RIADeFi
Not approved · Other

Ketju memo: Mantle Bridge

Not approvedPublished by Ketju Research

This memo sets out what the holder owns, who controls it, how holders could lose money, and whether a position can be sold. The advisor decides any client action and amount. Not investment, legal, tax, or compliance advice.

Summary

Ketju does not approve Mantle Network: a 6-of-14 multisig can upgrade its contracts at once. Holders have no time to withdraw before a change takes effect. L2Beat rates Mantle’s exit window "None," the same rating behind Ketju’s decision not to approve Linea. Only the token contract has any delay. State-root proposers are permissioned and limited to a whitelist. Robinhood Chain and World Chain have similar permissioned validators, and Ketju does not approve them either. Mantle has improved its technology. An OP-Succinct upgrade in September 2025 replaced fraud proofs with SP1 zkVM validity proofs. An April 2026 upgrade moved data to Ethereum blob space. Neither change touches the concentrated governance that decides this verdict.

Review triggers

  • State-root proposer verification becomes permissionless, removing the current whitelist requirement
  • A minimum standing delay, even 24 to 72 hours, is introduced between MantleSecurityMultisig upgrade approval and execution
  • L2Beat no longer rates Mantle's exit window as "None"
  • Current withdrawal timing is confirmed independently against a live transaction, settling the conflict in the documentation

Facts

Verdict
Not approved
Type
Other
Chains examined
Ethereum
Reviewed
Last confirmed

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