In a move that solidifies Manta Pacific's dominance in the industry, Binance recently introduced MANTA as its 44th project on Launchpool.
In a recent development, Manta Pacific, Manta Network's native layer 2, has become the fourth largest scaling solution, surpassing Coinbase's Base, according to data by L2Beat.
Manta Pacific's rise to prominence
The total value locked (TVL) at Manta Pacific currently stands at an impressive $850 million, leaving Base behind at $756 million. This change in ranking highlights Manta Pacific's growing prominence in the decentralized finance (DeFi) space. Layer 2 solutions, like Manta Pacific, are secondary blockchains built on top of primary or native blockchains to mitigate congestion issues, improve speed, and facilitate smoother transactions.
Total Value Locked (TVL) serves as a crucial metric to measure the popularity of DeFi protocols. It represents the theoretical value of tokens deposited within a protocol, reflecting user participation and the overall health of the platform.
In particular, L2Beat's TVL methodology considers the dollar value of canonically bridged, externally bridged, and natively minted tokens. In contrast, DeFiLlama, another reputable source, focuses solely on assets that are actively participating in decentralized applications. According to DeFiLlama, Manta and Base are in a tight race for ninth place, and both have a TVL of approximately $420 million.
Last year, Manta Pacific moved to a zero-knowledge rollup, leveraging zero-knowledge proofs, a cryptographic technique that gained prominence in 2023 for its ability to ensure rapid settlement of transactions, also known as “finality.” This technological advancement has contributed to Manta Pacific's success and its rise in the hierarchy of scaling solutions.
Additionally, Manta Pacific's paradigm bridge program, launched in December, played a critical role in the platform's accelerated growth. The bridge involves transferring assets from one blockchain to another, and Manta Pacific incentivizes users by offering rewards for connecting ethereum (eth) and USD Coin (USDC) to its network. The layer 2 solution adopts a strategy reminiscent of ethereum layer 2 Blast, as noted by Michael Nadeau, founder of the DeFi report.
Users who connect eth and USDC with Manta Pacific enjoy staking returns ranging between 4% and 5%, with their coins locked for a period of 69 days. Depositors are also eligible for future MANTA token airdrops. The program also offers nft boxes to depositors, and staked eth can be staked back into the Eigen Layer protocol.
Binance adopts Manta
In a move that solidifies Manta Pacific's dominance in the industry, Binance recently introduced MANTA as its 44th project on Launchpool.
This integration allows Binance users to earn MANTA tokens by staking their BNB and FDUSD tokens. The addition of Manta to the Binance ecosystem introduces a modular Layer 2 solution designed for zero-knowledge (ZK) applications. The Launchpool initiative, which began on Monday, lasts two days and allows users to farm MANTA tokens.
As Manta Pacific continues to gain traction and secure its position in the scaling solutions landscape, the crypto community is eagerly awaiting new developments and innovations from this project in the DeFi space.
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