Manta Network, an AI and ZK-powered modular blockchain, has achieved a new milestone as its total value locked (TVL) surged 68% month-to-date to around $464 million, according to data from blockchain analysis firm DeFiLlama. With this surge, Manta outpaced Coinbase's Base and Sui to become the ninth-largest blockchain in TVL.
Manta Network has surpassed Coinbase's Base and Sui to become the ninth-largest blockchain measured by TVL.
Meanwhile, Manta Pacific, a layer 2 scaling solution of Manta Network, also sees its TVL rally to $1.7 billion, according to data from layer 2 tracking platform L2Beat. It is now the third largest layer 2 blockchain, just behind Arbitrum One and Optimism with $10.8 billion and $5.4 billion, respectively.
TVL typically reflects how much the crypto assets are used in a particular blockchain project. The higher the TVL, the more users participate in the project.
Flying Under The Radar
Originally known as a layer 1 project on the Polkadot infrastructure, Manta later shifted toward developing a layer 2 chain named Manta Pacific - following a funding round when it secured $25 million.
The growth started in early December 2023 when Manta Network announced an airdrop of MANTA tokens for people joining the New Paradigm campaign. Accordingly, the project awarded 50 million tokens to early users who locked Ether into the platform.
The project instituted a weekly reward system for contributors to liquidity, distributing Box Pieces as incentives. Each Box comprises 25 pieces and represents a unique NFT that holds tradable value on platforms like Element.
More Coming From Manta
Participants stand to benefit further by collecting all six distinct NFT types, as this achievement unlocks the opportunity to exchange them for a more exclusive NFT known as 'The First Modular L2.' This not only adds to the appeal of the airdrop initiatives but also introduces a captivating element of rarity and collectibility for participants.
These airdrop strategies successfully attracted many participants - a critical factor in the system's growth. In just under two weeks, the TVL of Manta Pacific witnessed a substantial surge.
Adding to this achievement, Manta also secured its position as the 44th Binance Launchpool project. The revelation of listing on almost the entire CEX exchange further heightened the anticipation surrounding the Token Generation Event (TGE) and the MANTA airdrop.
Kenny Li, co-founder of Manta Network, explained:
"Overall, I think that drove a massive amount of interest in a short amount of time. And that grew us to the top four," stated Li, "And then after our token launch itself, with a lot of the liquidity and volume on our actual chain — because that's where it's natively deployed — I think that really pushed us into the top three."
Beyond airdrops, Manta Pacific's growth trajectory is significantly influenced by its development. Opting for a strategic shift from Optimism's OP Stack to the layer-2 development kit (CDK) offered by Polygon, the project strategically aligns itself with efficiency.
Manta has partnered with Celestia to implement a Data Availability (DA) solution to optimize user transaction costs. Notably, LayerZero's support further bolsters Manta's developmental endeavors.
The TGE event recently encountered a Distributed Denial of Service (DDoS) Attack, rendering the website inaccessible for many users seeking to claim their tokens.
Li attributed this incident to a deliberate and malicious attack, wherein an overwhelming volume of requests was directed at RPC nodes simultaneously. Despite the adversity, the Manta Pacific network swiftly returned to normalcy, thanks to the timely and effective response from the project team.
MANTA token value has continuously set a new record high since its listing on exchanges. At the time of writing, it is trading at around $3.5, an increase of about 47% in the last month, according to CoinGecko's data.
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