I’m still busy in the real world, so I just give you a quick one today and the focus lies on Mantle and the ENA season 2.

The TVL on Mantle is growing, even if it's not as fast as on other chains like Base. And most of the recent inflows are related to Ethena and Pendle.

The Defi activity metrics are looking formidable. Base gained a lot recently because of memecoin trading and it won’t keep a share of over 45%, but it will stay relevant. Mantle has almost as much Defi activity as Arbitrum, which is THE Defi L2 at the moment.

I’m always saying the Mantle treasury is bigger than you can fade the L2. Think about it.

DeFi Updates

Double Dose ended for mETH, but MNT staking is live since the 1st April. At current rate, you earn around 1 mShard for every MNT staked, with a falling trend. You can unstake at any time btw.

With the price of 0.001835, that’s $1.83 per 1000 MNT per day. Or a daily return of 0.12%

This doesn’t sound much, but with the current adoption and hype around Ethena, ENA will probably do very well in the next months and $10 per ENA is realisitc.

How to play that?

1. Bullish MNT

In this case just accumulate MNT on every dip. The Ethena campaign probably won’t be the last one and revenue share with MNT stakers will also come in the near future.

The Mantle treasury is huge and they know how to utilize it. That’s why I was saying don’t fade Mantle from the first day.

2. No MNT price exposure

The best strategy for that is to hold mETH, since it earns you EL points, and borrow against it.

On Timeswap you can do that for ~11% interest, but you also earn ~22% MNT rewards. The advantage of Timeswap is a fixed interest and a liquidation-free loan, so you don’t have to watch and manage your position all the time.

Minterest is probably the lending protocol with the lowest rates on Mantle right now and you can borrow MNT for -1.6% but you get some MINTY rewards.

On Aurelius you can supply ETH and earn ~23%. Borrowing MNT cost about 5.8% and they just integrated USDe. With such low rates of 0.43%, it makes sense to borrow USDe and lock in the fixed 75% yield on Pendle for PT-USDe.

About the ENA drop…

NFTs

I’m not a huge NFT guy, but it’s no secret that a lot are getting on track at the moment. A lot of airdrops will go to NFT holders in the next months. Teams will do everything to make some nice deals for their holders to stay relevant.

A lot of people made some serious gains and those funds want to be deployed in the next thing. So I wouldn’t be surprised, if the memecoin mania will cool off a little and NFTs will do better.

Some of the projects I keep my eyes on:
Mad Scientists, Celestine Sloths, Bad Kids, Monadians, Celestia Punks. Also Citizens of Mantle could become relevant for the next Journey.

Here’re some of my ref-codes. If you’re interested in those projects, I appreciate when you use my code!

Rabby Wallet (Best EVM wallet):
https://rabby.io/rabby-points?code=SEXYLIFE
Aurelius Finance (CPD and Lending):
https://app.aurelius.finance/?af=sexy
INIT Capital (Lending):
https://app.init.capital/points?ref=5ECC4D
Spot On Chain (Analytics Platform):
https://platform.spotonchain.ai/referral?code=0r3wi0eg6n33
HMX (Perp Trading, Arbitrum, Blast):
https://hmx.org/arbitrum/referral?ref=SEXYLIFE
Merkle Trade (Perp Trading, Aptos):
https://app.merkle.trade?ref=ISEOW51X
NFT Perp (NFT perp trading, Arbitrum, Blast):
https://app.nftperp.xyz/referral?code=DCAA40EE
Parcl (Real Estate Perp):
mojolife

Stay Sexy!

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