Manta Network trumps Coinbase’s Base network as the fourth largest Ethereum layer-two scaling solution. The new network, launched last September, has accrued $840 million in total value locked (TVL) and is offering 50 million tokens in a MANTA airdrop.

The surge in usage was likely driven by a new bridging feature introduced in December, coupled with the potential for airdrops for users using the ecosystem.

How Manta TVL Catapulted With Staking

Manta offers 4-5% yields for Ethereum and USDC deposits. Depositors get free tokens in an upcoming airdrop. Users can also re-stake ETH on a special “EigenLayer,” and use their deposit receipts within the Manta ecosystem.

Manta is built on zero-knowledge proofs. The mainnet went live on September 10, 2023, and reached a peak transaction speed of 5.88 transactions on December 22, 2023. Now, the 30-day transaction count is around 4.52 million.

Furthermore, the total value locked on the network started moving upward in mid-December. L2Beat says the TVL consists of $208 million in canonically-bridged tokens and $631 million in externally-bridged tokens. The amount locked has surpassed the $754 million present in Coinbase’s Base network.

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Author: David Thomas

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