To be honest, I'm a bit confused.
Do you mean that
$okb has transformed from a platform coin to a public chain coin and pumped up
$mnt has transformed from a public chain coin back to a platform coin and pumped up
Is this really a case of different paths leading to the same destination?
TLDR for the @Mantle_Official AMA held last night:
Mantle L2
- Helen (Bybit Co-CEO) and Emily (Head of Bybit Spot and Byreal Co-founder) will be joining Mantle as Core Contributors
- Mantle L2 will be focusing on creating industry-grade rails for real-world assets.
- Bybit will serve as a bridge between Web2 and Web3 and create create Synergies and utilities for MNT within the Bybit Ecosystem
- Mantle aim to be the largest ZK-secured chain by the end of the year, strengthening the institutional narrative
$MNT Utility on Bybit
Integrations implemented:
- MNT for Bybit Launchpool Projects
- MNT in Bybit Structured Products (Smart Leverage & Double Win)
- MNT OTC Portial
Upcoming Integrations:
- Use MNT to pay for discounted trading fees on Bybit
- Hold MNT to qualify for VIP Tiers
- MNT Denominated Trading Pairs
- MNT Options
- MNT to pay for exclusive events like CCCC (Crypto Content Creator Campus)
Possibilities of MNT Token Burn Mechanism
- Core Contributors are open to the idea but it will be subjected to DAO voting
- $BIT to $MNT conversion in the past had a 3B Token burn in the past
Others
- Moving foward, there will be monthly Mantle AMAs to keep a steady stream of clarity and communication with the wider Mantle Community
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Personal Thoughts
- Pretty Bullish on the upcoming narrative for Mantle L2 as it focuses on RWAs.
- RWAs have a much larger addressable market compared to Crypto and it will unlock plenty of institutional adoption on chain.
- The upcoming MNT integrations on Bybit will unlock value for MNT holders.
- The use of MNT for trading fees and VIP Tiers should see a large spike of sticky users for MNT.
- Considering that Bybit is doing 6-10b spot vol (0.1% Taker Fee) and 60-80b perps vol (0.02-0.075% Fee) daily,
- That equates to approximately $27m to $45m paid in daily fees for Bybit Trading
Assuming a conservative 20-50% conversion to use MNT as fees:
- $5m to $22m daily or
- $2-8b annual demand for $MNT purely from Bybit Trading fees.
Yes, the calculations are assuming all users are retail users paying the avg fees. But even if we consider 75% of all Vol are max tier VIP users on Bybit:
- we still get $1m to $6m daily or
- $500m-$2b annual demand for MNT.
Sounds pretty bullish to me.
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