yielding Lido stETH plus 1% and granting Mantle 130,000 delegated AAVE tokens, establishing a DeFi-native disaster response precedent and cementing Mantle’s position as a stabilizing drive in Ethereum DeFi.

• Mantle accomplished the Arsia Activation on April 22, a compulsory mainnet improve that unified eight OP Stack forks right into a single codebase and launched a redesigned knowledge payment mannequin to cut back transaction prices. The improve required all Mantle mainnet node operators to replace their software program previous to the activation window.

• Franklin Templeton’s Franklin U.S. Fairness Index ETF (USPX) was built-in on Mantle through xStocks on June 23, enabling tokenized buying and selling of the ETF (as USPXx) on Fluxion. The ETF manages roughly $1.98 billion in belongings, making this one of many largest conventional finance merchandise introduced onchain to any Layer-2 community and establishing Mantle as a reputable venue for institutional-grade tokenized securities.

• Mantle’s Turing Check Hackathon positioned the community as the place to begin for onchain agent constructing, drawing 500+ builders and 20+ companions together with Animoca Manufacturers, Nansen, Hashed, Tencent Cloud, DoraHacks, and Virtuals throughout a worldwide six-track, $100K program.

Ecosystem

Tokenized Equities & RWA

• The xStocks platform matured quickly by way of Q2, evolving from its preliminary 10-asset launch in April to a full-stack tokenized equities infrastructure. The xChange with Atomic RFQ system went dwell on Might 7, introducing issuer-direct execution that permits customers to mint and redeem xStocks tokens through real-time quotes from a number of liquidity suppliers, bypassing AMM infrastructure. In June, an xPoints incentive layer launched to reward merchants, holders, and liquidity suppliers, finishing the core market stack (issuance, buying and selling, redemption, incentives). The platform’s most high-profile itemizing was tokenized SpaceX (SPCXx) on June 12, launched on Fluxion and Service provider Moe to coincide with SpaceX’s IPO. By quarter-end, xStocks had expanded to 155 tokenized equities with 24/7 onchain buying and selling.

• Service provider Moe launches Mission X, a 100K MNT reward  marketing campaign driving liquidity development for tokenized IPOs on Mantle. In partnership with xStocks, each xPoints and LP incentives ($MNT & $MOE) have already begun for 2 of the biggest IPO’s of the 12 months, SPCXx and BSPx. Subsequent high-demand xStocks listings can be included within the marketing campaign as they launch, guaranteeing that the cornerstone liquidity hub of Mantle is a core driver of the RWA adoption for the ecosystem.

• RWAlpha.AI income-ETF vaults went dwell on Mantle, bringing verifiable real-world asset yields from structured merchandise instantly onchain. The co-designed vaults use verified ETF positions, Fireblocks multi-sig secured mint/burn, and an unbiased viewer account for full transparency of holdings, addressing a longstanding RWA verification hole, extending Mantle’s RWA infrastructure past tokenized equities into structured yield merchandise.

• Fluxion has been increasing liquidity infrastructure for tokenized equities and RWA belongings on Mantle. Following the latest tokenized NASDAQ IPO listings, xStocks issued $SPCXx and $BSPx on Mantle, and Fluxion supported each belongings instantly, enabling buying and selling by way of each RFQ and AMM. To additional speed up RWA liquidity on Mantle, Fluxion has launched a 1M Fluxion Factors Marketing campaign, rewarding customers who commerce, maintain, and supply liquidity for eligible RWA belongings. Mixed with the official xPoints incentives, customers can twin farm xPoints and Fluxion Factors when collaborating within the Mantle RWA ecosystem.

DeFi & Lending

• Aave V3, which launched on Mantle in February 2026 with a Bybit-backed strategic integration and six-month incentive program, continued to function the anchor lending protocol in Mantle’s DeFi stack all through Q2. The protocol was instantly affected by the Kelp DAO rsETH exploit in April, requiring emergency freezes of rsETH markets, with regular operations restored by late Might.  within the final month, simply shy of $100M deposits have flowed into the Mantle market.

