Manta Network’s native Layer 2 modular blockchain, Manta Pacific, has seen a significant increase in Total Value Locked (TVL), exceeding $800 million. This represents a 65-fold increase over the last quarter. Manta Pacific was launched less than four months ago, in October 2023, with an initial TVL of $10 million. This rapid growth has established Manta Pacific as one of the fastest-growing Layer 2 solutions in the Ethereum ecosystem.
The surge in TVL is largely due to Manta Network’s strategic initiative, the “New Paradigm” campaign, which saw $642 million bridged within just three weeks. This influx of funds has led to a substantial increase in user engagement, with over 450,000 active wallet addresses, 10 million total transactions, and an impressive 190,000 daily transactions.
Manta Network has been making waves in the realm of modular blockchains. It was the first Ethereum Layer 2 solution to integrate Celestia’s modular data availability (DA) model, leading to an 80% reduction in costs for both developers and end users compared to other Layer 2 solutions. As the cryptocurrency market anticipates a new bull market phase, cost-effective and user-friendly Layer 2 solutions that can effectively scale Ethereum are expected to drive user adoption.
According to Kenny Li, co-founder, COO, and core contributor at Manta Network, the “New Paradigm” campaign has attracted a large community, making Manta Pacific the only live modular Layer 2 with native yield for ETH and stablecoins. This has helped Manta Pacific become the third-largest ecosystem with over $800 million in TVL, following Arbitrum and Optimism.
Projects within the Manta Pacific ecosystem, such as LayerBank, Shoebill, QuickSwap, and Aperture Finance, have also seen significant progress. Their STONE and wUSDM lending pools have surpassed the $500 million supply mark. Manta Network aims to encourage more DeFi projects to deploy on Manta Pacific, to experience similar levels of success.
The Manta Pacific roadmap includes the implementation of zkEVM via Polygon CDK and a continuous effort to reduce gas fees through its integration with Celestia’s modular data availability. This makes Manta Pacific an attractive choice for projects that want to offer great experiences to their users, and there is already an influx of projects wanting to deploy immediately.
Meanwhile, Ethereum-based layer 2 network Arbitrum currently holds a market share of 49.17% among layer 2 networks, far surpassing the second on the list, Optimism Mainnet, with its 28.85% market share.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Global |
| Countries | |
| Sentiment | positive |
| Relevance Score | 1 |
| People | Kenny Li |
| Companies | Shoebill, Aperture Finance, QuickSwap, Arbitrum, Manta Network, Cryptonews.com, Celestia, Optimism Mainnet, Polygon CDK, Manta Pacific, LayerBank |
| Currencies | Ethereum |
| Securities | None |
