Manta Network Surpasses Coinbase’s Base as the Fourth Largest Ethereum Layer-Two Scaling Solution
Manta Network, which was launched in September, has become the fourth largest Ethereum layer-two scaling solution with $840 million in total value locked (TVL). The network is also offering a MANTA airdrop of 50 million tokens to its users.
How Manta TVL Increased with Staking
Manta offers 4-5% yields for Ethereum and USDC deposits and rewards depositors with free tokens in an upcoming airdrop. Users can stake their ETH on a special “EigenLayer” and use their deposit receipts within the Manta ecosystem. The network went live in September 2023 and has seen a peak transaction speed of 5.88 transactions. The TVL on the network started increasing in mid-December and now surpasses Coinbase’s Base network.
How the Manta Ecosystem Could Perform
Manta is a zero-knowledge blockchain built on Ethereum, allowing it to verify transactions without revealing details. Rollups, which are scaling solutions for Ethereum, are expected to continue diversifying in 2024 according to Ethereum co-founder Vitalik Buterin. Many projects using zero-knowledge proofs are worth watching, and upcoming upgrades will make roll-up transactions cheaper.
Hot Take: Manta Network Gains Traction as Fourth Largest Layer-Two Scaling Solution
Manta Network has quickly risen to become the fourth largest Ethereum layer-two scaling solution, surpassing Coinbase’s Base network. With $840 million in total value locked (TVL), Manta has gained popularity due to its staking rewards and upcoming MANTA airdrop. The network’s use of zero-knowledge proofs and its integration with Ethereum make it an attractive option for users. As the rollup ecosystem continues to diversify in 2024, Manta’s position as a layer-two solution is expected to strengthen. With upcoming upgrades and improvements, Manta Network could play a significant role in the future of Ethereum scaling.
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