Mantle has launched an on-chain version of its Bybit yield vault in partnership with CIAN and Grove, accepting USDC and USDT deposits tied to the Sky Savings Rate. The vault expansion comes as the Mantle network's real-world asset total value locked has grown from $22M to $257M over the past year.
The original vault, built by CIAN for Bybit users, holds over $200M in assets. The DeFi version directs deposits toward Grove's sUSDS, a tokenized representation of Sky's deposit product. Mantle is allocating 5.14M GROVE tokens toward incentives and targets yield of up to 6.5% APY, according to the announcement.
Mantle is a Ethereum Layer 2 network backed by BitDAO. The protocol generates yield for users through real-world assets and decentralized finance strategies.
Grove is an aggregator protocol built to provide access to Sky's Savings Rate, a product that issues sUSDS tokens against USDS stablecoin deposits. The Savings Rate has become a core yield mechanism across DeFi since its launch, offering a protocol-native return on stablecoin holdings. By routing Mantle vault deposits into Grove and sUSDS, the partnership chains multiple yield layers: Bybit's custodial vault feeds into the on-chain DeFi version, which converts stablecoins into Sky's savings product.
Fluxion serves as the vault's liquidity layer, according to the announcement. Mantle's RWA TVL crossed $257M this year, a more than tenfold increase from $22M at the start of the period.
The vault's growth mirrors adoption patterns across DeFi yield infrastructure. Institutional and retail users increasingly route capital through multi-layer yield structures that combine custody, stablecoin conversions, and protocol incentives. Mantle's vault targets this middle ground by offering both centralized (Bybit) and on-chain (Grove, CIAN) entry points for the same underlying strategy.
Mantle's RWA TVL has grown 1,068% in one year, moving from $22M to $257M, driven by similar institutional-focused yield products. The network competes directly with other Layer 2 chains seeking to capture institutional stablecoin yield demand. The extent to which the vault reaches beyond existing Bybit users and into independent DeFi participants will determine whether Mantle can sustain this growth trajectory.
