Manta Pacific has witnessed a remarkable increase in its Total Value Locked (TVL), reaching an impressive $1.75 billion. This surge comes on the heels of a strategic token airdrop, propelling Manta Pacific to become the third-largest Ethereum rollup.
The Meteoric Rise of Manta TVL
Manta Pacific’s TVL experienced exponential growth, constituting almost 8% of the total funds locked on Ethereum layer-two networks, totaling $21.42 billion. Notably, this surpasses the TVL on Coinbase’s Base network, marking Manta Pacific’s ascent to prominence.
The surge in TVL can be attributed to a substantial increase in natively bridged MANTA tokens. In a recent move, the project executed a generous airdrop, distributing 50,000,000 MANTA tokens. This airdrop played a pivotal role in elevating the token’s share of TVL to approximately $921 million, with the remaining $829 million comprising external and canonically-bridged tokens.
Manta Pacific’s Rapid Growth Despite Recent Mainnet Launch
Remarkably, Manta Pacific’s TVL witnessed swift growth, considering the relatively recent launch of its mainnet in September 2023. This places Manta Pacific in a competitive position, even when compared to well-established Ethereum layer-two ecosystems like Arbitrum One and OP Mainnet.
In contrast to Manta Pacific’s recent success, the Arbitrum One ecosystem, dominating 50% of Ethereum layer-two TVL, has been in existence for over two years. Similarly, the OP Mainnet commands almost a quarter of the layer-two volume, while Coinbase’s Base network, just five months old, currently holds $711 million.
Coinbase’s Strategic Move with Base Network
Coinbase introduced Base as a strategic response to challenges in its core crypto trading business. Despite facing a lawsuit, the exchange aims to have the case dismissed, a prospect deemed unlikely by former SEC official Lisa Bragança.
Despite the impressive TVL growth, MANTA investors expressed discontent following the airdrop. Renowned crypto airdrop farmer and DeFi analyst, Miles Deutscher, suggested a potential “hated rally” fueled by disgruntled investors. Some recipients felt shortchanged, with reports indicating that the NFTs required for airdrop eligibility cost more than the received MANTA tokens.
Investor frustration escalated when a remote procedure call attack disrupted Manta Pacific’s servers on Jan. 19, 2024. This cyberattack impacted block processing times, leaving users waiting up to 30 minutes.