Mantle’s TVL jumped from ~$135M to ~$682M, with Aave deployment and an 8M MNT incentive program acting as the main catalyst.

The interesting part is not the spike, but the follow-through, demand was strong enough that supply caps had to be raised multiple times.

This is a real attempt to convert CEX users into DeFi liquidity via Bybit’s distribution. If even part of this capital sticks post-incentives, Mantle becomes a working model for exchange-driven on-chain growth.
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