Ethereum’s layer-2 tokens have shown exceptional performance after the recent cryptocurrency market downturn, with Mantle leading the charge with a 31% increase on Monday. This uptick is attributed to its integration with Bybit and heightened usage of its scaling solutions.

Notable gains were also recorded by other layer-2 tokens, such as Arbitrum (ARB) and Immutable (IMX), which saw double-digit increases, while Polygon (POL) rebounded by 8% in the last 24 hours. Analysts credit the rise of Mantle’s token, MNT, to its growing utility in the Bybit exchange ecosystem.

Top 10 L2 tokens by market capitalization
Top 10 L2 tokens by market capitalization. Source: CoinMarketCap.com

“Mantle has had a lot of momentum recently, particularly with its utility driven by the Bybit integration, variety of products being offered, and it has a sizeable treasury,” stated Jake Kennis from Nansen.
Translation: Mantle recently gained significant momentum, especially due to its functionality linked to the Bybit integration, the range of products available, and its large treasury.

Mantle has witnessed a 300% increase in price over the past three months, driven by active address growth of 117% week over week, making it the fastest-growing among all layer-2 (L2) solutions.

“Bybit’s expansion and Mantle’s rising on-chain traction are starting to form a solid feedback loop between CEX and L2,” noted blockchain analyst SatyaXBT.
Translation: The growth of Bybit and the increasing on-chain activity of Mantle are creating a reliable feedback mechanism between centralized exchanges and layer-2 solutions.

Bybit has also initiated various campaigns and staking opportunities for MNT, propelling Mantle towards becoming a liquidity chain for tangible real-world assets. Amid market disturbances on Binance, where several cryptocurrencies experienced technical outages, analysts speculate that these disruptions may have contributed to Mantle’s surge, as many traders found Bybit to be a more reliable platform during this time.

“When President Trump announced 100% tariffs on China on Friday, October 10th, crypto markets became the sole outlet for global investors to express their shock,” remarked Marcin Kazmierczak of Redstone.
Translation: Following Trump’s tariff announcement, the cryptocurrency market was left as the only avenue for global investors to convey their reactions.

This article does not provide investment advice. Readers are encouraged to conduct their own research.