Manta Pacific Surpasses Base to Become Fourth Largest Layer 2 Solution

Manta Pacific has surpassed Base and is now the fourth largest layer 2 scaling solution, with a total value locked (TVL) of over $840 million.

Last updated: January 15, 2024 23:27 EST | 2 min read

Manta Pacific has become the fourth largest Layer 2 solution, and its Total Value Locked (TVL) has spiked to $845 million.

Source: Adobe / lumerb

Manta Pacific has emerged as the new fourth largest layer 2 scaling solution in the market, surpassing Base. The network’s total value locked (TVL) has skyrocketed to over $840 million, showcasing its rapid growth and market dominance.

Base Loses its Spot to Manta Pacific

According to recent data from L2Beat, Base, an Ethereum layer 2 solution backed by Coinbase, has lost its position as the fourth largest scaling network. Currently, Base holds only 3.4% of the total market share, while Manta Pacific controls 3.83%.

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The impressive surge in TVL on Manta Pacific, which now stands at $851 million, marks a 13.62% increase. In just four months since its launch, Manta Pacific has gone from $10 million in TVL to over $850 million, solidifying its status as one of the fastest-growing layer 2 networks.

Manta Pacific boasts an impressive daily transaction volume of 180,000, with over 570,000 wallet addresses on its network. Its explosive growth can be attributed to the “New Paradigm Campaign,” which serves as a bridge between networks and projects.

The New Paradigm Campaign Propels Manta Pacific

The New Paradigm Campaign, launched in December, attracted millions of users by offering rewards for migrating their Ether (ETH) and USDC to the Manta Pacific platform. This strategy has been likened to Blast’s successful approach, contributing to Manta Pacific’s rise in popularity.

The DeFi report by Michael Nadeau sheds light on the platform’s ascension and the New Paradigm Campaign’s efficacy. Nadeau, in a tweet, revealed that Manta Pacific offers a yield of 4 to 5% for staking ETH and USDC on the network over a 69-day period.

Furthermore, depositors on Manta Pacific enjoy future airdrops of the Manta Token and receive tokens for community engagement within the ecosystem. The platform also encourages participation through the distribution of NFT “Box pieces” for deposits and referrals. Users can combine these pieces to form a box, which, when opened, yields an NFT. Collecting six pieces allows users to create the first modular L2 NFT, which can be sold on the marketplace.

Manta Pacific’s efforts to integrate Celestia’s modular data model have resulted in an 80% reduction in developer costs, as reported by Blocking.net. Kenny Lee, the co-founder of Manta Pacific, expressed the platform’s commitment to deliver value to its users and developers, emphasizing their position as the third-largest ecosystem with over $900 million in TVL.

The Role of Layer 2 Solutions in Blockchain

Layer 2 solutions like Manta Pacific and Base are secondary networks built on top of blockchains, leveraging their infrastructure. These solutions offer scalability for faster transaction processing at a lower cost, addressing the limitations of the underlying blockchain. TVL, or total value locked, indicates the sum of assets deposited across decentralized applications on a particular network and is used to rank platforms by size.

Source: Unsplash / @priptona

Q&A Section:

Q: How does Manta Pacific compare to other layer 2 scaling solutions?

A: Manta Pacific has rapidly risen to become the fourth largest layer 2 scaling solution, surpassing Base. With a TVL of over $840 million and daily transaction volumes of 180,000, Manta Pacific has established itself as one of the fastest-growing layer 2 networks.

Q: What advantages does Manta Pacific offer over the Ethereum blockchain?

A: Manta Pacific, as a layer 2 solution, provides scalability and faster transaction processing at lower costs compared to the Ethereum blockchain. This allows users to enjoy improved efficiency and lower fees when using decentralized applications on the Manta Pacific network.

Q: How can users benefit from the New Paradigm Campaign on Manta Pacific?

A: The New Paradigm Campaign on Manta Pacific offers attractive incentives for users. By staking ETH and USDC on the network for 69 days, depositors can earn a yield of 4 to 5%. Additionally, participants receive Manta Tokens as well as NFTs, which can be collected and sold on the marketplace.

Q: What are the future prospects for Manta Pacific?

A: With its rapid growth and increasing TVL, Manta Pacific shows promising potential. By integrating Celestia’s modular data model and reducing developer costs by 80%, Manta Pacific demonstrates its commitment to expanding its ecosystem and delivering value to its users and developers. The platform’s third-place ranking in terms of TVL further solidifies its position in the market.

Future Outlook and Recommendations

Based on current trends and developments, layer 2 scaling solutions like Manta Pacific are likely to play a crucial role in the future of blockchain technology. The demand for faster transaction processing and lower fees will continue to drive the adoption of layer 2 networks. As the infrastructure and technology behind layer 2 solutions improve, we can expect further advancements and growth in this space.

Investing in layer 2 solutions, such as Manta Pacific, can be a strategic move for individuals and businesses looking to leverage the benefits of blockchain technology. However, as with any investment, it is important to conduct thorough research and consider factors such as project fundamentals, team expertise, and market dynamics.

References:

1. L2Beat: Ethereum Layer 2 scaling solutions
2. New Paradigm: Manta Pacific Campaign
3. Blocking.net: Manta Pacific’s Integration of Celestia’s Modular Data Model
4. Understanding Layer 2 Networks
5. Ethereum vs. Layer 2 Solutions – Examining Scalability

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