While Q1 2025 presented challenges across web3 with market headwinds from global tensions and trade uncertainties, the real story lies beneath surface-level metrics. Smart money looks beyond price action—and @Mantle_Official's Q1 performance perfectly illustrates why fundamental analysis matters. Here's what @MessariCrypto's data reveals: ➥ The Headlines (What Everyone Sees) - $MNT market cap: -36.6% to $2.7B - Revenue: $539K → $376K - Token price QoQ: -36.6% - Daily transactions fell 2.7% to 391,399 - Treasury value dropped 10.3% from $3.9B to $3.5B (MNT as the main asset 65.4%) -- ➥ The Real Story (What Builders See) - Explosive Infrastructure Growth: TVL surged 27.81%: $1.69B → $2.16B - @mETHProtocol commanding $709.7M TVL - @FunctionBTC scaling to $1.2B TVL - Stablecoin marketcap expanded 27.0%: $369.1M → $468.6M - Network fortified with 163,000+ $mETH (~$335M) in restaked assets - First Ethereum L2 to fully integrate @eigen_da, enhancing throughput to 15 MB/s with superior data availability - Protocol activity sustained through ecosystem incentives: Mantle Rewards Station, Mantle Surge with @Bybit_Official, @KaitoAI Yapper Leaderboard, and mETH Protocol's Methamorphosis Season 3 - OP @SuccinctLabs deployed to Sepolia, marking the beginning of transition to zk-validity rollup foundation - MI4 Index launched with @Securitize—bridging TradFi and DeFi through institutional-grade infrastructure - Upcoming products in the pipeline include Mantle Banking, a crypto version of Revolut, and MantleX, an initiative to integrate AI agents into the Mantle infrastructure. Bottom line: While markets fluctuated, Mantle built. The foundation being laid today positions them uniquely to become the sole onchain ecosystem focused on changing the future of finance and blockchain scalability. This is how you separate signal from noise in web3.