Manta Pacific Becomes the Fourth-Largest Layer-2

Manta Pacific becomes the fourth-largest layer-2

Manta Pacific, the layer-2 blockchain of Manta Network, has officially reached a peak Total Value Locked (TVL) of 850 million USD.

Tracking the Total Value Locked (TVL) fluctuations of Manta Pacific from September 2023 to date. Source: L2Beat.

Furthermore, Manta has even surpassed its competitor Base from Coinbase on the leaderboard of layer-2 blockchains with the largest Total Value Locked (TVL) in the crypto market, ranking only behind Arbitrum One, OP Mainnet, and Metis.

Top 10 layer-2 solutions with the highest Total Value Locked (TVL) across the entire spectrum. Source: L2Beat.

TVL (Total Value Locked) is a metric that tracks the amount of cryptocurrency locked in smart contracts of one or all DeFi protocols operating on a specific blockchain. The overwhelming surge in TVL by Manta is not a common occurrence in the crypto market, especially considering the project attracted only around $28 million six months ago.

In the past, Manta was known as a layer-1 infrastructure based on Substrate and part of the Polkadot ecosystem. After a Series A funding round of $25 million, the project shifted its focus to the development of Manta Pacific, a layer-2 solution launched in September 2023. Manta gained significant traction following the New Paradigm campaign in mid-December, accompanied by the promise of an eagerly anticipated airdrop for users.

Implementing a liquid staking mechanism similar to Swell and Blast, Manta encourages users to lock ETH on the platform, receiving a corresponding amount of STONE. At the end of the campaign, the project will rely on STONE to exchange airdrop tokens for users. During the waiting period, the community can also use STONE to increase airdrop opportunities on other protocols within the Manta ecosystem.

Simultaneously, the project rewards Box Pieces weekly to those providing liquidity. Collecting 25 puzzle pieces forms a complete Box, corresponding to an NFT tradable on markets like Element. Gathering all 6 different types of NFTs will be exchanged for a rarer NFT named “The First Modular L2,” further increasing future airdrop opportunities.

The program quickly garnered attention from the community, propelling the TVL of this layer-2 to nearly $900 million, almost tripling in less than a month. Of this, $850 million resulted from the “New Paradigm effect,” with an additional $50 million flowing into the ecosystem from the main bridge.

🔱 $900M TVL on #MantaPacific

With over $850m from #MantaNewParadigm and $50m from the native bridge, Manta Pacific is the fastest-growing L2. Learn why 🧵👇 pic.twitter.com/V3p0NcXyJt

— Manta Network (🔱,🔱) #MantaNewParadigm (@MantaNetwork) January 11, 2024

Furthermore, Binance has announced Manta as the 44th project on its Launchpool. To participate, users are required to stake BNB or FDUSD.

Alongside numerous other major and minor exchanges, Binance will also list MANTA on January 18th.

_ @MantaNetwork $MANTA will have a primary listing on January 18th. @kucoincom, @Bybit_Official, @gate_io, @bitgetglobal, @MEXC_Official, @BingXOfficial, @BitMartExchange & @BithumbOfficial will enable trading around 10:00 AM (UTC). pic.twitter.com/ZySZAvC3Su

— ICO Analytics #StandWithUkraine 🇺🇦 (@ICO_Analytics) January 15, 2024