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Mantle Network: Crypto’s Yield and Rewards Powerhouse

May 16, 2024

In conclusion

It’s not been long since we gave you the complete rundown on Mantle and the upcoming airdrop opportunities to keep you apes well-fed.

The broader market is generally cooling off from the monumental run we had to start 2024, so rather than staring at the 1m chart getting liquidated, why not farm airdrops and earn yield on some of the most exciting upcoming projects in the space?

The opportunities on Mantle run deep. Think of it as a full three-course meal. The previous article was merely the appetizer, just giving you a little taste of what’s to come. Well, today, we’re giving you the main course and dessert with some cocktails on the side.

In general, Mantle is growing at a rapid pace.

Its ecosystem is vast and expanding, but the key advantage it has is the time and effort it puts into incubating, endorsing, and building products that are beneficial for the community as a whole. Mantle has been going strong ever since its launch and will only be going harder in the future.

While there’s a lot more to the Mantle ecosystem than what we are discussing today, we believe that in the near future, there are five important products to focus on:

  1. Ethena
  2. Pendle
  3. IntentX
  4. Catizen
  5. mETH

Today, we’ll discuss why we believe these five are important and how you can maximize your rewards for them.

Ethena

By now, I’m pretty sure most of you know what Ethena is.

They offer a stablecoin called USDe, which absolutely ballooned in popularity with the announcement of their points program. Recently, they smashed through the $2B TVL mark, and it looks like they’ll be hitting $3B very soon.

The first phase of their airdrop recently ended. Users could perform different actions with USDe to earn ‘shards’. Depending on the amount of shards collected, users were airdropped the ENA token.

Now that phase 1 is over, phase 2 is underway. Users can earn ‘sats’, which will eventually be claimable for an airdrop.

This is where Mantle comes in to offer you guys a huge boost.

With the Sats program, you can earn both Sats and EIGEN points on Mantle.

Let’s start with the big one, Pendle. Pendle has been on an absolute tear recently as the protocol hit the $4.5B TVL mark. During the first phase of the Ethena airdrop, Pendle pools on Mantle very incredibly popular as the $250M cap got filled very quickly.

For season 2, the cap will begin at $200M, and users can earn 20x sats per USDe for holding USDe as a YT or LPing it. In addition, users can also get 0.0012 EIGEN points per USDe, but EIGEN points will be capped at a total of 13.8M points.

Apart from Pendle, you can also earn basic 1x and 2x sats rewards by simply buying and holding USDe on Mantle. You can either bridge your USDe over through Stargate, or you can directly buy it on Mantle through platforms like Merchant Moe or NativeX.

Here’s a kicker: if you LP your tokens in the USDe/USDT pool on Merchant Moe, you can earn 20x sats per USDe.

LPing is not your thing? Don’t worry—you can also head over to INIT Capital and use their ‘hooks’ feature. Select the USDe looping hook, and you can earn 20x sats per USDe. But take note: there’s a $20M cap on this, so you might want to hurry before it’s all gone.

Lastly, on the Ethena front, we have IntentX. The Mantle and IntentX integration goes much deeper than this, but about the Ethena airdrop, those who deposit USDe on IntentX will get 20x sats per USDe. The bonus is that if you trade with that USDe you also get xINTX points for the IntentX airdrop.

IntentX

Speaking of IntentX, let's go deeper into what their Mantle integration looks like.

Apart from the Ethena campaign, there is also a four-week-long Galxe campaign ending on the 19th of May, with a TGE to come shortly after. Users have to complete all the tasks in this campaign to receive rewards. They will get Galxe points, xINTX points, and an NFT.

On top of this, IntentX has received a 250K MNT grant from Mantle. This 250K will be distributed to IntentX traders in different ways.

150K MNT will be distributed as fee rebates. So, 50% of the fees incurred by traders on the platform will be given to users in the form of MNT, which will be claimable every day.

The remaining 100K MNT will be distributed through the MNT Blitz Minigame. The game is a gamified version of trading to make things more fun and interactive for the users. For example, traders would have to guess the correct price direction of BTC over the next 10-second window.