• After Aave V3 launched on Mantle on 11 February, Mantle turned one of many largest on Aave inside six weeks and anchoring 1 / 4 of broad-based DeFi development throughout the community. Deposits surpassed $1.45B by April to steer Mantle to be one of many quickest rising chains throughout Q2 in DeFi TVL. General DeFi TVL surpassed $1 billion throughout the quarter, representing 230% development throughout H1 2026. Stablecoin market cap on Mantle reached $955 million, a 120% year-over-year improve, whereas RWA-focused DeFi TVL exceeded $90 million 

• Mantle Vault belongings constructed with Cian protocol and Bybit underneath administration surpassed $200 million, underscoring Mantle’s rising weight as a distribution layer for institutional-grade capital, and proves the demand for CeFi liquidity into onchain yield in a single product

AI & Developer Ecosystem

• Mantle spent Q1 constructing the full-stack infrastructure for an agent financial system, funds, id, and commerce requirements together with x402, ERC-8004, and ERC-8183. Q2 was about proving it out: a rising roster of dwell brokers, together with on boarding AI ecosystem partnersbuilding actual use circumstances on prime of that stack, from agentic buying and selling to yield and liquidity administration.

• Allora Community : A decentralized AI inference community built-in into Mantle round February 2026, offering predictive AI infrastructure for dApps and brokers. It powers dynamic liquidity, payment, and farming methods through value/volatility forecasts, plus real-time threat administration like dynamic LTVs and hedging. Runs on Mantle’s pace/price benefit whereas retaining Ethereum-grade safety.

• Elfa AI: Integrates with Fluxion, Mantle’s DeFi coordination/DEX layer, to energy an in-terminal chatbot for asset queries, real-time social alpha, and commerce setups  with out tab-switching required. Aggregates social, on-chain, and market alerts with credibility and entity evaluation, turning noise into contextual alpha for Mantle buying and selling.

• Infinit Labs (INFINIT): Deploys AI brokers on Mantle for protocols like LiFi (swaps) and Aave, and runs challenges for community-created “verified methods.” Makes use of Immediate-to-DeFi to transform natural-language instructions into secure, non-custodial onchain actions (swaps, lending, looping), abstracting away DeFi complexity on Mantle.

• QuackAI: Its Q402 (x402) system permits gasless USDC/USDT stablecoin settlement on Mantle. Customers or AI brokers signal as soon as with their present pockets, no MNT top-ups wanted. Leverages Mantle’s pace, EIP-7702 assist, and finality to energy agentic funds and TradFi/RWA settlement flows.

• Pieverse: Integrates Mantle’s official AI Agent Expertise + Scaffold to make ecosystem flows chat-native inside messaging apps like Line, Kakao, and WhatsApp — checking positions, swap routes, and yield alternatives in dialog. Makes use of TEE safety and ERC-6551 controls to organize and execute Mantle actions safely with out leaving the chat.

• The Turing Check Hackathon 2026, formally introduced on April 22, supplied a $120,000 whole prize pool backed by sponsors together with Tencent Cloud, Bybit, Byreal, BGA, Nansen, and Animoca Minds. Section 1 (ClawHack) ran by way of April with a $20,000 prize pool centered on AI brokers executing onchain methods, whereas Section 2 (AI Awakening) coated six tracks together with AI buying and selling, RWA, and agentic wallets. The hackathon attracted over 500 submissions, with Demo Day scheduled for July 2-3 and winners to be introduced July 10.

• InsightX, an AI-native prediction market, launched on Mantle on June 12. The platform makes use of a three-layer structure (AI Intelligence, Execution, Settlement) enabling customers to commerce forecasts on crypto, macro, sports activities, and real-world occasions whereas incomes yield — positioned to seize demand forward of the 2026 FIFA World Cup, and InsightX buying and selling quantity reached $22 million by the top of June, doubling inside a single week because the Prediction Cup marketing campaign with Mantle drove sustained consumer development. The sustained development highlights significant onchain exercise and reinforces Mantle’s place as a community supporting real-world shopper functions past conventional DeFi. 

Onchain Knowledge

Each day Transactions

Mantle averaged roughly 81,000 each day transactions in Q2 2026, with exercise starting from a low of roughly 60,000 to peaks close to 146,000. The transaction profile exhibited a constant baseline round 70,000-80,000 with periodic spikes doubtless tied to protocol launches, governance occasions, and DeFi marketing campaign exercise. In comparison with Q1 ranges, the quarter confirmed average development in throughput, according to the Arsia Activation’s diminished transaction prices and the increasing xStocks buying and selling exercise. The comparatively steady baseline displays Mantle’s institutional and DeFi-oriented consumer base, which generates predictable reasonably than speculative transaction patterns.

Each day Energetic Addresses

Mantle’s each day lively addresses averaged roughly 1,590 in Q2 2026, starting from 1,033 to three,327. Whereas it is a modest consumer base relative to general-purpose L1s, it’s according to Mantle’s positioning as a DeFi-first, institutional-grade Layer-2 reasonably than a mass shopper community. The tackle depend displays a concentrated set of energy customers — liquidity suppliers, institutional depositors, and protocol-level interactions — reasonably than broad retail adoption. The periodic spikes to three,000+ recommend event-driven engagement, doubtlessly tied to xStocks buying and selling, Aave deposits, staking campaigns, or governance participation round MIP-34.

