Mantle Price Hits New High amid UR App Launch

MNT, the native token of the Ethereum Layer 2 network Mantle, reached a new all-time high of $2.47 late on Monday, Oct. 6. The price surge coincided with the launch of UR, a Mantle-based app that seeks to bridge traditional finance and DeFi.

First announced as a “smart money app” by Mantle in June of this year, UR offers users a unified platform to manage both digital and fiat assets. The platform is also providing features such as zero off-ramp and bank transfer fees, support for multiple fiat currencies, and a Mastercard debit card, according to a Monday blog announcement.

The app, built on Mantle’s Layer 2 and meant to process transactions at lower cost than Ethereum’s mainnet, also integrates Ethena’s USDe stablecoin, letting users earn up to 5% APY on USDe held in their UR wallets without staking or bridging, with rewards credited automatically.

Although UR positions itself as a “borderless” app, access is based on residence in order to comply with international rules, and some nationalities are still blocked from using the service, even if they live in supported countries.

According to the platform’s documentation, restricted users include those from the U.S., Puerto Rico, Guam, American Samoa, the Northern Mariana Islands, Iran, North Korea, and Russia.

Earlier in September, Mantle completed its upgrade to OP Succinct, making it the largest zero-knowledge rollup by total value locked (TVL). According to DefiLlama, the network’s TVL stands at nearly $257 million, down more than 60% from its record high in November 2024.