Manta Pacific Sees Explosive Growth with 65-Fold Increase in TVL

Manta Pacific, Manta Network's indigenous Layer 2 modular blockchain, has experienced a dramatic 65-fold surge in Total Value Locked (TVL) in the past quarter.

Manta Network’s Ethereum Layer 2 blockchain surpasses $800M in Total Value Locked (TVL).

📷 Image Source: Adobe / lumerb

Manta Pacific, the native Layer 2 modular blockchain of Manta Network, has experienced an astonishing 65-fold increase in Total Value Locked (TVL) over the past 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 ecosystem.

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 not only increased the TVL but has also resulted in a substantial increase in user engagement. Currently, there are 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 for 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 compared to other Layer 2 solutions.

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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. Kenny Li, co-founder, COO, and core contributor at Manta Network, believes that Manta Pacific’s success is due to its status as the only live modular Layer 2 network with native yield for ETH and stablecoins. He emphasizes the responsibility to continue building momentum and delivering value to users and developers.

Projects on Manta Pacific Continue to Gain Traction

Manta Pacific’s ecosystem has seen notable progress with projects like 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. The roadmap for Manta Pacific 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.

As reported, Ethereum-based Layer 2 network Arbitrum now holds a market share of 49.17% among Layer 2 networks, surpassing Optimism Mainnet with its 28.85% market share.

Q&A

Q: How does Manta Pacific’s TVL increase affect users and developers?

A: With the exponential growth in TVL, Manta Pacific offers more opportunities for users and developers to engage with the platform. It provides a larger pool of liquidity for users to tap into, and for developers, it means a thriving ecosystem where their projects can gain traction and success.

Q: What benefits does integrating Celestia’s modular data availability model bring to Manta Pacific’s users?

A: Integrating Celestia’s modular data availability model reduces costs for both developers and end-users by 80% compared to other Layer 2 solutions. This cost-effectiveness makes Manta Pacific a preferred choice for projects that want to offer great experiences to their users.

Future Outlook and Investment Recommendations

Manta Pacific’s rapid growth and success indicate a strong understanding of the market’s needs for cost-effective and user-friendly Layer 2 solutions. As the demand for scalability and cost efficiency continues to grow in the cryptocurrency market, Manta Network’s focus on modular blockchains positions them well for further expansion. Their integration of Celestia’s data availability model and the upcoming implementation of zkEVM via Polygon CDK shows their commitment to technological innovation and enhancing user experiences.

Investors and enthusiasts should keep a close eye on Manta Pacific as it establishes itself as a major player in the Ethereum ecosystem. With the potential for further TVL growth and various projects gaining traction on the network, Manta Pacific presents an exciting opportunity for those looking for exposure in the Layer 2 space.

References

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• Binance Spot Market Share Spiked for the First Time in Months as BTC Futures and Other Products Rise

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