Manta Pacific’s TVL Soars to $370 Million in Two Weeks
Manta Network’s Ethereum Layer 2 blockchain, Manta Pacific, has experienced a significant surge in its total value locked (TVL), reaching almost $370 million in just two weeks. This surge can be attributed to an upcoming airdrop event scheduled for January 2024.
Manta Pacific Ranks as the 7th Largest L2 on Ethereum
Manta Pacific recently launched an airdrop event called “New Paradigm” to reward investors who bridge a minimum of 0.25 Ether (ETH) or its equivalent stablecoins to the blockchain with MANTA tokens. The project team has allocated 50 million Manta tokens for participants, and invite codes are required for the airdrop. The campaign, which will run until January 2024, offers users the opportunity to earn yields through various sources and collect NFTs by opening lucky boxes based on their bridged amount.
Additionally, depositing ETH on Manta Pacific will earn users a yield-bearing token called STONE through a partnership with liquid staking protocol StakeStone. Those who deposit USDC will receive a yield-bearing stablecoin called wUSDM, with yields from US Treasury Bills.
Since the announcement of New Paradigm on December 14th, more than $300 million has flowed through the chain, propelling Manta Pacific to become the seventh-largest layer 2 network on Ethereum.
New Layer 2 Networks Utilize Airdrop Campaigns for User Attraction
P0x Labs, the development team behind Manta Network, raised $25 million in Series A funding in July, bringing the total valuation to $500 million. This funding round was led by Polychain Capital and Qiming Venture Partners, with participation from SevenX Ventures and Alliance.
Manta Pacific’s TVL growth follows a similar trend to Blast, another Ethereum layer 2 blockchain. Blast is also planning an airdrop event for participants in January 2024. Since its launch in November, Blast’s TVL has surpassed $1.1 billion according to DefiLlama data. However, the protocol faced criticism for its three-month withdrawal restriction and fell victim to scammers who stole over $130,000 using phishing links.
Hot Take: Manta Pacific’s Rapid TVL Growth Shows Promise for Layer 2 Networks
Manta Pacific’s exponential growth in TVL demonstrates the potential of Layer 2 networks in attracting users through airdrop campaigns. The project’s New Paradigm airdrop event has generated significant interest and deposits, positioning Manta Pacific as one of the top layer 2 networks on Ethereum. This success mirrors the trajectory of Blast, another Layer 2 blockchain planning an airdrop campaign. However, it is important for projects like Blast to address concerns such as withdrawal restrictions and security vulnerabilities to maintain user trust and sustain long-term growth.
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