A new storm swept through the cryptocurrency market. Mantle (MNT), a Layer 2 (L2) Blockchain solution, has shown a dazzling performance in the last 24 hours, climbing to the 33rd position among the top 100 cryptocurrencies. It also reached an all-time high of $1.49, marking a 40% increase.
What Sets Mantle Network Apart
Mantle Network stands out as an Ethereum Virtual Machine (EVM) compatible L2 scaling solution. It utilizes Optimistic rollups to provide fast and cost-effective transactions. What distinguishes Mantle, however, is its modular design that combines Optimistic rollups with a separate data availability layer.
Unlike traditional Blockchains, Mantle’s approach addresses four fundamental Blockchain functions in different layers. The transaction execution function occurs within the EVM compatible execution consensus layer. Blocks are created by Mantle’s sequencer in the L2 execution layer and then the state root data is sent to the Ethereum mainnet.
This architecture significantly reduces transaction costs while increasing network efficiency by separating the layers. The implementation of Optimistic rollups also minimizes the overall load on nodes.
Mantle Ecosystem Gains Momentum with MNT Staking
The recent activity in the MNT (Mantle) market could be attributed to the launch of MNT staking, as highlighted by crypto researcher Alex Wacy.
Mantle Rewards Station encourages network contribution by offering rewards to those who stake MNT. This move incentivizes users to enhance network security while also earning rewards.
The staking process begins with the Ethena event, where users receive mShards tokens. These tokens carry value in the Mantle decentralized finance (DeFi) ecosystem and enable users to engage in various financial activities.
In particular, mShards can be bought and sold within the Mantle DeFi ecosystem, allowing users to benefit from market growth.
Expectations of a Continued Rise
The Mantle (MNT) token has shown a significant rise in the last 24 hours, with a 141.40% increase in MNT trading volume, reaching $647,118,249. This surge has also elevated MNT’s market value to $4,157,261,742.
However, there has been a 2% decrease in MNT’s price in the last hour, falling to $1.27. Despite this temporary setback, the token’s strong momentum indicates future trading risks and opportunities. Analysts highlight that the token’s next support line is at the $1.08 level.
If the designated support level cannot be maintained, further declines in MNT’s price could be observed, potentially falling to around $1. The upcoming days should closely monitor a significant resistance level at $0.94 for the token.
However, if the positive momentum continues, MNT’s rise to $1.60 and $1.68 levels can be expected. Experts even suggest that the token could potentially approach the $2 mark.
