Manta Pacific, the native Layer 2 modular blockchain of Manta Network, has experienced a remarkable surge in Total Value Locked (TVL) during the past quarter.
Launched approximately four months ago, in October 2023, Manta Pacific initially began with a modest TVL of $10 million. However, it has since skyrocketed to exceed $900 million, firmly establishing itself as one of the fastest-growing Layer 2 solutions within the Ethereum ecosystem.
This substantial growth in TVL can be attributed to Manta Network’s strategic “New Paradigm” campaign, which successfully facilitated the bridging of an astounding $850 million in just three weeks. Consequently, this influx of funds has led to a significant rise in user engagement, with more than 540,000 active wallet addresses and a total of 8.2 million transactions, averaging 140,000 daily transactions.
Manta Network Resumes Work on Modular Blockchains
Manta Network has been garnering significant attention recently for its endeavors in the modular blockchain space. Notably, it has achieved a notable milestone by becoming the first Ethereum Layer 2 solution to incorporate Celestia’s modular data availability (DA) model, which is rapidly becoming an industry standard.
This integration has resulted in an impressive 80% reduction in costs, benefiting both developers and end users in comparison to other Layer 2 solutions available.
With the cryptocurrency market gearing up for a potential new bull market phase, the driving factors for user adoption are expected to revolve around cost-effectiveness and user-friendliness in Layer 2 solutions that can effectively scale Ethereum.
Kenny Li, co-founder, COO, and core contributor at Manta Network, highlighted the impact of their “New Paradigm” initiative, stating, “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 emphasized the impressive progress achieved by projects within the Manta Pacific ecosystem, including LayerBank, Shoebill, QuickSwap, and Aperture Finance. These projects have seen their STONE and wUSDM lending pools exceed the significant milestone of $500 million in total supply.
Manta Network’s objective is to encourage more DeFi projects to choose Manta Pacific as their platform, providing them with the opportunity to replicate the success witnessed by these projects.
Furthermore, the Manta Pacific roadmap outlines plans to implement zkEVM via Polygon CDK and a sustained effort to reduce gas fees through its integration with Celestia’s modular data availability. This positions Manta Pacific as an attractive choice for projects looking to provide exceptional user experiences, and the platform is already witnessing a growing interest from projects eager to deploy on it.
As reported, among Ethereum-based layer 2 networks, Arbitrum has achieved a market share of 49.17%, surpassing its closest competitor, Optimism Mainnet, with a market share of 28.85%.
