Manta Pacific’s TVL Climbs to $316 Million Amid Airdrop Accumulation Drive
Manta Pacific’s Total Value Locked (TVL) has been on an unprecedented surge, all thanks to its strategic campaign of accumulating reward points for an upcoming airdrop next year. Over a staggering $383 million has poured into Manta Pacific, the layer-2 blockchain of Manta Network, eagerly sought after by airdrop enthusiasts.
This breakthrough has propelled Manta Pacific’s TVL to skyrocket by 1,250% this month alone, propelling it to the 7th position among the largest locked asset layer-2 blockchains in the crypto market. Remarkably, the project’s cross-chain bridging solution had only attracted around $28 million just three months prior.
The allure of Manta Pacific stems from its recent campaign launch on December 14th, promising an airdrop of 50 million tokens to early adopters. Presently, it’s impossible to precisely value this reward as Manta hasn’t yet released the tokens to the market. Operating similarly to liquid staking platforms, users lock ETH into Manta to receive an equivalent amount of STONE. By January next year, STONE will be convertible into the airdropped tokens. Meanwhile, users can utilize STONE to enhance their chances for airdrops across other protocols within the Manta Pacific ecosystem.
Simultaneously, the project is rewarding Box Pieces weekly to users, comprising 25 puzzle pieces to form a complete Box, unlocking NFTs tradable on platforms like Element. Gathering all six types of different NFTs will grant users a rarer NFT named “The First Modular L2,” thereby increasing their chances for future airdrops.
Introducing the @MantaNetwork New Paradigm: The only live Ethereum L2 with native yield for ETH and stablecoins.
Details on how to get PENTA Yield and access at the end of the thread👇 pic.twitter.com/QpjOoTcpeM
— Manta Network (🔱,🔱) #MantaNewParadigm (@MantaNetwork) December 14, 2023
Manta isn’t the sole project implementing this concept; several others are also enticing users with similar reward accumulation mechanisms. For instance, Swell recently crossed a $245 million TVL milestone today, while Blast, a layer-2 blockchain, attracted $650 million within just a week of its launch.
Manta Network originated as a layer-1 blockchain built on the Substrate infrastructure and is part of the Polkadot ecosystem. By September this year, the project announced the deployment of its mainnet for its specific layer-2, Manta Pacific, shifting from the OP Stack of Optimism to employing Polygon’s CDK solution a month later.
p0x labs, the development entity behind Manta Network, successfully raised $25 million in Series A funding back in July, elevating the project’s valuation to an estimated $500 million.
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