Manta Pacific has achieved a significant ascent in the scaling solutions space, firmly establishing itself as the fourth-largest scaling solution in terms of Total Value Locked (TVL), according to data provided by L2Beat. This growth places Manta Pacific ahead of Coinbase’s Base, with a current TVL of $845 million, surpassing Base’s $753 million.
Scaling solutions, also known as Layer 2s, are built on native blockchains to address congestion issues and enhance transaction speed. In the case of Manta Pacific, the move to the fourth-largest scaling solution comes after its transition to a “zero-knowledge rollup” last year. This term refers to a secondary network that utilizes zero-knowledge proofs, a form of cryptography that gained prominence in 2023 due to its ability to facilitate fast transaction finality or settlement.
TVL, representing the notional value of tokens locked in a DeFi protocol, is a crucial metric for evaluating the popularity of these protocols. Manta Pacific has succeeded in increasing its TVL to $845 million.
L2Beat’s ranking aggregates the dollar value of tokens bridged in various ways, including canonically bridged, externally bridged, and natively minted. This approach differs from other sources, such as DeFiLlama, which only considers assets actively engaged in decentralized applications. According to DeFiLlama, Manta and Base are contending for the ninth spot, each with a TVL of around $420 million.
Reasons Behind Manta Pacific’s Success
The recent success is partly attributed to its paradigm bridging program, implemented in December. This program rewards users for bridging Ether (ETH) and USDC to the network, significantly boosting TVL growth.
Additionally, Manta Pacific has adopted a strategy similar to Ethereum Layer 2 Blast, according to Michael Nadeau, founder of the DeFi report. Users transferring Ether and USDC to Manta can earn a staking yield of 4% to 5%, with coins locked for 69 days. Depositors also have the opportunity to receive future airdrops of the MANTA token, along with NFT box pieces. These users can also restake the staked ETH on the Eigen Layer.
This notable growth and innovative strategies have caught the attention of Binance, which announced the inclusion of Manta as the 44th project on the Binance Launchpool. This collaboration allows users to earn MANTA tokens by staking their BNB and FDUSD tokens, with the crypto exchange listing various Manta trading pairs starting from January 18. The additional attention generated by this partnership could further propel its position in the scaling solutions space, highlighting ongoing interest in the development of innovative technologies within the blockchain ecosystem.