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Manta Pacific, the native Layer 2 modular blockchain of Manta Network, has seen an impressive 65-fold increase in Total Value Locked (TVL) in the last quarter. Beginning at $10 million just four months ago, Manta Pacific has now surpassed $800 million, positioning itself as one of the fastest-growing Layer 2 solutions in the Ethereum ecosystem.
The rapid growth in TVL can be attributed to Manta Network’s strategic initiative known as the “New Paradigm” campaign, which resulted in bridging $642 million within just three weeks. This surge in funds has also led to a significant increase in user engagement, with over 450,000 active wallet addresses, 10 million total transactions, and a remarkable 190,000 daily transactions.
Manta Network has been attracting attention for its work in modular blockchains, notably integrating Celestia’s modular data availability (DA) model, which has reduced costs by 80% for developers and end users compared to other Layer 2 solutions. As the cryptocurrency market prepares for a new bull market phase, cost-effective and user-friendly Layer 2 solutions are expected to drive user adoption and effectively scale Ethereum.
Kenny Li, co-founder, COO, and core contributor at Manta Network, emphasized the significant growth of Manta Pacific and its position as the third-largest ecosystem with over $800 million in TVL, following Arbitrum and Optimism. Furthermore, he expressed the network’s commitment to delivering value to users and developers in light of this achievement.
Projects within the Manta Pacific ecosystem, such as LayerBank, Shoebill, QuickSwap, and Aperture Finance, have made remarkable progress, with their lending pools surpassing $500 million in supply. Manta Network aims to attract more DeFi projects to deploy on Manta Pacific, offering them the opportunity to experience similar levels of success.
Looking ahead, the Manta Pacific roadmap includes the implementation of zkEVM via Polygon CDK and continued efforts to reduce gas fees through integration with Celestia’s modular data availability. As a result, Manta Pacific is becoming a preferred choice for projects seeking to offer outstanding user experiences.
It’s worth noting that Ethereum-based layer 2 network Arbitrum currently holds a market share of 49.17% among layer 2 networks, surpassing Optimism Mainnet, which has a 28.85% market share. This data emphasizes the growing importance and influence of layer 2 solutions within the crypto industry.
