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Mento V3 Review 2026: Onchain FX Stablecoins on Celo and Monad

Mento V3 is an onchain FX protocol on Celo and Monad that issues local-currency stablecoins and swaps them through a specialised DEX. It is a young, niche product with small TVL and unpublished fee details.

By the DappsAtlas editorial team · Updated Nov 5, 2026

DappsAtlas score

6.5/10

Good

Visit Mento V3

Our verdict on Mento V3

6.5/10

Mento V3 suits DeFi users who want exposure to local-currency stablecoins such as pound, franc or yen assets, and who are comfortable with CDPs and onchain governance. Its main strength is a clear, specialised focus on FX that most DEXes lack. The main caveat is its youth: V3 launched in March 2026, TVL is modest, fees are not published, and migrations are still under way. Read the audits and documentation first, and start small.

Score breakdown

How Mento V3 scores

Security: 6.0/10
Ease of use: 6.5/10
Fees: n/a
Features: 7.0/10

Scores run from 0 to 10 and are based only on facts we could verify. Where information was missing we mark the score n/a rather than guess.

What is Mento V3?

Mento V3 is the third generation of the Mento Protocol, which describes its aim as building FX infrastructure by bringing world currencies onchain through a multi-currency stablecoin platform. Tracked data lists it on Celo and Monad, with about 4.4 million USD in total value locked and a listing date of March 2026.

A funding proposal from February 2026 describes the V3 shift as a move from a decentralised stable token issuance protocol to an onchain FX platform with a specialised DEX. The V3 launch was announced in March 2026, and later proposals cover migrating more stablecoins to the CDP model.

The app page is minimal. It describes itself as an application for swapping and managing Celo assets, and it exposes pools such as GBPm / USDm with liquidity management. The project has a MENTO token used for governance.

How Mento V3 works

Mento issues stablecoins pegged to world currencies, such as a pound, franc or yen stable asset, alongside a US dollar one. Historically these were backed by a reserve, a basket of cryptocurrencies that lets the protocol expand and contract supply with demand.

With V3, the protocol adds a collateralised debt position (CDP) model. Under a CDP, a user locks collateral and mints a stable asset against it. GBPm has already moved to this model, and CHFm and JPYm have been proposed next.

The app also works as a specialised DEX for these assets. Users swap between stablecoins and can add liquidity to pools, earning a share of trading activity in the usual way for liquidity providers. Changes to the protocol are decided by MENTO token holders through onchain governance.

6 features

Key features

Local-currency stablecoins

Mento aims to bring world currencies onchain through a multi-currency stablecoin platform, with assets such as GBPm, CHFm and JPYm mentioned in proposals.

FX-focused DEX

V3 moves from a stable token issuance protocol toward an FX-focused platform with a specialised DEX for swapping these assets.

CDP-based issuance

GBPm has been migrated to a CDP model, and CHFm and JPYm have been proposed as the next to follow.

Liquidity positions

The app lets users swap assets and manage liquidity positions in pools such as GBPm / USDm.

Token governance

MENTO token holders vote onchain on proposals, including funding requests and stablecoin migrations.

Reserve-backed supply

A basket of cryptocurrencies lets the protocol expand and contract the supply of Mento stable assets in line with user demand.

Pros and cons

What we like

Focuses on local-currency stablecoins, a niche that most DEXes do not target.
Adds a CDP model and a specialised DEX in V3.
Governance is onchain, with documented voting by MENTO holders.
Tracked data lists two audits.
Runs on Celo and Monad, with TVL up about 3.6 percent over seven days at the time of the data.

Watch out for

Fees for swaps and CDP borrowing are not published on the app page, so costs are unclear until you use it.
Tracked TVL is about 4.4 million USD, which is small for a stablecoin and FX platform and may mean thin liquidity for some pairs.
Mento V3 only appeared in March 2026, so it has a short track record under the new CDP and DEX design.
Local-currency stablecoins depend on collateral and reserve mechanics that newcomers may find hard to assess.
Some stablecoins are still being migrated to the CDP model, so the product is in transition.
The team, audit scope and audit firms are not detailed.

Mento V3 fees

Mento does not publish swap fees, CDP borrowing costs or liquidity provider fee splits on the app page. These details would appear in the app when you set up a swap or position, and in the protocol documentation.

On any chain you will also pay network gas fees. Check the quoted rate and slippage before you confirm each transaction.

Is Mento V3 safe?

Tracked data lists two audits for the protocol, but the auditors, dates and findings are not detailed. Users should read the audit reports in the documentation before depositing funds.

Users keep custody through their own wallet, but face smart-contract risk, collateral and reserve risk, and the chance that a stablecoin loses its peg. V3 is new and in the middle of migrations, which adds execution risk. The project does not publish team details or regulatory status. Check that using such a product is permitted where you live.

6 steps

How to get started with Mento V3

1
Read the Mento documentation on V3, the Reserve and CDPs so you understand the mechanics.
2
Set up a wallet that supports Celo or Monad and fund it with a small amount of the native gas token.
3
Open the Mento app and connect your wallet.
4
Choose a swap pair or liquidity pool, such as GBPm / USDm, and review the quoted rate, slippage and any fees.
5
Start with a small test transaction before committing larger amounts.
6
Follow governance proposals if you hold MENTO and want a say in upcoming changes.

Open Mento V3

Who Mento V3 is for

Mento V3 is for crypto users who want to swap or hold stablecoins pegged to non-dollar currencies, provide liquidity to FX pools, or take part in governance as MENTO holders. It is less suited to beginners who want simple, well-documented fee schedules or a long operating history.

Mento V3 FAQs

What is Mento V3?

Mento V3 is the latest version of the Mento protocol, which describes itself as onchain FX infrastructure. It issues multi-currency stablecoins and lets users swap and manage them through its app.

Which blockchains does Mento V3 run on?

Tracked data lists Celo and Monad. The app page itself describes swapping and managing Celo assets.

Does Mento have a token?

Yes. The project has a MENTO token, and governance material says token holders shape the protocol through onchain voting and community participation.

What is the CDP model in Mento V3?

Public reporting shows a proposal to move GBPm to a CDP model, with CHFm and JPYm proposed as the next stablecoins to migrate. Under a CDP model, users lock collateral to mint stable assets.

What are the fees?

The project does not publish a fee table on its app page. Swap and borrowing costs should appear in the app before you confirm a transaction, and the documentation is the place to check parameters.

Is Mento V3 safe?

Tracked data lists two audits, but the auditors and scope are not detailed. Like any DeFi protocol, it carries smart-contract, collateral and stablecoin depeg risk, so only use funds you can afford to lose.

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