Manta Network's Ethereum Layer 2 Blockchain Surpasses $800 Million Total Value Locked (TVL)

Manta Pacific’s TVL Surges to Over $800 Million

Manta Pacific, the native Layer 2 modular blockchain of Manta Network, has experienced a significant increase in Total Value Locked (TVL) in the last quarter. In just under four months since its launch in October 2023, Manta Pacific’s TVL has grown from $10 million to over $800 million, making it one of the fastest-growing Layer 2 solutions in the Ethereum ecosystem.

This growth can be attributed to Manta Network’s “New Paradigm” campaign, which saw $642 million bridged within three weeks. As a result, there has been a substantial increase in user engagement, with over 450,000 active wallet addresses and millions of daily transactions.

Manta Network Advances Modular Blockchains

Manta Network has gained attention for its efforts in the realm of modular blockchains. It became the first Ethereum Layer 2 solution to integrate Celestia’s modular data availability model, leading to an 80% reduction in costs for developers and users compared to other Layer 2 solutions.

As the crypto market prepares for a new bull market phase, cost-effective and user-friendly Layer 2 solutions that can scale Ethereum are expected to drive user adoption. Manta Pacific stands out as one of these solutions with native yield for ETH and stablecoins.

Projects Thrive on Manta Pacific

The projects within the Manta Pacific ecosystem, such as LayerBank, Shoebill, QuickSwap, and Aperture Finance, have seen significant progress. Their lending pools have surpassed the $500 million supply mark. Manta Network aims to attract more DeFi projects to deploy on Manta Pacific and experience similar success.

In addition to this, Manta Pacific plans to implement zkEVM via Polygon CDK and continue efforts to reduce gas fees through integration with Celestia’s modular data availability.

Hot Take: Manta Pacific Emerges as a Leading Ethereum Layer 2 Solution

Manta Pacific has quickly become one of the top Layer 2 solutions in the Ethereum ecosystem, with over $800 million in TVL. Its strategic initiatives and focus on cost-effectiveness and user-friendliness have contributed to its rapid growth. As more projects join the Manta Pacific ecosystem, its success is expected to continue.