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Ethereum layer-2 blockchain Manta Pacific’s total value locked (TVL) has reached $1.75 billion following a token airdrop. This value represents 8% of the $21.42 billion total value locked in Ethereum layer-2 networks. As of mid-January, the total value locked on the network surpassed that of Coinbase’s Base network, placing Manta Pacific in third place.
Manta TVL Rises
The increase in TVL can be associated with the rise in the number of locally bridged MANTA tokens. Last week, the project executed an airdrop covering 50,000,000 MANTA tokens.
This resulted in the token’s share of TVL increasing to $921 million. The remaining $829 million continues to exist externally.
Despite being a new mainnet, Manta Pacific’s share of TVL has experienced noticeable growth. Manta Pacific’s mainnet was launched in September 2023.
Although Manta has already secured a significant position, the undisputed leader in terms of value locked in Ethereum layer-2 networks is the Arbitrum One ecosystem, which owns 50% of it.
Arbitrum One has been present in the market for over two years. OP Mainnet, which has a market presence of the same duration, appears to hold nearly a quarter of the L2 volume, while Coinbase’s Base network, which has a history of the last five months, has a volume of $711 million.
Last year, Coinbase made a critical decision to launch Base against potential threats. According to former SEC official Lisa Bragança, the cryptocurrency exchange is seeking dismissal of a lawsuit against it.
The likelihood of the case being dismissed is very low. Coinbase claims that the types of coins listed on its platform are not securities, and proving this will be very difficult for them.
Protest Over MANTA Airdrop
A statement by crypto airdrop tracker and DeFi analyst Miles Deutscher resonated widely in the market. The well-known figure expressed dissatisfaction with the MANTA token among his followers, indicating a potential unsettling rally. The low returns following the day of the airdrop caused significant disappointment.
According to some reports, the NFTs required to qualify for the airdrop turned out to be more expensive than the distributed MANTA tokens. As a result, many participants chose to express their disappointment on social media. Social media phenomenon Terry Junior revealed that an investment of $5,100 corresponded to just 13 MANTA tokens and added:
I bridged $5,100 and received 13 Manta tokens. And they will hold my funds until March 2024. Perhaps the worst airdrop in history!
