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Mantle 2.0, which aims to become the institutional “liquidity chain” for tokenized real-world assets, is championing a new business model that may accelerate the mutually beneficial convergence between the industry’s centralized and decentralized participants.
Mantle Network was initially launched as an Ethereum<a href="https://cointelegraph.com/learn/articles/a-beginners-guide-on-blockchain-layer-2-scaling-solutions" rel="noopener noreferrer nofollow" target="_self"> layer-2 (L2) scaling</a> solution in 2021 under BitDAO, as the first L2 network launched by a decentralized autonomous organization (DAO).
In July 2023, BitDAO and Mantle Network consolidated into the Mantle brand and the Mantle (<a href="https://cointelegraph.com/mantle-price-index" rel="noopener noreferrer nofollow">MNT</a>) token.
The project is now entering a “new phase in its lifecycle,” dubbed Mantle 2.0. It is marked by Bybit executives being installed as key advisers and the revelation of a new roadmap targeting the convergence of centralized finance (CeFi) and decentralized finance (DeFi), according to crypto research firm Delphi Digital’s Wednesday <a href="https://members.delphidigital.io/reports/mantle-2-0-merging-defi-with-cefi#analyst-opinions-and-closing-thoughts-5c4d" rel="noopener noreferrer nofollow" target="_blank">report</a>.
Mantle 2.0 may champion a new business model for the cryptocurrency industry, encouraging more DAO-governed projects to merge with major centralized exchanges, combining the advantages of decentralized governance with the deep liquidity and mainstream user base of centralized trading venues.
Related: <a href="https://cointelegraph.com/news/whales-lose-millions-on-trump-linked-wlfi-s-40-dip-despite-47m-burn" rel="noopener noreferrer nofollow">Whales lose millions on Trump-linked WLFI’s 40% dip, despite 47M burn</a>
On Aug. 18, the Bybit exchange <a href="https://x.com/Mantle_Official/status/1957457512430793095'" rel="noopener noreferrer nofollow" target="_blank">launched</a> multiple exclusive campaigns and earn products for the MNT token.&nbsp;
On Aug. 29, Bybit exchange and Mantle <a href="https://x.com/Bybit_Official/status/1961378660641804723" rel="noopener noreferrer nofollow" target="_blank">revealed</a> a combined roadmap, which awarded MNT holders lower slippage buys, more payment options within the Bybit ecosystem and other savings and staking products.
<figure><img src="https://s3.cointelegraph.com/uploads/2025-09/01991482-58cc-7e9c-a793-6ef4b3aaf53f" title="" alt="Mantle 2.0 to accelerate DeFi-CeFi convergence: Delphi Digital">
 <figcaption style="text-align: center;">Source: Delphi <a href="https://x.com/Delphi_Digital/status/1963262935402463529/photo/1" rel="noopener noreferrer nofollow" target="https://x.com/Delphi_Digital/status/1963262935402463529/photo/1">Digital</a> 
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“Mantle is no longer just an L2 but the foundation of Bybit's ecosystem. This isn’t a simple partnership but a play for RWA dominance,” wrote Delphi Digital in a Wednesday X <a href="https://x.com/Delphi_Digital/status/1963262905027350785" rel="noopener noreferrer nofollow" target="_blank">post</a>, adding:
<blockquote>
 “This update shifts the Mantle token into a Bybit utility asset.”
</blockquote>
“This anchors MNT’s value to Bybit's massive daily volume ($3-5B spot, $25B+ derivatives) over simple governance,” wrote the research firm, adding that we are seeing the emergence of a “new competitive landscape that merges TradFi infrastructure with DeFi rails.”
Related: <a href="https://cointelegraph.com/news/401-k-crypto-retirement-plans-bitcoin-etf-analyst" rel="noopener noreferrer nofollow">Crypto in US 401(k) retirement plans may drive Bitcoin to $200K in 2025</a>
<h2 id="mantle-may-see-increased-capital-access-through-bybit-backing-ecofund">Mantle may see increased capital access through Bybit backing, EcoFund</h2>
Bybit’s support may provide Mantle more access to capital opportunities through Bybit investments, grants, or the Mantle EcoFund, a <a href="https://cointelegraph.com/news/bitdao-s-mantle-core-proposes-200m-for-web3-fund" rel="noopener noreferrer nofollow">$200 million capital</a> pool investing in the ecosystem’s native applications.
Some of the fund’s strategic partners include Dragonfly, Pantera, Spartan, Figment Capital, Folius Capital, Hashkey Capital and more.
<figure><img src="https://s3.cointelegraph.com/uploads/2025-09/01991482-5ba5-7525-9067-b1daccfb6428" title="" alt="Mantle 2.0 to accelerate DeFi-CeFi convergence: Delphi Digital">
 <figcaption style="text-align: center;">Source: Delphi <a href="https://x.com/Delphi_Digital/status/1963262977173553647/photo/1" rel="noopener noreferrer nofollow" target="https://x.com/Delphi_Digital/status/1963262977173553647/photo/1">Digital</a>
 </figcaption>
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Mantle’s growing part in Bybit's ecosystem is blurring the lines between the two entities, causing potential investor concerns over the decentralized nature of its governance structure.
“While Mantle is still formally governed by tokenholders via the original DAO model, Bybit’s influence is now deeply ingrained,” added Delphi Digital’s research report.<iframe width="100%" height="315" src="https://www.youtube.com/embed/jznCAlGknIo?start=" frameborder="0" allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen loading="lazy" sandbox="allow-scripts allow-same-origin allow-popups allow-forms"></iframe>
<a href="https://cointelegraph.com/magazine/eth-ethereum-treasury-firms-could-spark-defi-summer-2-0-race-for-yields/" rel="noopener noreferrer nofollow">Magazine: How Ethereum treasury companies could spark ‘DeFi Summer 2.0’</a>

Mantle 2.0 to accelerate DeFi-CeFi convergence: Delphi Digital

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