The Bybit platform token is now known as MNT coin, the native governance token of the Mantle Network. This article explores the evolution from the original BIT token to MNT, examines its utility, evaluates investment potential, and analyzes associated risks — all critical insights for crypto investors and Web3 users.
From BIT to MNT: The Evolution of Bybit’s Platform Token
Originally, Bybit utilized BIT coin (from BitDAO) as its platform token. BitDAO was established by Bybit as a decentralized autonomous organization (DAO) focused on funding and incubating blockchain projects — functioning similarly to a foundation supporting ecosystem growth.
Holders of BIT could enjoy benefits such as reduced trading fees on Bybit, participation in governance votes for BitDAO-funded projects, and exclusive rewards during promotional campaigns. However, with the strategic development of the Mantle Network, BitDAO merged into Mantle, rebranding entirely under the Mantle identity.
As part of this transition, BIT tokens were migrated to MNT tokens at a 1:1 ratio. If you still hold unredeemed BIT tokens in a non-custodial wallet, you can complete the conversion via the official migration portal.
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Introducing MNT Coin: The Mantle Network’s Native Token
MNT is the core governance and utility token of Mantle Network, an Ethereum-compatible Layer 2 blockchain designed for high scalability and low transaction costs. Mantle leverages modular architecture and EigenLayer’s restaking technology to deliver enhanced security and performance.
By integrating tightly with Bybit — one of the world's leading cryptocurrency exchanges — MNT enables a unified experience across centralized finance (CeFi) and decentralized finance (DeFi). As of late 2024, MNT has a circulating market cap of approximately $2.46 billion, ranking it among the top 55 cryptocurrencies globally.
Key Token Metrics
- Token Name: MNT
- Circulating Supply: ~3.37 billion
- Total & Max Supply: ~6.22 billion
Unlike many tokens with inflationary models, MNT has a fixed maximum supply, which may support long-term value retention if demand increases.
Funding History and Treasury Strength
Mantle’s predecessor, BitDAO, raised over $586 million in strategic funding, including:
- $230 million in June 2021 from top-tier investors like Pantera Capital, Dragonfly Capital, and Founders Fund
- $356 million through an Initial DEX Offering (IDO)
One of MNT’s standout advantages is its project treasury, which holds reserves worth nearly $5 billion in diversified assets — making it one of the largest and most financially resilient treasuries in the crypto space. These funds support ecosystem development, security initiatives, marketing, and community incentives.
Monthly budget allocations and expenditures are transparently published through the Treasury Monitor, promoting accountability and trust.
MNT Tokenomics: Distribution and Utility
According to Mantle’s official documentation, the token distribution is structured as follows:
- 49% allocated to the Treasury – used for ecosystem growth, developer grants, infrastructure investment, and operational expenses
- 51% distributed to the public – via staking rewards, liquidity programs, user incentives, and team allocations (with vesting schedules)
This balanced model ensures both sustainable development and market liquidity.
Core Use Cases of the Bybit Platform Token (MNT)
As a dual-purpose token serving both Bybit Exchange and Mantle Network, MNT offers multiple real-world applications.
1. Gas Fees on Mantle Network
MNT serves as the primary gas token on the Mantle blockchain. Users pay transaction fees in MNT when interacting with dApps, swapping tokens on decentralized exchanges (DEXs), or deploying smart contracts. As more projects build on Mantle, demand for MNT as a utility token is expected to grow.
2. Participation in New Token Launches
Bybit frequently hosts new project launches through programs like Launchpad and Launchpool, where users can stake assets to gain early access to promising tokens.
When participating with MNT, users often receive higher annualized yields compared to using stablecoins like USDT. For example, past Launchpool events have delivered returns ranging from tens to thousands of percent APY.
However, investors should be aware of opportunity cost and price volatility during lock-up periods. Advanced traders may hedge their exposure by opening short positions on MNT while staking — though this strategy involves additional risk.
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How to Buy MNT Coin
MNT is widely available across major exchanges:
Centralized Exchanges:
Decentralized Exchanges (DEXs):
- Uniswap (on Ethereum and supported L2s)
Purchasing MNT on centralized platforms typically offers better liquidity and lower slippage for beginners.
How to Convert BIT to MNT
If you held BIT tokens outside of Bybit (e.g., in a personal wallet), automatic conversion did not apply. You must manually migrate your holdings:
- Visit the official migration site: migratebit.mantle.xyz
- Connect your wallet
- Confirm the 1:1 swap from BIT to MNT
This process is irreversible but straightforward for users familiar with Web3 interfaces.
Is MNT a Good Investment? Potential and Risks
Growth Catalysts
- Exchange Integration: As Bybit expands its user base and trading volume — especially during bull markets — increased activity could drive more demand for MNT through staking, fee discounts, and launch participation.
- Ecosystem Expansion: Similar to BNB Chain (Binance) or Base (Coinbase), Mantle aims to become a hub for DeFi, NFTs, and gaming. Successful adoption could significantly boost MNT utility.
- Strong Treasury: With nearly $5 billion in reserves, Mantle can fund aggressive growth initiatives without immediate reliance on external capital.
Key Risks
- Centralization Concerns: Despite being a DAO-governed project, Bybit retains significant influence over Mantle’s direction.
- Market Volatility: Like all crypto assets, MNT is subject to sharp price swings influenced by macro trends, regulatory news, and sentiment.
- Ecosystem Adoption Risk: If Mantle fails to attract developers and users compared to rivals like Arbitrum or Optimism, demand for MNT may stagnate.
Investors should monitor key metrics such as on-chain activity, TVL (Total Value Locked), and governance proposals to assess long-term viability.
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Frequently Asked Questions (FAQ)
Q: What happened to BIT coin?
A: BIT was rebranded and converted to MNT following the merger between BitDAO and Mantle Network. All BIT holders were given a 1:1 migration path to MNT.
Q: Can I still use MNT for trading fee discounts on Bybit?
A: Yes. Holding MNT qualifies users for reduced trading fees, similar to how other exchange tokens operate.
Q: Where is MNT tokenomics documented?
A: The full details are available in Mantle’s official whitepaper and treasury reports published at treasurymonitor.mantle.xyz.
Q: Does staking MNT offer rewards?
A: While MNT itself isn’t directly staked for inflationary rewards, it provides yield opportunities through Bybit’s Launchpool and governance participation on Mantle.
Q: Is MNT inflationary or deflationary?
A: MNT has a fixed max supply (~6.22B), so it is not inflationary by design. Future deflationary mechanisms depend on governance decisions.
Q: How does Mantle compare to other L2 blockchains?
A: Mantle differentiates itself through its massive treasury, EigenDA data availability solution, and tight integration with Bybit’s vast user base — giving it strong bootstrap potential.
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