Mantle Completes Upgrade to OP Succinct, Secures Top Spot as Largest ZK Rollup by TVL

Ethereum-based Layer 2 network Mantle has successfully transitioned to OP Succinct, establishing itself as the largest zero-knowledge (ZK) rollup by total value locked (TVL). As reported by The Defiant on September 18, Mantle, backed by the cryptocurrency exchange ByBit, is positioning itself as a key player in the decentralized finance (DeFi) sector.

Mantle’s Transition to a Liquidity Chain Model

In a strategic effort to accelerate its DeFi expansion, Mantle has adopted a customized version of the Optimism (OP) stack, branding itself as a "Liquidity Chain." This shift has coincided with a significant uptick in its TVL, particularly fueled by Ethereum's price rally during the summer. Mantle currently boasts a TVL of $2.24 billion, closing in on its all-time high of $2.36 billion recorded in December 2024.

In contrast, ZkSync, the second-largest ZK rollup network, holds a much lower TVL of around $1.2 billion, according to L2Beat. This gap further underscores Mantle’s dominant position within the Layer 2 landscape.

ByBit’s Upcoming Integrations with Mantle

ByBit has signaled deeper collaboration with Mantle, hinting at new integrations under the initiative referred to as the "ByBit MNT Pass." While specific benefits and functionalities tied to this integration remain unclear, the partnership underscores the commitment to enhancing Mantle’s utility and user experience.

Impact of the Network Upgrade on MNT Token

The recent upgrade has also had a noticeable impact on Mantle’s native token, MNT, which saw its value surge significantly. Beginning September at $1.14, the token rallied 45% to reach $1.66, propelling its market capitalization to approximately $5 billion. This price growth reflects heightened market interest fueled by Mantle's technological advancements and its rising prominence in the blockchain ecosystem.

However, despite its impressive overall TVL, Mantle’s DeFi TVL remains modest in comparison. According to data from DeFiLlama, the network's DeFi-specific TVL stands at $215 million, suggesting substantial room for growth in attracting liquidity and activity within decentralized finance applications.

Layer 2 Innovation and Market Dynamics

Mantle’s partnership with ByBit, coupled with its recent developments, highlights the ongoing innovation and competitive tension within the Layer 2 space. Networks are actively vying to capture market share across DeFi and blockchain infrastructure, leveraging advancements in scaling solutions, ZK proof technology, and integration strategies.

Mantle’s strategic upgrades and positioning as a Liquidity Chain not only reinforce its status as a top ZK rollup but also reflect its ambitions to become a major hub for DeFi activity. As the broader blockchain ecosystem evolves, Mantle is well-positioned to play a pivotal role in shaping the future of decentralized financial systems.