Manta Pacific Overtakes Base to Become the Fourth Largest Layer-2
Manta Pacific, the layer-2 blockchain developed by Manta Network, has officially surpassed Base, the layer-2 solution by Coinbase, becoming the fourth largest Ethereum scaling solution by Total Value Locked (TVL).
Manta Pacific, the layer-2 blockchain of Manta Network, has reached a TVL peak of $850 million.
TVL Trends of Manta Pacific Since September 2023. Source: L2Beat
Manta Pacific has overtaken Base from Coinbase in the ranking of layer-2 blockchains by TVL, now trailing only Arbitrum One, OP Mainnet, and Metis.
Top 10 Layer-2s by TVL. Source: L2Beat
TVL tracks the amount of cryptocurrency locked in the smart contracts of DeFi protocols operating on a specific blockchain. The substantial increase in Manta's TVL is remarkable, especially considering the project attracted only around $28 million six months ago.
🔱 $900M TVL on #MantaPacific
— Manta Network (🔱,🔱) Meme-ta Szn (@MantaNetwork) January 11, 2024
With over $850m from #MantaNewParadigm and $50m from the native bridge, Manta Pacific is the fastest-growing L2. Learn why 🧵👇 pic.twitter.com/V3p0NcXyJt
Initially known as a layer-1 based on Substrate within the Polkadot ecosystem, Manta transitioned to developing the layer-2 Manta Pacific after a $25 million Series A funding round in September 2023. Manta's growth surged following the New Paradigm campaign in mid-December, which promised an anticipated airdrop for early users.
Using a liquid staking mechanism similar to Swell and Blast, Manta encourages users to lock ETH into the platform and receive a corresponding amount of STONE. At the end of the campaign, these STONE tokens will be used to allocate airdropped tokens to users. Meanwhile, STONE can also be used to increase airdrop chances across other protocols in the Manta ecosystem.
Additionally, the project rewards Box Pieces weekly to liquidity providers. Collecting 25 pieces forms a complete Box, which corresponds to a tradable NFT on marketplaces like Element. Gathering all 6 different NFTs can be exchanged for a rarer NFT named "The First Modular L2," further boosting future airdrop opportunities.
The campaign rapidly gained community interest, pushing Manta Pacific's TVL to nearly $900 million, almost tripling in under a month. Of this, $850 million resulted from the New Paradigm campaign, with $50 million entering the ecosystem through the main bridge.
Moreover, Binance announced Manta as the 44th project on its Launchpool on January 16. Participants can stake BNB or FDUSD to join.
_ @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
Alongside other major exchanges, Binance will list MANTA on January 18.
