Last month, 5,000,000 MNT tokens were airdropped to BIT token holders.
The price has grown by over 21% since then.
MNT is the native token of Mantle, a layer 2 scaling solution on Ethereum.
I took time to research the project, and….. It’s actually very interesting and promising.
I will reveal all that and answer the question… it is a good time to buy MNT?
Let’s dive in.
What is Mantle (MNT)?
As I said earlier, MNT is the native token of Mantle
So what is Mantle?
Mantle Network (MNT) is a layer-two chain on Ethereum.
It uses optimistic rollups to enable faster and cheaper transactions.
How this works is that it bundles many transactions together and executes them off-chain, while still verifying them on-chain.
This way, Mantle can process faster and cheaper transactions, while still being compatible with Ethereum.
To put this into perspective, transactions on Mantle are 500 times cheaper than transactions on Ethereum.
There are 3 reasons I believe MNT will continue its growth to the upside.
Read about them below.
3 Reasons Why Mantle(MNT) Will Go Bullish
The first reason is Mantle has a unique approach to gas fees.
Unlike other L2 solutions, gas fees on Mantle are not paid in ETH they are paid in MNT.
This means that you don’t have to own ETH to perform transactions on the Mantle Network.
This extends the utility of MNT beyond governance.
If Arbitrium (ARB), a governance token has done this well, it is safe to say that MNT will do better.
This is because its use case extends beyond governance.
So, more demand, more price to the upside!
The second reason is that MNT is a deflationary asset
It is deflationary just like ETH.
But unlike ETH, all MNT used for gas fees are burned while Ethereum burns a fraction of it.
Again, Ethereum continuously creates new tokens. Mantle network does not create new tokens.
So the deflation is faster when compared in this way to ETH.
The 3rd reason is that Mantle is keeping the community busy.
This is how – it has attracted and is still attracting more dApps.
Just on its first day in the space, a remarkable number of dApps were ready to roll on Mantle.
– FusionX Finance
It is the first DEX to launch on Mantle. It’s already offering a variety of liquidity pools and the opportunity for some lucrative yield farming.
– Timeswap v2
It is a lending platform and the first of its kind on the mantle.
Rarible, the popular NFT marketplace, has also announced its support for NFTs on Mantle.
And that is not all…
The Mantle Team has activated a grant program for developers on Mantle. They aim to give away $100 million in grants over the next three years.
$100 million in grants will attract more developers to build more DApps, as well as more users who will buy Mantle(MNT) to interact with the DApps.
Thus, increasing the value of the MNT token.
So is it a good time to buy MNT?
Find my thoughts on that below.
Should I Buy Mantle(MNT) Now?
Most persons that missed getting their hands on the MNT tokens during the airdrop will have this question on their lips.
MNT is trading at $0.514 with an all-time high price of $0.594.
Its total supply is 6,219,316,795 MNT with a circulating supply of 3,234,268,325 MNT.
Personally, I think it is a good time to buy MNT and accumulate in the long run.
I mean with all the green light shining on MNT, it won’t be long before the price skyrockets.
To buy the Mantle(MNT) token, you can use:
- a centralized exchange- Bybit, MEXC, BingX, etc.
- a decentralized exchange – Uniswap, etc
For the centralized exchanges, sign up on Bybit and make your first deposit.
Then you can go on to trade the MNT token.
The advantage of using Bybit is that you can also join our 30-day Bybit trading challenge.
We drop trading signals every day and hold live sessions 3 times a week to teach our community how to trade profitably.
Join our community on Telegram to become a part of this.
See you in the group and in my next post. Don’t forget to share the post too.
Disclaimer: This is not financial advice. Do your own research.