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Most aren't paying attention to how much bigger the integration between Mantle and Bybit is going to be.
Bybit is the #2 exchange globally for open interest, and we’re seeing strong signals that they plan to really prioritize Mantle.
The use of MNT for trading fees and VIP Tiers on Bybit could be a massive utility add, amongst the other stuff.
Maestro's maths:
Even if 75% of Bybit’s volume is from top-tier VIPs (paying the lowest fees) that equals:
• $1m–$6m daily demand for MNT, or
• $500m–$2b annually - purely from trading fees
Helen, Bybit’s co-CEO, said on the AMA that this feature is still being considered, so not 100% locked in yet. But it feels likely, and if implemented well (the key risk is user uptake), this could be a bullish, under-the-radar repricing event for MNT.
15.8. klo 11.14
TLDR for the @Mantle_Official AMA held last night:
Mantle L2
- Helen (Bybit Co-CEO) and Emily (Head of Bybit Spot and Byreal Co-founder) will be joining Mantle as Core Contributors
- Mantle L2 will be focusing on creating industry-grade rails for real-world assets.
- Bybit will serve as a bridge between Web2 and Web3 and create create Synergies and utilities for MNT within the Bybit Ecosystem
- Mantle aim to be the largest ZK-secured chain by the end of the year, strengthening the institutional narrative
$MNT Utility on Bybit
Integrations implemented:
- MNT for Bybit Launchpool Projects
- MNT in Bybit Structured Products (Smart Leverage & Double Win)
- MNT OTC Portial
Upcoming Integrations:
- Use MNT to pay for discounted trading fees on Bybit
- Hold MNT to qualify for VIP Tiers
- MNT Denominated Trading Pairs
- MNT Options
- MNT to pay for exclusive events like CCCC (Crypto Content Creator Campus)
Possibilities of MNT Token Burn Mechanism
- Core Contributors are open to the idea but it will be subjected to DAO voting
- $BIT to $MNT conversion in the past had a 3B Token burn in the past
Others
- Moving foward, there will be monthly Mantle AMAs to keep a steady stream of clarity and communication with the wider Mantle Community
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Personal Thoughts
- Pretty Bullish on the upcoming narrative for Mantle L2 as it focuses on RWAs.
- RWAs have a much larger addressable market compared to Crypto and it will unlock plenty of institutional adoption on chain.
- The upcoming MNT integrations on Bybit will unlock value for MNT holders.
- The use of MNT for trading fees and VIP Tiers should see a large spike of sticky users for MNT.
- Considering that Bybit is doing 6-10b spot vol (0.1% Taker Fee) and 60-80b perps vol (0.02-0.075% Fee) daily,
- That equates to approximately $27m to $45m paid in daily fees for Bybit Trading
Assuming a conservative 20-50% conversion to use MNT as fees:
- $5m to $22m daily or
- $2-8b annual demand for $MNT purely from Bybit Trading fees.
Yes, the calculations are assuming all users are retail users paying the avg fees. But even if we consider 75% of all Vol are max tier VIP users on Bybit:
- we still get $1m to $6m daily or
- $500m-$2b annual demand for MNT.
Sounds pretty bullish to me.
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