If you've been keeping an eye on the crypto markets lately, you might have noticed $MNT, the native token of Mantle Network, pulling ahead of the pack. In a timely tweet, Arthur Cheong, the founder and CIO of DeFiance Capital, pointed folks back to a solid breakdown written by one of his team members, Kyle. It's a great read for understanding what's fueling this surge, especially if you're into blockchain tech and token economics.

Arthur's tweet reads: "Good time to read this again if you haven't to understand why $MNT have been outperforming. Great breakdown on why we are bullish on $MNT by one of our DeFiance investment team members." He quotes Kyle's original post, which links to the full article on DeFiance's writing platform.

The article, titled "Mantle — 0 To 1," argues that $MNT is at a crucial "inflection point" — that moment when a project shifts from potential to real, integrated utility. Think of it like how BNB became inseparable from Binance back in the day. Mantle, originally tied loosely to the Bybit exchange through BitDAO, is now evolving into a core part of Bybit's ecosystem. This integration is creating real demand for $MNT, and that's why DeFiance is so bullish.

Key Catalysts Driving $MNT's Growth

Let's break down the main points from the article in simple terms. First off, Mantle is a layer-2 blockchain built on Ethereum, designed for speed and low costs — perfect for DeFi apps, games, and yes, even meme token launches. But the real excitement here is its deepening ties with Bybit, one of the top crypto exchanges.

• Utility Integrations on Bybit: Starting in July 2025, Bybit began rolling out features that require holding $MNT. For example, institutions can get higher leverage on trades (up to 10x) by staking millions of $MNT. There are also fee discounts for VIP traders: 25% off on spot trades and 10% on derivatives. Plus, $MNT's use as collateral in loans jumped from 10% to 60% loan-to-value ratio. An OTC portal for big buyers is set to launch in Q4 2025, making it easier to scoop up $MNT without tanking the price.

  These perks aren't just fluff — they create ongoing demand. The article estimates that if even 20-30% of Bybit's high-volume traders opt in, that could mean around $500 million in annual buying pressure for $MNT, based on Bybit's revenue streams.

• Bybit's Impressive Track Record: Bybit isn't some small player. It's the second-largest derivatives exchange, with daily trading volumes between $4-20 billion, sometimes hitting $35 billion. Their user base exploded from 20 million in late 2023 to 70 million by May 2025. Even after a major hack in February 2025 (linked to the Lazarus Group, costing $1.5 billion), Bybit bounced back strong, showing solid leadership.

  New hires like Helen Liu and Emily Bao in August 2025 are pushing Mantle forward, focusing on real-world assets (RWAs), cross-chain tech, and even bridging traditional banking with DeFi through projects like UR Bank.

• Tokenomics That Align Incentives: Unlike some tokens where governance is a headache, $MNT's supply is mostly controlled by Bybit and affiliates (about 90%). This means decisions happen fast, and the token's success is directly tied to Bybit's growth. Think token burns like BNB's $1 billion burn or OKX's massive OKB reduction in 2025, which spiked prices. For $MNT, this setup avoids dilution and focuses on value accrual.

How This Fits into the Broader Crypto Narrative

The article highlights how $MNT aligns with hot trends: launchpads for new projects (great for meme tokens), perpetual DEXs for trading, stablecoins, and DeFi protocols. Mantle Network itself is buzzing with activity — low fees make it a hotspot for meme coin creators and traders looking to avoid Ethereum's gas guzzlers. If you're in the meme space, this could mean more liquidity and easier launches on Mantle, boosting the ecosystem overall.

Valuation: Why $MNT Looks Undervalued

Compared to peers like BNB or OKB, $MNT is trading at a discount. Since August 2025, exchange tokens have rallied, with BNB adding $35 billion in market cap while $MNT added $3.5 billion — that's a 10x gap despite Bybit handling about a third of Binance's volume. Metrics like market-cap-to-volume (0.12x for $MNT vs. 1.15x for BNB) and MC-to-revenue (<1x vs. 7.26x) scream opportunity.

Risks and Timing to Consider

No investment is risk-free. The article calls out potential pitfalls like execution slips, competition from giants like Binance, or regulatory hurdles (Bybit's Eastern focus might limit Western adoption). But with recent integrations and possible U.S. regulatory shifts, the timing feels right. $MNT's past rallies were hype-driven; this one seems grounded in real utility.

If you're building or trading in the blockchain world, especially around meme tokens or DeFi, keeping tabs on Mantle could pay off. Head over to the full article for the deep dive — it's packed with charts and historical comps that make the case even stronger.

What do you think? Is $MNT the next big exchange token play? Drop your thoughts in the comments or check out more on meme-insider.com for the latest in crypto trends.