Ethereum scaling solutions experienced notable price recoveries after the recent market crash, with Mantle achieving a remarkable 31% surge due to its integration with Bybit and increasing adoption of scaling technologies.

Market Resilience

The Mantle (MNT) token rebounded significantly, ranking as the third-largest gainer among the top 100 cryptocurrencies monitored by CoinMarketCap. Other tokens like Arbitrum (ARB) and Immutable (IMX) also saw solid performances, with Polygon (POL) notching an 8% rebound in the same timeframe.

The momentum for MNT is attributed to its growing utility on the Bybit exchange, particularly after a dramatic $19 billion liquidation event affecting the broader market.

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

“Mantle has gained significant traction lately, especially with its Bybit integration and diverse products,” remarked Jake Kennis, a researcher at Nansen.

This trend reflects a 300% price increase for MNT over the last three months.

User Engagement

Mantle’s active user accounts jumped 117% week-over-week, marking a strong upward shift among layer-2 solutions, per the blockchain analyst SatyaXBT. This surge signals a productive relationship developing between centralized exchanges like Bybit and layer-2 networks.

Mantle’s interaction with Bybit Source: SatyaXBT

Following a series of campaigns in August focusing on MNT, Bybit set a collaborative roadmap that aims for better trading experiences and financial features. This initiative is a pivotal step towards positioning Mantle as a liquidity chain for real-world assets.

“Mantle is evolving into a key component of Bybit’s ecosystem rather than merely a layer-2. This represents a strategic play for dominance in the realm of tokenized assets,” according to commentary from Delphi Digital.

Event Reactions

The recent price surge of MNT also appears linked to disruptions on Binance during the recent volatility, which delayed trades. As Binance implemented fixes causing a devaluation of three tokens, user support remained robust for Bybit.

“Bybit has proven reliable during the outage, further boosting confidence in MNT,” said a blockchain expert. Despite speculations around market manipulation, the events were genuine reactions to external announcements, as explained by co-founder Marcin Kazmierczak.

This article does not offer investment advice. All trading involves risk, and readers should perform due diligence when making decisions.