Mantle 2.0 Blurs DeFi-CeFi Lines with Bybit’s Strategic Grip

Mantle 2.0 is set to redefine the landscape of decentralized finance (DeFi) by actively promoting convergence with centralized finance (CeFi) through its collaboration with Bybit, the world’s second-largest cryptocurrency exchange by trading volume. According to Delphi Digital, the project is transitioning from a mere Ethereum layer-2 (L2) scaling solution to a foundational component of Bybit’s ecosystem, aiming to serve as an institutional “liquidity chain” for tokenized real-world assets. The integration of Mantle 2.0 is underpinned by a new business model that combines the strengths of decentralized governance with the deep liquidity and broad user base of centralized exchanges, thus fostering a mutually beneficial relationship between DeFi and CeFi stakeholders.

The initiative marks a significant evolution for Mantle, which was originally launched in 2021 under BitDAO as the first L2 network governed by a decentralized autonomous organization (DAO). In July 2023, BitDAO and Mantle Network merged into the Mantle brand, consolidating operations under the Mantle (MNT) token. The transition to Mantle 2.0, as detailed in Delphi Digital’s report, is characterized by the inclusion of Bybit executives as key advisors and the release of a joint roadmap with the exchange, aimed at deepening integration and expanding MNT’s utility across Bybit’s ecosystem [1].

The Mantle × Bybit Roadmap, unveiled in late August 2025, outlines a phased rollout of MNT’s expanded use cases across trading, payments, and savings. The roadmap is structured to introduce new functionalities in waves, beginning in August and extending into September and beyond. On the “Buy” front, MNT is currently accessible through spot trading, over-the-counter (OTC) services, and Bybit’s auto-invest bot. A “Discount Buy” feature is set to launch in late September, offering reduced pricing for lockup products. For “Use,” the number of trading pairs involving MNT will expand from four to over 20 in September, with the token also being accepted for trading fee discounts, card payments with zero conversion fees, and Web3 purchases [2].

The roadmap also highlights enhancements for “Hold,” where institutional users will gain access to higher leverage (up to 8x) and extended fixed-loan terms starting in early September. Retail users will see improvements in VIP benefits, including faster VIP upgrades and enhanced cashback incentives via Bybit Card & Pay. Additionally, MNT holders can engage in “Earn” opportunities such as fixed-term savings, flexible savings, and liquidity mining, with higher allocations for new token launches. These developments aim to move MNT beyond a speculative asset, embedding it into everyday financial activities and broader wealth management strategies [2].

Delphi Digital emphasized that Mantle’s growing integration into Bybit’s ecosystem is blurring the lines between the two entities, raising potential concerns about the decentralization of Mantle’s governance structure. While the project remains formally governed by tokenholders via a DAO, Bybit’s influence is becoming more pronounced, particularly through its advisors and strategic support. According to the research firm, this shift anchors MNT’s value to Bybit’s substantial daily trading volumes—$3–$5 billion in spot and $25 billion in derivatives—rather than relying solely on governance mechanisms. This trend reflects the emergence of a new competitive landscape that fuses traditional finance (TradFi) infrastructure with DeFi rails, signaling a broader industry shift toward hybrid models [1].

Bybit’s support for Mantle also extends to financial access, with the Mantle EcoFund—a $200 million capital pool—investing in the ecosystem’s native applications. The fund has partnered with notable blockchain investors such as Dragonfly, Pantera, Spartan, and Hashkey Capital. Delphi Digital noted that this financial backing could provide Mantle with enhanced capital opportunities, further supporting its role as a bridge between digital assets and real-world finance. The joint roadmap and Bybit’s backing are seen as key drivers in Mantle’s transition to a more utility-focused token, aligning with broader industry trends of convergence between DeFi and CeFi [1].

Source:

[1] Mantle 2.0: new meta accelerating DeFi-CeFi convergence (https://cointelegraph.com/news/mantle-2-0-new-meta-defi-cefi-convergence)

[2] Bybit Presents “Mantle × Bybit Roadmap”: Expanding MNT Utilities and Vision for Mass Adoption (https://www.prnewswire.com/apac/news-releases/bybit-presents-mantle-O-bybit-roadmap-expanding-mnt-utilities-and-vision-for-mass-adoption-302542841.html)