Bybit and Santiment reveal why platform tokens like Mantle (MNT) are redefining the crypto economy

Bybit (the world’s second-largest cryptocurrency exchange by trading volume) has released a new decentralized finance (DeFi) research report in collaboration with crypto analytics provider Santiment. The analysis highlights the growing significance of platform tokens, positioning Mantle (MNT) as a frontrunner in shaping liquidity, governance, and ecosystem growth across the digital asset industry. The release comes at a time when Bitcoin (BTC) and Ethereum (ETH) have both reached fresh all-time highs in August 2025, fueling a wave of investor enthusiasm and renewed attention on ecosystem-driven cryptocurrencies.

Why are platform tokens like Mantle becoming central to DeFi strategies?

The report underscores a key trend: platform tokens, once seen primarily as loyalty or fee-reduction instruments for crypto exchanges, are now evolving into fundamental pillars of blockchain ecosystems. Historically, exchange tokens such as Binance Coin (BNB) or FTX Token (FTT) were used to provide users with discounts on trading fees or early access to token launches. Over the past five years, however, their role has expanded to include governance voting rights, liquidity incentives, and deep integration with lending, staking, and structured products.

Mantle (MNT), launched in July 2023 after a strategic rebrand from BitDAO, embodies this new wave of platform tokens. Bybit has embedded Mantle into multiple layers of its exchange architecture, including loan offerings, staking frameworks, and complex investment products. Santiment’s on-chain analytics show that MNT has attracted rising volumes of large-scale transactions, particularly those valued at more than $100,000 and $1 million. These whale-level redistributions often serve as early signals of institutional repositioning and have been tied to subsequent price rallies.

According to industry observers, the structural shift in how platform tokens are used reflects the maturation of the broader DeFi sector. Exchanges are no longer relying solely on transaction fees; instead, they are designing tokens to act as economic glue, creating closed-loop ecosystems that reward long-term engagement.

How does Bybit’s Mantle 2.0 initiative strengthen its market position?

Bybit’s rollout of Mantle 2.0 represents a calculated step toward deeper ecosystem integration. The upgraded version of Mantle is marketed as a high-performance Layer 2 Ethereum scaling solution, promising faster transaction throughput and lower gas fees. This is particularly timely, given Ethereum’s own scaling challenges and the rise of alternatives such as Arbitrum, Optimism, and zkSync, which are competing to capture developer adoption.

Unlike first-generation exchange tokens, Mantle is not confined to offering fee rebates. It powers Bybit’s staking products, underpins structured financial instruments, and is woven into its loan ecosystem, effectively turning the token into a multi-utility asset rather than a speculative voucher. Bybit has also positioned Mantle as fully compliant with the European Union’s Markets in Crypto-Assets Regulation (MiCAR), a move that could give it a regulatory edge in one of the world’s most heavily regulated crypto markets.

Market analysts have suggested that Bybit’s proactive embrace of compliance and utility may shield it from the volatility that often plagues exchange tokens. Historically, reliance on trading volumes alone has proven risky. For example, Binance’s BNB has remained dominant but continues to face regulatory scrutiny in the United States and Europe, while FTX Token collapsed entirely after the exchange’s bankruptcy in 2022. By embedding Mantle in real, revenue-generating use cases and aligning with regulators, Bybit is signaling to institutional investors that MNT could be a more resilient platform token.

What do whale transactions reveal about Mantle (MNT) and investor sentiment?

One of the more striking insights from the Bybit × Santiment report is the pattern of whale behavior around Mantle. Data revealed that transactions exceeding $1 million surged during MNT price rallies in August 2025, suggesting large investors were both accumulating and redistributing tokens as the market heated up. This activity not only highlights growing interest from high-net-worth individuals and institutions but also reinforces the perception that MNT is gaining traction as a core component of the DeFi ecosystem.

Whale accumulation is often interpreted as a bullish signal, as it indicates confidence in long-term value creation. However, redistribution phases suggest that some large holders are also capitalizing on short-term price spikes, injecting volatility into the market. Analysts noted that Mantle’s Market Value to Realized Value (MVRV) ratio climbed significantly during August, a sign that holders were sitting on substantial unrealized gains. This dynamic typically precedes a wave of profit-taking, which can create short-term corrections before the asset resumes an upward trajectory.

In the context of broader market sentiment, Mantle’s performance has been amplified by the momentum of Bitcoin and Ethereum. With BTC and ETH both hitting new all-time highs in August 2025, retail investors are increasingly diversifying into alternative tokens tied to major exchanges. This has created a spillover effect that benefits assets like MNT, which are perceived to have both speculative upside and functional utility.

