Manta Pacific has moved previous Base to change into the fourth largest layer 2 scaling resolution out there. The full worth locked (TVL) of the community soared previous $840 million.
Latest information from L2Beat show that Base, an Ethereum layer 2 resolution backed by Coinbase, has misplaced its spot because the fourth largest scaling community and at the moment controls 3.4% of the overall market share.
The TVL on Manta Pacific surged 13.62% and at the moment stands at $851 million. This implies the community now controls 3.83% of the market share displacing Base, whose TVL stands at $756 million.
The platform, which was rolled out four months ago, is rated among the many fastest-growing layer 2 networks after it moved from $10 million in TVL to over $850 million.
Manta Pacific now boasts of 180,000 every day transactions and over 570,000 wallet addresses. What’s extra, the community continues its explosive development based mostly on the “New Paradigm Marketing campaign” which bridges networks and initiatives.
New Paradigm drives Manta Pacific to the fourth spot
The marketing campaign launched in December noticed an enormous influx of hundreds of thousands because it rewarded customers for porting their Ether (ETH) and USDC to the platform. This mannequin has helped the community rise by means of the ranks and has been in comparison with an identical technique utilized by Blast.
Michael Nadeau, the DeFi report threw more light on the rise of the platform and the New Paradigm Marketing campaign on X (previously Twitter).
Manta New Paradigm program. Working an identical playbook to Blast:
1. providing native yield on Ethereum and USDC at a charge of 4-5%. Yield comes from staking ETH and US Treasury Bonds. Deposited funds locked for 69 days.
2. Depositors get a future airdrop of the Manta token.…
— Michael Nadeau (@JustDeauIt) January 16, 2024
In accordance with him, the community affords 4 to five% yield for ETH and USDC on the community by staking funds locked for 69 days.
Depositors are additionally entitled to future airdrops of the Manta Token boosting neighborhood engagements along with tokens that can be utilized inside the ecosystem.
“NFT “Field items” for depositing and welcoming pals. The quantity will depend on the deposit. For instance, should you deposit 1 ETH, you’ll get 25 field items. Items will be mixed right into a field, and as soon as opened, you obtain an NFT. For those who acquire 6 items, they are often mixed into “the primary modular L2” NFT, which will be offered on {the marketplace}.”
Cryptonews reported on Manta’s efforts to modular blockchains changing into the primary resolution to combine Celestia’s modular information mannequin resulting in an 80% discount in developer value.
Kenny Lee, the co-founder of Manta Pacific informed Cryptonews that New Paradigm captures a bigger neighborhood’s consideration including:
“This has propelled Pacific into changing into the third-largest ecosystem with over $900 million in TVL, following Arbitrum and Optimism. With this achievement comes the accountability to proceed constructing momentum and delivering worth to our customers and builders.”
Layer 2 options like Manta and Base are secondary networks constructed atop a blockchain counting on its infrastructure. In the meantime, they provide scalability for sooner transaction processing at decrease value. Alternatively, TVL is the overall worth of belongings deposited throughout decentralized functions on the community and it’s used to rank platforms by dimension.