Manta Network’s Ethereum Layer 2 solution, Manta Pacific, has rapidly ascended into the top 10 largest layer 2 networks. This rise in prominence is attributed to a significant increase in its total value locked (TVL) and the buzz surrounding an upcoming airdrop event.
Manta Pacific’s Surge in TVL
The TVL of Manta Pacific has soared to nearly $370 million within just two weeks, with much of this growth linked to the anticipation of an airdrop scheduled for January 2024.
Airdrop Event Drives Interest
Manta Pacific’s recent introduction of the airdrop event, dubbed New Paradigm, is designed to incentivize investors. Those who bridge a minimum of 0.25 Ether (ETH) or an equivalent amount in stablecoins to the blockchain will be rewarded with MANTA tokens. The team has allocated 50 million Manta tokens for this purpose, with participants needing invite codes to join.
Additionally, the campaign offers multiple yield opportunities and the chance to acquire non-fungible tokens (NFTs) through lucky boxes, depending on the amount bridged. Investors depositing ETH on Manta Pacific receive a yield-bearing token named STONE, deriving yield from staking Ether on layer one. This is facilitated through a partnership with the liquid staking protocol, StakeStone. Similarly, deposits in USDC yield a stablecoin called wUSDM, with returns generated from US Treasury Bills.
Since the New Paradigm announcement on December 14, the chain has witnessed an influx of over $300 million. Manta Pacific’s TVL currently stands at $364.4 million, according to Dune Analytics, positioning it as the seventh largest layer 2 network on Ethereum, just behind dYdX.
P0x Labs and Series A Funding
P0x Labs, the development team behind Manta Network, secured $25 million in Series A funding in July, boosting its total valuation to $500 million. The round was led by prominent investors like Polychain Capital and Qiming Venture Partners, among others.
Similar Trends in Other Layer 2 Networks
Manta Pacific is not alone in leveraging airdrop campaigns to attract users. Blast, another Ethereum layer 2 blockchain, has also planned an airdrop for January 2024. Blast’s TVL has grown to over $1.1 billion since its November launch. However, it faced criticism for its three-month withdrawal restriction and was targeted by scammers post-launch, leading to significant losses for an unsuspecting victim.
Manta Pacific’s and Blast’s experiences highlight the increasing role of innovative campaigns in driving user engagement and growth in the layer 2 blockchain space.