MNT · Treasury L1 holds ~46% of supply — that's the whole story.
Vesting ended 2023; no protocol inflation (L2 with no MNT block reward); base fees route to a vault, not burned. Every 90 days ~1.5% of circulating walks from Mantle Treasury L1 to market via Rewards Station emissions (~200M / yr) plus ad-hoc governance grants. Zero structural buy offset. The swing variable is the phase-based Treasury burn proposal — still pre-MIP, not passed.
Mantle is an L2 — no native MNT block-reward issuance. The MNT ERC-20 mint function is governance-gated (max 1×/yr); no mint event in window.
BitDAO-era unlock schedule ended 2023. Fully unlocked; no scheduled cliffs remain.
Mantle Treasury L1 wallet (2.90B MNT, ~46% of total supply) releases via Rewards Station emissions ~200M MNT/yr (~50M / 90D) plus ad-hoc governance-driven grants. §0.45.3.4 enumeration: this IS the dominant overhang — Treasury L1 + Mantle Council + Mantle Foundation (BitDAO inheritor). MI4 USD reallocations are USD-value moves; MNT bag stays in Treasury.
No bankruptcy estate. The Treasury overhang lives in Row #3; this row covers only out-of-band long-term locks (none active).
No enabled buyback. The phase-based Treasury MNT Burn proposal (Feb 25, 2026, 3–8% over 12–24mo) is pre-MIP discussion only and has not passed. Activation would flip this row from 0 to a structural positive.
Mantle v2 routes BASEFEE to the BaseFeeVault (withdrawable to L1) — explicitly NOT burned. Stays at 0 until governance changes the mechanism.
Treasury is on the seller side via Rewards Station. No structural Foundation buying programme — MI4 reallocations are USD-value moves, not MNT acquisitions.
mETH ≠ MNT (mETH is liquid-staked ETH). Rewards Station accepts opt-in short-tenor MNT lockups — operational lock, not long-term.
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