Manta Network Surpasses Base Network as Ethereum’s Fourth Largest Layer 2 Solution
Manta Network has surpassed the Base Network to become Ethereum’s fourth largest Layer 2 solution. According to the L2Beat platform, $858 million has already been locked in smart contracts on the new Manta Network blockchain. The surge in interest in the network was likely caused by the launch of the bridge and a potential airdrop for Manta users.
Impressive TVL and Market Share
Mainnet was launched on Sep. 10, 2023, and since mid-December, Manta Network’s TVL has been increasing. Currently, $858 million is locked in the network’s smart contracts, surpassing Base’s $757 million. However, Manta’s market share remains relatively small at 3.87%. The leader in TVL market share is Arbitrum One with almost 50%.
Airdrops and Token Emission
In addition to its impressive TVL, Manta Network has allocated 12% of the MANTA token emission for airdrops. The total emission of native tokens will be 1 billion MANTA, with 12% used to finance two airdrops.
Record-Breaking Performance
Earlier in January, Arbitrum One set a new record with a net inflow of TVL exceeding $11.04 billion. Total TVL across Level 2 networks reached over $21 billion, reaching a historical high.
Hot Take: Manta Network Emerges as a Strong Competitor in Ethereum’s Layer 2 Space
Manta Network’s rise to become Ethereum’s fourth largest Layer 2 solution highlights its growing popularity and potential within the ecosystem. With a significant amount of funds locked in smart contracts and the allocation of tokens for airdrops, Manta Network is actively engaging users and attracting attention. While its market share remains small compared to the leader, Arbitrum One, Manta Network’s performance demonstrates its competitiveness and ability to capture a portion of the TVL market. As Layer 2 solutions continue to evolve and gain traction, Manta Network’s success positions it as a strong contender in Ethereum’s Layer 2 space.
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