Mantle Launches Staking Program, MNT Price Hits New ATH

The price surge of MNT has propelled the blockchain platform Mantle to an impressive market capitalization exceeding $4 billion.

Mantle Launches Staking Program, MNT Price Hits New ATH

Mantle, a Layer-2 solution on Ethereum, stands out as one of the leading projects in the market. The token price of MNT has just reached a new all-time high of $1.45, marking a robust increase of over 61% in the past 24 hours.

Price fluctuations of MNT from August 2023 to present, screenshot from CoinMarketCap as of 10:35 AM on March 28, 2024

On March 25, Mantle officially launched its staking program named "Mantle Rewards Station," offering users the opportunity to lock up their MNT tokens to earn passive rewards.

The program's budget is funded by Mantle's treasury and will distribute rewards in 'mShards'. Participants staking MNT will receive mShards daily during the token lock-up period. The program is set to commence early next month and conclude on April 25. At that point, mShards will be directly convertible to ENA tokens from Ethena Lab.

Currently, approximately 2.5 billion Ethena Shards have been generated, estimated to be worth around $1.8 million USD. Ethena Labs is a synthetic stablecoin protocol built on Ethereum. Notably, the project has also announced an airdrop of 750 million governance tokens ENA to holders of shards on April 2, details of which Coin68 has updated in a subsequent article.

Additionally, the South Korean exchange Upbit has announced the listing of MNT trading pairs with KRW, BTC, and USDT, providing favorable conditions for users to trade the project's tokens.

Although MNT token has experienced a slight correction and temporarily moved away from its new ATH price range in the past few hours, the positive developments within the project continue to attract attention from the investment community.