Mantle mETH reaches $2.3 billion TVL through EigenDA integration

Republic Technologies adopts mETH for treasury

Beyond Medical Technologies Inc. holds mETH on its balance sheet through Republic Technologies. mETH is the first liquid staking token held by a publicly listed company. Mantle’s mETH Protocol reached $2.3 billion in Total Value Locked. This follows a period where the protocol surpassed $1 billion in TVL within 66 days of its launch. Over 170,000 mETH, worth about $455 million, secures the Mantle modular data availability layer through EigenDA. You already know that institutional adoption drives these liquidity shifts. Republic Technologies builds its treasury strategy around Ethereum to support its healthcare technology businesses. CEO Daniel Liu says Ethereum is the digital fuel for global financial systems. The firm’s leadership team includes experts from Apollo Global Management, Goldman Sachs, BlackRock, and Canaccord Genuity. This strategy follows their initial entry through Mantle’s Scout Program. The mETH Protocol uses MEV tactics and Treasury yield sharing to generate high APY. This design focuses on capital efficiency and composability for long-term allocators. Validator operations include providers like Stakefish, P2P.org, Blockdaemon, A41, and Veda. P2P.org joined Mantle to provide tailored solutions for the liquid staking ecosystem. In March 2025, Republic Technologies launched a medical attestation platform using Ethereum-based distributed systems for healthcare data integrity.

EigenDA and the reduction in data availability costs

EigenDA uses a reservation-based model where rollup operators pay fees to EigenLayer operators. This differs from Celestia, which uses a gas market where fees change based on network demand. Celestia calculates fees by multiplying the blob size in gas units by the current gas price. EigenDA targets a throughput of 10 to 100 MB/s, while Celestia scales to 1,400 TPS for blob data. EigenDA costs $0.0006 per MB, and Celestia costs $0.003 per MB. EigenDA provides a 340% reduction in data availability costs compared to Ethereum mainnet blob fees. However, EigenDA introduces counterparty risk because the rollup depends on the operator set to provide the reserved bandwidth. If the operator set fails to provide the throughput, the rollup experiences delays without a direct on-chain refund. Celestia relies on native TIA staking for security, while EigenDA uses restaked ETH via EigenLayer. The EigenDA protocol relies on a pool of 3.6 million restaked ETH and 71.5 million EIGEN tokens for security. This security comes from over 128,000 stakers.

Real-world asset expansion via xStocks and MI4

Mantle expanded its real-world asset offerings in the second quarter of 2026. The xStocks platform launched with 10 tokenized U.S. equities on April 10. These include TSLAx, NVDAx, AAPLx, METAx, GOOGLx, MSTRx, HOODx, SPYx, QQQx, and CRCLx. By the end of Q2, the platform supported 155 tokenized equities. On June 23, Mantle integrated the Franklin Templeton US Equity Index ETF as USPXx via xStocks. The integration of Franklin Templeton’s US Equity Index ETF as USPXx on June 23 brought approximately $1.98 billion in assets to the network and established Mantle as a venue for institutional-grade tokenized securities. The xChange system uses an Atomic RFQ model to provide issuer-direct execution. This model uses liquidity providers to give real-time quotes, which helps bypass traditional automated market maker infrastructure. The platform includes the xPoints loyalty program and a 1M Fluxion Points Campaign to reward traders. Mantle also prepares to extend mETH utility through Mantle Banking. This initiative integrates mETH into fiat rails, credit products, and conventional payment systems. This allows users to spend and borrow with mETH in traditional systems. mETH’s inclusion in MI4 also nears completion. MI4 is a tokenized, yield-focused index fund developed with Securitize. Securitize is the firm behind BlackRock’s BUIDL and Apollo’s ACRED. Mantle Treasury provides up to $400 million in anchor investment for MI4. The fund targets $1 billion in assets under management and provides exposure to BTC, ETH, SOL, stablecoins, and staking assets.

Network scaling and technical milestones

Mantle transitioned to ZK validity proofs via OP Succinct in September 2025. This makes Mantle the largest zero-knowledge rollup by Total Value Locked, with holdings over $2 billion. The Arsia Activation in April 2026 unified eight OP Stack forks into one codebase. This upgrade also introduced a new data fee model to lower transaction costs. The network uses Optimistic Rollups for execution and relies on EigenDA for data availability. In February 2026, Aave V3 launched on Mantle with a Bybit-backed strategic integration. This protocol acts as a core lending component in the Mantle DeFi stack. In April, the Kelp DAO rsETH exploit caused market stress, leading Mantle to authorize a 30,000 ETH Treasury loan to Aave DAO. This 36-month facility yields Lido stETH plus 1% and grants Mantle 130,000 delegated AAVE tokens. The Turing Test Hackathon also positioned the network as a place for onchain agent building and drew 500 builders and 20 partners. These partners include Animoca Brands, Nansen, Hashed, Tencent Cloud, DoraHacks, and Virtuals. The program included six tracks and a $100,000 prize pool. Mantle’s integration of EigenDA and RWA assets makes it a dominant force in the modular L2 space. Will the transition to ZK proofs maintain this level of institutional interest?