Prime Entities by Transactions

Prime Entities by Customers

Mantle’s entity panorama in Q2 2026 reveals an infrastructure-heavy community with rising DeFi and stablecoin exercise. Mantle’s personal system contracts dominated transactions at 3.94 million (87% of the 4.5 million whole), reflecting core community operations together with fuel, bridging, and protocol-level interactions. LayerZero adopted at 215,000 transactions, underscoring Mantle’s position as a cross-chain liquidity hub. On the consumer facet, Tether led with 20,500 distinctive customers regardless of solely 159,000 transactions, suggesting Mantle’s rising adoption as a USDT switch rail — a sample according to the USDT0 integration. AGNI (51,000 txs) and Bybit (44,000 txs) signify the main DEX and CEX exercise on the community, whereas Service provider Moe (10,500 txs, 1,011 customers) continues to function Mantle’s cornerstone DEX/liquidity hub. The 46 labeled entities point out a concentrated however rising ecosystem, and the dominance of stablecoin consumer adoption (Tether, USDC) alongside infrastructure transaction quantity mirrors Mantle’s strategic positioning: institutional-grade infrastructure first, shopper DeFi second.

Closing Ideas

Q2 2026 was the quarter Mantle’s strategic positioning become measurable execution. The fast onboarding of tokenized equities by way of xStocks, the launch of institutional-grade execution through xChange’s Atomic RFQ mannequin on Fluxion, and incentive campaigns from ecosystem companions together with Fluxion and Service provider Moe for newly listed xStocks tokens collectively moved Mantle from infrastructure buildout to a functioning RWA distribution layer. Mantle’s capital mirrored an lively instrument deployed towards deeper liquidity and institutional-grade market construction.

The xStocks buildout illustrates this development clearly. In three months, Mantle went from zero to 155 tokenized equities buying and selling 24/7 on Fluxion, culminating in Franklin Templeton’s $1.98 billion USPX ETF going onchain in June. The sequence, from preliminary asset listings in April, to Atomic RFQ execution in Might, to an incentive layer and institutional-grade ETF integration in June, displays a deliberate infrastructure buildout reasonably than a one-off partnership announcement. Mixed with tokenized SpaceX at IPO, xStocks positions Mantle as arguably essentially the most lively tokenized equities venue amongst Ethereum L2s.

That liquidity development confirmed up instantly within the numbers. After Aave V3 launched on Mantle on 11 February, the market turned one of many largest on Aave inside six weeks, anchoring 1 / 4 of broad-based DeFi development throughout the community, with deposits surpassing $1.45 billion by April and making Mantle one of many fastest-growing chains in DeFi TVL throughout Q2. General DeFi TVL surpassed $1 billion for the quarter, up 230% throughout Q2 2026. Stablecoin market cap on Mantle reached $955 million, a 120% year-over-year improve, whereas RWA-focused DeFi TVL exceeded $90 million, proof that the institutional-grade market construction Mantle’s capital was deployed towards is already changing into actual, measurable liquidity.

The onchain knowledge tells a complementary story: average however steady transaction volumes and a concentrated consumer base that skews towards energy customers, liquidity suppliers, and institutional contributors for top worth monetary operations. Mantle is constructing institutional-grade infrastructure for RWA settlement and distribution, and the entity knowledge, dominated by cross-chain infrastructure and stablecoin transfers, displays that very same focus.

Mantle’s Q1 constructed the infrastructure for AI and Q2 proved it really works. The Turing Check Hackathon anchored Mantle’s Q2 agent financial system push, drawing 500+ builders and 50+ companions, together with Animoca Manufacturers, Nansen, Tencent Cloud, DoraHacks, and Digital protocol. Moreover onboarding extra AI and Crypto builders, actual use circumstances arrived on Mantle with a rising roster of dwell brokers by onboarding Allora Community, Elfa, Infinit Labs, QuackAI, HeyElsa, and Pieverse, INFINIT. Trying forward, Q2 was when the world’s belongings got here on chains, and the capital behind them went to work: traded, lent, and earned throughout a worldwide market, constructing RWA infrastructure in perform. Q3 units 4 priorities for Mantle to construct the complete stack RWA layer by bringing extra of the world’s belongings onto Mantle, placing that capital to work in additional methods the place TradFi liquidity can stream into on-chain, drawing establishments and issuers nearer in, and maturing the agent financial system.