Ethereum layer 2s outperform crypto relief rally after $19B crash

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Ethereum scaling tokens outperformed astir of the cryptocurrency marketplace aft the play crash, signaling stronger terms resilience among layer-2 (L2) projects built connected the world’s largest astute declaration network.

Ethereum layer-2 scaling solution Mantle (MNT) saw a 31% rebound connected Monday, becoming the third-biggest gainer successful the 100 largest cryptocurrencies tracked by CoinMarketCap.

The Arbitrum (ARB) and Immutable (IMX) tokens besides registered double-digit gains, portion the Polygon (POL) token had an 8% rebound successful the 24 hours up to the clip of writing.

Some analysts are pointing to the MNT token’s increasing inferior wrong the Bybit speech ecosystem arsenic the crushed down the rebound aft the $19 cardinal liquidation event.

“Mantle has had a batch of momentum recently, peculiarly with its inferior driven by the Bybit integration, assortment of products being offered, and it has a sizeable treasury,” said Jake Kennis, elder probe expert astatine Nansen blockchain quality platform.

This dynamic saw the MNT token’s terms summation by threefold implicit the past 3 months, the expert told Cointelegraph.

Mantle’s progressive addresses soared 117% week implicit week, marking the “strongest maturation among each L2s,” according to blockchain sleuth SatyaXBT.

“Bybit’s enlargement and Mantle’s rising on-chain traction are starting to signifier a coagulated feedback loop betwixt CEX and L2,” helium wrote successful a Monday X post.

Bybit launched aggregate campaigns and staking products for MNT successful August, followed by a associated roadmap with Mantle outlining little slippage trades, caller outgo options and expanded savings features. The inaugural marks the beginning of Mantle 2.0, which aims to found the web arsenic an organization “liquidity chain” for tokenized real-world assets and span centralized (CeFi) and decentralized concern (DeFi).

“Mantle is nary longer conscionable an L2 but the instauration of Bybit's ecosystem. This isn’t a elemental concern but a play for RWA dominance,” according to Delphi Digital successful a Sept. 3 X post.

“This update shifts the Mantle token into a Bybit inferior asset.”

Bybit whitethorn besides supply further liquidity done grants such arsenic the $200 cardinal Mantle EcoFund, designed to put successful applications built wrong its ecosystem.

MNT token whitethorn payment from Binance level disruptions

Some manufacture observers suggested that Mantle’s rally was besides boosted by Binance level disruptions during past weekend’s marketplace volatility. Binance reported intermittent delays and show issues connected Friday owed to precocious trading volume.

While Binance remained online, immoderate “platform modules” experienced “technical glitches,” causing the depegging of three cryptocurrencies connected the exchange, including Ethena’s synthetic dollar (EUSDE), Binance Staked Solana (BNSOL) and Wrapped Beacon ETH (WBETH).

Binance distributed $283 cardinal worthy of funds to compensate users affected by these level glitches, according to a Sunday announcement.

“After what happened connected Binance, wherever radical couldn’t negociate their positions, Bybit was flawless,” according to blockchain sleuth Finish, who added that “Bybit volition lead, and $MNT is gonna rip hard.”

Despite rumors of marketplace manipulation, the caller correction was “undoubtedly a existent marketplace event, not conscionable an speech glitch,” Marcin Kazmierczak, co-founder of Redstone blockchain oracle solutions firm, told Cointelegraph, adding:

“When President Trump announced 100% tariffs connected China astir 5:00 PM ET connected Friday, October 10th, crypto markets became the sole outlet for planetary investors to explicit their shock.”

Due to different planetary markets being closed during the announcement, “crypto absorbed the afloat unit of panic selling that would typically beryllium distributed crossed aggregate plus classes,” helium added.

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