TVL Manta Pacific Surpassed the 300 Million USD Mark

TVL Manta Pacific Exceeded the 300 million USD mark

More than 383 million USD has been transferred to Manta Pacific, Manta Network’s layer-2 blockchain, which is attracting great attention from the community.

Source: Dune Analytics

This breakthrough sent Manta Pacific’s TVL skyrocketing 1,250% this month, putting it in 7th place among the layer-2 blockchains with the largest total value of locked assets in the crypto market. While the project’s cross-chain bridge solution only attracted about 28 million USD 3 months ago.

Manta Pacific’s TVL fluctuations from September 2023 to present. Source: L2Beat

Manta Pacific is in the top 7 layer-2 blockchains with the largest TVL in the market. Source: L2Beat

TVL (Total Value Locked) is an index that tracks the amount of cryptocurrency locked in smart contracts of one or all DeFi protocols operating on a specific blockchain. However, this parameter is often not verified on blockchain browsers like Etherscan, so it is not a standard measure to evaluate the reputation of a project. However, achieving Manta’s nine-figure TVL was not easy.

Manta Pacific’s appeal comes from a new campaign launched on December 14, with the promise of airdropping 50 million tokens to early users. Currently, it is not possible to value these rewards because Manta has not released tokens to the market.

Introducing the @MantaNetwork New Paradigm: The only live Ethereum L2 with native yield for ETH and stablecoins.

We’ve raised $60m from @Polychain, @BinanceLabs, @coinfund_io and others.

Details on how to get PENTA Yield and access at the end of the thread👇 pic.twitter.com/QpjOoTcpeM

— Manta Network (🔱,🔱) #MantaNewParadigm (@MantaNetwork) December 14, 2023

Manta Network implements an operating mechanism similar to liquid staking platforms, where users lock ETH into Manta to receive a corresponding amount of STONE. Until January next year, STONE will be converted into airdrop tokens. In the meantime, users can use STONE and increase airdrop opportunities on other protocols in the Manta Pacific ecosystem.

At the same time, the project also rewards users with weekly Box Pieces, 25 pieces forming a complete Box to unlock NFTs that can be traded on marketplaces like Element. Collecting all 6 different types of NFTs will be exchanged for a rarer NFT called “The First Modular L2”, increasing the chance of future airdrops.

Manta is not the only project implementing this idea, many other projects are also attracting users with a similar reward point accumulation mechanism, such as Swell – the project just reached the 245 million USD TVL milestone this morning or Blast – layer-2 blockchain has attracted 650 million USD inflow in just one week of launch.

The starting point of Manta Network is a layer-1 blockchain built on the Substrate infrastructure and part of the Polkadot ecosystem. By September this year, the project announced the deployment of mainnet for layer-2 specifically for Manta Pacific, and changed its mind from Optimism’s OP Stack to using Polygon’s CDK solution a month later.

p0x labs, the developer of Manta Network, successfully raised $25 million in Series A round in July, raising the project valuation to $500 million.