Manta Network’s Ethereum Layer 2 Blockchain Exceeds $900M in TVL

Ruholamin Haqshanas
Last updated: | 2 min read
Source: Adobe / lumerb

Manta Pacific, the native Layer 2 modular blockchain of Manta Network, has witnessed a massive 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 $900 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 $850 million bridged within a mere three weeks.

This influx of funds has also resulted in a substantial increase in user engagement, with over 540,000 active wallet addresses, 8.2 million total transactions with an average of 140,000 daily transactions.

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, told Cryptonews:

“This has propelled Pacific into becoming the third-largest ecosystem with over $900 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 ecosystem, 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.