How are platform tokens reshaping the global digital asset economy?

Platform tokens have moved beyond their early days of serving as simple exchange discounts. The Bybit × Santiment report points out that tokens such as Mantle are now central to liquidity provisioning, user engagement, and governance. This echoes a broader trend in digital finance where exchanges are becoming more than trading venues; they are evolving into full-scale financial ecosystems that support lending, borrowing, staking, and decentralized governance.

Historically, the crypto industry has relied heavily on Bitcoin and Ethereum as bellwethers of market sentiment. Yet, the rise of platform tokens suggests a shift toward infrastructure-driven assets. These tokens allow exchanges to bootstrap liquidity, incentivize developers, and create network effects that increase user stickiness. Bybit’s strategy with Mantle aligns with this shift, illustrating how exchanges can transform tokens into indispensable components of long-term growth.

For investors, the key takeaway is that platform tokens are no longer peripheral assets. Instead, they are becoming essential to the sustainability of crypto ecosystems, with the potential to act as yield-bearing instruments, governance tools, and cross-product utilities. This makes them particularly appealing to institutions seeking diversified exposure to the digital asset space.

What could the next phase of growth look like for Mantle and other platform tokens?

Looking ahead, analysts anticipate that the success of Mantle and similar tokens will depend on three critical factors: regulatory alignment, developer adoption, and integration into revenue-generating products. Bybit’s decision to align Mantle with MiCAR standards in Europe is an early indicator that the exchange wants to secure long-term legitimacy in key jurisdictions. This could position Mantle favorably compared to tokens that face greater regulatory headwinds.

Another factor is developer engagement. Layer 2 ecosystems thrive when decentralized applications, from decentralized exchanges (DEXs) to NFT marketplaces, choose to build on them. Bybit’s push to position Mantle as a high-performance scaling solution could resonate with developers seeking alternatives to Ethereum’s sometimes congested and costly mainnet. If Mantle continues to attract builders, its demand could grow organically, reinforcing its role as a foundational layer within Bybit’s Web3 strategy.

The final piece of the puzzle is investor adoption. While whale activity provides early momentum, long-term sustainability will depend on broader retail and institutional uptake. With over 60 million registered users, Bybit has the distribution network to embed Mantle seamlessly across its trading, staking, and yield-generation products. If executed effectively, this integration could create a self-reinforcing cycle where higher adoption drives liquidity, liquidity attracts more developers, and developer activity generates more utility for users.

What does Bybit’s strategy signal for crypto investors and the industry at large?

For investors, the growing importance of platform tokens highlights an evolving investment thesis. In the early years of the crypto market, Bitcoin was seen as “digital gold,” while Ethereum became the foundation of decentralized applications. Now, platform tokens like Mantle are carving out a middle ground: assets that benefit from exchange adoption, regulatory clarity, and ecosystem growth.

Crypto market watchers suggest that platform tokens could become the backbone of digital finance, much like equities underpin traditional capital markets. The difference is that these tokens combine governance, liquidity, and utility in a single instrument, enabling exchanges like Bybit to retain users and attract liquidity providers. The Bybit × Santiment DeFi report essentially argues that platform tokens are no longer add-ons but structural components of the modern crypto economy.

In terms of sentiment, the surge in whale transactions for Mantle in August 2025 indicates growing institutional confidence, even as some large holders take profits. For retail investors, the key question is whether this momentum can translate into sustained growth or if short-term volatility will create buying opportunities. In the current bullish environment—where Bitcoin trades above historic highs and Ethereum benefits from Layer 2 scaling tailwinds—the narrative around platform tokens appears to be strengthening.

Historically, every crypto bull cycle has introduced a new class of assets that captures investor attention. The 2017 rally was dominated by initial coin offerings (ICOs), the 2020-2021 surge spotlighted decentralized finance and NFTs, and the 2023-2025 cycle may ultimately be remembered as the era when platform tokens like Mantle cemented their place in the crypto landscape. If this trajectory holds, investors could see MNT and other exchange-driven assets becoming as important to market structure as BTC and ETH themselves.

The Bybit × Santiment report makes one point clear: platform tokens are evolving from speculative instruments into long-term strategic assets. For Bybit, Mantle is not just another trading chip; it is a structural backbone for its growing Web3 ecosystem. For investors, this means paying closer attention to how platform tokens are being integrated, regulated, and adopted could provide an edge in navigating the next chapter of the cryptocurrency market.