The Ethereum (ETH) based layer 2 project soared to the top with its new rewards system announcement.
The crypto exchange Bybit-backed Mantle (MNT) saw its token price peak on Wednesday, March 27th, after announcing its rewards program Mantle Rewards Station, with 11,254 users participating and 56.6 million MNT worth 68 million dollars being locked.
Participation in the rewards program will continue until April 26. Users will receive Ethena Shards (mShard) rewards proportional to the amount of MNT they have locked.
The rewards will be covered by the Mantle treasury, and users will be able to claim their mShard rewards daily. MShard holders will have the right to purchase the altcoin called ENA issued by Ethana Labs:
The Ethena Shards rewards of the campaign are fully supported by the Mantle treasury and will be distributed to participants in the form of mShard receipt tokens through the Mantle Rewards Station. MShard holders will have the right to acquire ENA, the native token of Ethena.
According to CoinGecko data, MNT, which gained momentum with the announcement of the event, quickly rose by 60% to reach an all-time high of 1.47 dollars. MNT is currently trading at 1.21 dollars.
