The entire worth locked (TVL) on the Ethereum layer-two blockchain Manta Pacific has risen to $1.75 billion after a token airdrop. The blocked quantity makes up nearly 8% of the $21.42 billion in funds on Ethereum layer two networks.
The quantity locked on the community surpassed the quantity on Coinbase’s Base community in mid-January, making Manta Pacific the third-largest Ethereum holding.
How Manta TVL grew to $1.7 billion
The rise in TVL will be attributed to a rise within the variety of native bridged MANTA tokens. The venture launched 50,000,000 MANTAs final week, growing the token’s share of TVL to roughly $921 million. The remaining $829 million consists of exterior and canonically bridged tokens.
Learn extra: Greatest Upcoming Airdrops in January 2024
TVL on Manta Pacific Community | Supply: L2Beat
Shares of Manta Pacific’s TVL have been rising quickly, given the comparatively latest launch of its mainnet. The workforce rolled out the mainnet in September 2023.
In distinction, the Arbitrum One ecosystem, which accounts for roughly 50% of the overall worth captured on Ethereum layer two networks, has been round for greater than two years. The equally aged OP Mainnet accounts for practically 1 / 4 of L2 quantity, whereas Coinbase’s five-month-old Base community holds $711 million.
Learn extra: Optimism vs. Arbitrum: Ethereum Layer-2 Rollups In contrast
Coinbase rolled out Base as a result of its core crypto buying and selling enterprise was threatened final yr. The cryptocurrency change is attempting to have a lawsuit towards it dismissed, an occasion that former SEC official Lisa Bragança says is unlikely to occur.
“It is vitally unlikely that the case will probably be dismissed. Coinbase says that the varieties of cash it lists on its platform aren’t securities, and that will probably be very troublesome for them to show.
MANTA Traders Protest at DeFi Airdrop
Crypto airdrop farmer and DeFi analyst Miles Deutscher mentioned the MANTA token might bear a “hated rally” fueled by disgruntled buyers. The airdrop left a bitter style within the mouths of recipients, who felt shortchanged by their low returns.
Miles Deutscher’s MANTA prediction | Supply: Miles Deutscher
Based on some studies, the NFTs required to qualify for airdrops price greater than the MANTA tokens acquired. Those that spent 1000’s to obtain a profitable airdrop took to crypto social media to specific their disappointment. Terry Junior, a Binance feed creator and social media influencer, denounced the airdrop for giving him 13 MANTA for a $5,100 funding.
“I bridged $5100 and bought 13 Manta tokens. And they’re nonetheless holding my cash till March 2024. Presumably essentially the most crappy airdrop in historical past! “
Investor frustration elevated after a distant process name assault overwhelmed the community’s servers on January 19, 2024. The hack affected block processing instances, forcing one consumer to attend half-hour.
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