Manta Pacific Rises to Become Second-Largest Layer 2 Network
Earlier this month, Manta Pacific surpassed Coinbase’s Base network to become the second-largest Layer 2 network. This achievement comes just five months after its launch. According to Manta Network co-founder Kenny Li, there were two main reasons for this growth. Firstly, the New Paradigm campaign introduced yield-bearing assets into the Layer 2 network, attracting significant interest. Additionally, the token launch itself generated liquidity and volume on the native chain, further propelling Manta Pacific’s rise.
Manta Pacific’s Features and Value
Manta Pacific is an EVM-compatible network that supports decentralized applications and utilizes Celestia for data availability. It currently holds $1.7 billion in smart contracts value, placing it behind Arbitrum and Optimism but surpassing Base.
Manta Network offers another blockchain called Manta Atlantic, which is a zero-knowledge proof blockchain on Polkadot. Manta Atlantic focuses on confidential on-chain identities and credentials.
A Challenging Token Launch
The launch of the Manta Network token faced difficulties when it experienced a distributed denial of service (DDoS) attack immediately after going live on January 18. The project faced nearly one billion requests hitting its RPC nodes. Despite the challenges, the project managed to navigate the situation successfully.
The project is currently investigating the DDoS attack and gathering information about the perpetrators involved. The attack caused congestion and increased transaction fees across the network, but Manta Network compensated users for this inconvenience.
Benefits of Celestia and Future Plans
Moving its batched transaction data to Celestia has saved Manta Pacific users approximately $1 million in transaction fees compared to storing data on the Ethereum mainnet.
Manta Pacific is also in the process of transitioning to a zkEVM, which would make it based on zero-knowledge proof technology while remaining compatible with Ethereum. Manta Network’s main focus is to encourage project development within its ecosystem and support existing projects.
Hot Take: Manta Pacific Emerges as a Strong Layer 2 Network
Manta Pacific’s rapid rise to become the second-largest Layer 2 network showcases its strong growth potential and innovative features. The network’s introduction of yield-bearing assets and successful token launch have attracted significant interest and liquidity. Despite facing challenges like a DDoS attack, Manta Network has demonstrated resilience and effective navigation of obstacles. With plans to transition to a zkEVM and continued support for project development, Manta Pacific is poised for further expansion and adoption within the crypto community.
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