If you guess correctly, you win some MNT.

Users get one attempt for $2.5K daily volume traded up to a maximum of 3 turns for the day. Rewards scale with a winning streak. So, to get the first one correct, you may get 1-2 MNT, but if you go on a 7-game streak, you may get 15 MNT for a correct guess.

The icing on the cake is that IntentX will also be having their TGE very soon, so that’s another event to keep a keen eye on.

Now, let’s switch gears a bit from DeFi protocols to gaming. Yes, Mantle has it all.

Catizen

Catizen is an innovative cat-themed game that is built on Telegram. You can test it out over here.

Catizen allows players to participate in various activities and experiences with the ultimate aim of becoming a traffic hub for crypto. So later down the line, we will see things like launchpools on the platform to leverage its user base of over 2.3 million players.

The main appeal of the game currently is its play-to-airdrop design, where users are rewarded with vKitty that can ultimately be claimed for an airdrop.

This wildly popular game is deploying on Mantle, which means there are some exciting rewards in store. In addition to the game's airdrop, 230K MNT has been allocated to the game as a grant.

This 230K MNT will be used to reward players. When participating in different activities like fishing, claiming gas subsidies, topping up accounts, and so on, users will receive some MNT rewards. This 230K MNT reward is close to running out, but don’t worry—there’s another ongoing campaign with Bybit.

Through Bybit, there will be a 20K MNT giveaway. It will span 20 days, which means 1000 MNT is given out per day. Each day, 100 lucky users will receive this drop, which means it’ll be around 10 MNT per user per day.

The reason this works is because your rank on the leaderboard plays a role in how much you get airdropped. This creates a competitive environment where users have to stay active to get a bigger airdrop, and those who are active get additional MNT rewards on top of the bigger airdrop. Thereby rewarding the most active participants appropriately.

I think it might be time to enter the cat universe and become a catizen.

mETH

Now, let’s circle back to one of the most popular Mantle products—its LST mETH.

In our previous article on Mantle, we covered mETH in great detail. The general gist that I know most of you degens care about is that mETH is currently offering a slightly higher yield than the standard 3%.

However, what’s more important for today's article is how mETH can get you some more EIGEN points.

Mantle restaked 100K mETH with EigenLayer, which has been earning them a significant amount of EIGEN points. At one point, their treasury wallet was the third-highest earner of EIGEN points.

These points will then be distributed to all holders of mETH, including Dapps on Mantle, such as Pendle, INIT, and the others mentioned above.

So now not only is mETH giving you a good yield, but you’re also getting EIGEN points for holding it. Users will keep receiving these EIGEN points until either EigenLayer stops distributing points or until Mantle announces that the distribution is over. Pretty sweet, right? But there’s more.

Some of you degens in the trenches may know a little something about a memecoin called PUFF. PUFF is one of the biggest memecoins on Mantle and is only continuing to grow its community.

PUFF is currently in chapter three of its airdrop, where users can go here and bond their mETH or PUFF for blue magic tokens, which makes them eligible to get a portion of the airdrop.

The bonus here is that the mETH on PUFF is also eligible for EIGEN rewards. The rewards don’t stop.

Concluding thoughts

As you can see, Mantle is filled with interconnected earning and reward opportunities. Interacting with one protocol or one product can make you eligible for multiple airdrops on top of the base yield that you’ll be earning. It’s pretty wild.

This is a little alpha for those of you who made it this far. You should also keep an eye on FBTC. This is Mantle’s entry into the blooming BTC DeFi ecosystem.

It is an omnichain version of BTC made in partnership with Antalpha Global and should offer some pretty lucrative yield opportunities.

In a choppy crab market where it’s incredibly difficult to trade, it makes no sense to blow up your funds on leverage when you have easier passive opportunities like the ones described above on Mantle.

They are a lot more straightforward and have a relatively predictable outcome, which is perfect for these market conditions. You’re playing both offense and defense at the same time.

So, if you aren’t already on Mantle, I don’t know what to tell you. It’s time to start bridging anon.

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