Manta Pacific Flips Base as Fourth Largest Layer 2 Solution as TVL Surges to $845 Million
Manta Pacific has moved past Base to become the fourth largest layer 2 scaling solution in the market. The total value locked (TVL) of the network soared past $840 million.
Recent data from L2Beat show that Base, an Ethereum layer 2 solution backed by Coinbase, has lost its spot as the fourth largest scaling network and currently controls 3.4% of the total market share.
The TVL on Manta Pacific surged 13.62% and currently stands at $851 million. This means the network 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 fastest-growing layer 2 networks after it moved from $10 million in TVL to over $850 million.
Manta Pacific now boasts of 180,000 daily transactions and over 570,000 wallet addresses. What’s more, the network continues its explosive growth based on the “New Paradigm Campaign” which bridges networks and projects.
The campaign launched in December saw a massive inflow of millions as it rewarded users for porting their Ether (ETH) and USDC to the platform. This model has helped the network rise through the ranks and has been compared to a similar strategy used by Blast.
Michael Nadeau, the DeFi report threw more light on the rise of the platform and the New Paradigm Campaign on X (formerly Twitter).
Manta New Paradigm program. Running a similar playbook to Blast:
1. offering native yield on Ethereum and USDC at a rate 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
According to him, the network offers 4 to 5% yield for ETH and USDC on the network by staking
Read more on cryptonews.com
