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Manta Pacific’s TVL Soars Thanks to Multiple Development Strategies, Highlighted by MANTA Token Airdrop

According to data from L2 Beat, Manta Pacific, the layer-2 blockchain of Manta Network, has risen to the third position in the list of the largest layer-2 projects by TVL, only behind Arbitrum One and OP Mainnet (renamed from Optimism).

Manta Pacific’s TVL has been growing steadily, reaching a peak of $1.76 billion, far exceeding the $712 million of its rival Base on the ranking of layer-2 blockchains with the largest total value locked in the crypto market. Manta is known as a layer-1 based on Substrate infrastructure and belongs to the Polkadot ecosystem. After raising $25 million in a Series A round, the project shifted its focus to developing the layer-2 Manta Pacific in September 2023.

Source: L2 Beat

The sustained growth of Manta Pacific stems from multiple strategies, especially after the New Paradigm campaign in mid-December, along with the reward accumulation campaign for airdrop – 50 million MANTA tokens given to early users who bridged their assets to Manta Pacific.

With a liquid staking mechanism similar to Swell and Blast, Manta calls on users to lock ETH into the platform, receiving a corresponding amount of STONE. When the campaign ends, the project will use STONE to exchange airdrop tokens for users. In the meantime, the community can also use STONE to increase the airdrop opportunity on other protocols in the Manta ecosystem.

At the same time, the project also rewards Box Piece weekly to those who provide liquidity. 25 pieces form a complete Box, corresponding to an NFT that can be traded on markets like Element. Collecting all 6 types of NFTs will be exchanged for a rarer NFT named “The First Modular L2”, increasing the airdrop opportunity later.

Not only that, the adaptation to change in the development process also partly boosted the growth rate of Manta Pacific, such as switching from OP Stack of Optimism to the layer-2 development toolkit (CDK) of Polygon, and using the Data Availability (DA) solution through the partnership with Celestia to optimize transaction costs for users.

These strategies quickly attracted the attention of the community, pushing the TVL of this layer-2 up by double in less than 2 weeks and nearly 6 times in the last month. At the same time, becoming the 44th Binance Launchpool project, and announcing the listing of almost all CEXs also made the TGE and MANTA airdrop event extremely FOMO.

However, at the time of TGE, the network was attacked by DDoS (DDoS Attack), preventing many users from accessing the website to receive their tokens. Manta Network co-founder Kenny Li said that the incident was due to a deliberate attack, sending requests to the RPC node too many at the same time, causing the network to overload. But a few minutes later, the Manta Pacific network returned to normal thanks to the timely response of the project team.

Data from DefiLlama shows that Manta Network is ranked 9th in the ranking of the top 10 blockchain networks by TVL, “beating” Base and Sui out of the Top 10, with a growth rate of up to 83.29% in the past month.

Top 10 blockchains by TVL. Screenshot on January 29, 2024 on DefiLlama.

The price of MANTA token also continuously “breaks the peak” and creates a new ATH since listing. At the time of writing, it is fluctuating around $3.6, up about 77% from the sideway range of $2.05 – $2.1 at the time of listing.

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