Manta Network's Ethereum Layer 2 Blockchain Exceeds $800M in TVL

Ruholamin Haqshanas

Last updated:

January 12, 2024 03:28 EST | 2 min read

Disclosure: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. By using this website, you agree to our terms and conditions. We may utilise affiliate links within our content, and receive commission.Source: Adobe / lumerbManta Pacific, the native Layer 2 modular blockchain of Manta Network, has witnessed a 65-fold increase in Total Value Locked (TVL) over the last quarter.

Launched just under four months ago, in October 2023, Manta Pacific’s TVL started at a modest $10 million.

However, it has now surged past $800 million, solidifying its position as one of the fastest-growing Layer 2 solutions in the Ethereum eco, according to a press release shared with Cryptonews.com.

The explosive growth in TVL can be attributed to Manta Network’s strategic initiative known as the “New Paradigm” campaign, which saw a staggering $642 million bridged within a mere three weeks.

This influx of funds has also resulted in a substantial increase in user engagement, with over 450,000 active wallet addresses, 10 million total transactions, and a staggering 190,000 daily transactions (source).

Manta Network Resumes Work on Modular Blockchains

Manta Network has been gaining significant attention recently due to its efforts in the realm of modular blockchains.

Notably, it became the first Ethereum Layer 2 solution to integrate Celestia’s modular data availability (DA) model, an emerging industry standard.

This integration has led to an 80% reduction in costs for both developers and end users when compared to other Layer 2 solutions.

As the cryptocurrency market anticipates the onset of a new bull market phase, the factors that will drive user adoption are bound to be the most cost-effective and user-friendly Layer 2 solutions that can effectively scale Ethereum.

“New Paradigm captured the attention of a large community due to Manta Pacific being the only live modular Layer 2 with native yield for ETH and stablecoins,” Kenny Li, co-founder, COO, and core contributor at Manta Network, said on the network’s rapid growth.

“This has propelled Pacific into becoming the third-largest eco with over $800 million in TVL, following Arbitrum and Optimism. With this achievement comes the responsibility to continue building momentum and delivering value to our users and developers.”

Projects on Manta Pacific Continue to Gain Traction

Li also highlighted the remarkable progress of projects within the Manta Pacific eco, such as LayerBank, Shoebill, QuickSwap, and Aperture Finance.

These projects have seen their STONE and wUSDM lending pools surpass the $500 million supply mark.

Manta Network aims to encourage more DeFi projects to deploy on Manta Pacific, enabling them to experience similar levels of success.

Furthermore, 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 a preferable choice for projects that want to offer great experiences to their users and we are already seeing an influx of projects wanting to deploy immediately.”

As reported, Ethereum-based layer 2 network Arbitrum now has a market share of 49.17% among layer 2 networks, far surpassing number two on the list, Optimism Mainnet, with its 28.85% market share.