Mantle’s token, MNT, reaches a new all-time high at $1.71 after the network recently completed its mainnet upgrade using OP Succinct, becoming the largest zero-knowledge rollup with over $2 billion in total value locked.
Summary
- Mantle Network recently completed its upgrade into a ZK Rollup mainnet by integrating itself with OP Succinct’s technology, becoming the largest ZK Rollup with $2 billion in TVL.
- The upgrade gave a much needed boost to MNT, catapulting it to a new all-time high at $1.71.
In a press release, it was revealed that Mantle Network recently completed its transition into a ZK rollup. The transition was made possible through OP Succinct, a technology developed by Succinct that enables Optimism-based rollups to adopt ZK proofs.
This upgrade skyrockets the protocol’s initial $217.98 million TVL on DeFi to $2 billion in value, making the combined entity the largest the world’s largest zero-knowledge rollup by TVL, with over $2 billion secured by Succinct’s technology.
“They realized that ZK was a hard requirement. With today’s protocol upgrade, they have laid the foundation for their next chapter. OP Succinct is now on Mantle mainnet,” said Edward Li, Growth and BD Lead of Succinct in his statement.
The transition to ZK rollup introduces faster settlement and lower transaction costs on the ecosystem. Mantle now offers one-hour finality and six-hour withdrawals, a significant leap compared to the seven-day exit periods common on other layer-2 networks.
Not only that, proving costs have also been reduced, with fees lowered to around $0.002 per transaction, making ZK technology more accessible to users.
Moving forward, Mantle is set to position itself as a “Liquidity Chain” that aims to attract decentralized finance, real-world asset projects, and institutional adoption. The faster and more secure settlement offered by ZK proofs is seen as a key requirement for this vision.
Mantle price hits new all-time high at $1.71
According to data from TradingView, the upgrade has been a major catalyst that has spurred renewed investor confidence. MNT (MNT) has seen strong momentum in recent days, reaching a new all-time high following the network’s mainnet transition into a ZK rollup. On Sept. 16, it reached an all-time high at $1.71, breaking through the psychological ceiling of $1.70 for the first time.
MNT surged by over 8% at its peak during the upgrade news, pushing to fresh highs before stabilizing near the $1.69 level. It has remained stable, only dipping slightly by 0.07% in the past 24 hours.
The token’s Relative Strength Index or RSI shows a modest reading around 55, suggesting that despite the strong upward move, the token is not yet in overbought territory. This implies there may still be room for continuation if buying pressure sustains.
Price chart for Mantle’s token which reached an all-time high after news of the network upgrade | Source: TradingView
If MNT can maintain its hold above the $1.65 to $1.70 support zone, it could serve as the base for the token to reach beyond the current all-time high.
However, given the sharp run-up, short-term volatility is likely as traders take profit around the highs. Sustained demand and positive sentiment around Mantle’s ZK transition will be key factors in determining whether the token can build on its new all-time high or consolidate before its next move.
Overall, Mantle continues to be swayed by news-based hype. As proven by its previous run-up to an all-time high at $1.65. This rally was fueled by the momentum garnered from its expanded partnership with crypto exchange Bybit. At the time, the token surged by 18% within 24 hours.