The transition commenced following the $292 million Kelp bridge exploit earlier this year, leading to increased scrutiny of LayerZero-powered bridge configurations. Following this incident, Kelp announced plans to transfer over $1.5 billion in assets to Chainlink CCIP.
Subsequently, Solv Protocol shifted $700 million in tokenized bitcoin, Re moved $475 million, Kraken transferred $330 million in wrapped assets, Lombard migrated over $1 billion, Virtuals Protocol moved $700 million, and Yuzu Money transferred $54.5 million.
Mantle has announced that its Super Portal will be temporarily suspended during the migration, scheduled to occur between July 9 and July 15. Existing $MNT on Ethereum and Solana, as well as $MNT transactions on Byreal and Bybit, will not be impacted.
“As tokenized financial assets transition from theory to implementation, the infrastructure supporting their movement across chains must be carefully considered,” stated Emily Bao, a prominent advisor at Mantle.
Under the new framework, Chainlink CCIP will ensure the security of $MNT transfers through its decentralized oracle network. Mantle also mentioned that the migration will grant them direct oversight of token pools and transfer settings under the CCT standard as they broaden the reach of $MNT to more blockchain networks and tokenized asset markets.