Manta Network’s Ethereum Layer 2 network, Manta Pacific, saw its total value locked (TVL) surge to approximately $370 million within two weeks. The increase in the network’s TVL is linked to an AirDrop event planned for January 2024.
Manta Pacific Becomes the 7th Largest Ethereum Layer 2 Network
Manta Pacific recently launched an AirDrop event called New Paradigm to reward investors who lock a minimum of 0.25 Ether (ETH) or an equivalent amount in stablecoins with MANTA tokens on the Blockchain. The team behind the project announced that 50 million Manta tokens have been allocated for participants who require invitation codes to join the AirDrop.
The AirDrop event, expected to last until January 2024, offers users the opportunity to earn yields from multiple sources. Investors can also collect NFTs by opening lucky boxes based on the bridged amount.
Additionally, users who deposit ETH into Manta Pacific will receive a yield-generating token called STONE, thanks to a collaboration with the liquid staking protocol StakeStone, which yields returns from staking ETH on Layer 1. On the other hand, those depositing USDC will receive a yield-generating stablecoin called wUSDM, which yields returns from U.S. Treasury Bonds.
AirDrops usually come quietly and unexpectedly, but recently projects have been openly announcing AirDrops, triggering a wave of fund inflows. Since the announcement of the New Paradigm this month, the network has seen an inflow of funds exceeding $300 million. According to data from Dune Analytics, Manta Pacific’s TVL is currently at $364.4 million as a result of the anticipated AirDrop. This increase in TVL has moved Manta Pacific to the seventh position, just behind dYdX, entering it into the top 10 largest Ethereum Layer 2 networks.
New Layer 2 Networks Utilize AirDrops to Attract Users
The development team behind Manta Network, P0x Labs, raised $25 million in a Series A funding round in July, bringing the project’s total valuation to $500 million. The fund, led by Polychain Capital and Qiming Venture Partners, also included other investors such as SevenX Ventures and Alliance. The steady growth in Manta Pacific’s TVL is following a similar trend observed by another Ethereum Layer 2 network, Blast, which also plans an AirDrop event for participants in January 2024.
According to data provided by DefiLlama, Blast’s TVL has risen to over $1.1 billion since its launch in November of this year. The protocol has been criticized, particularly for its three-month withdrawal restriction. Furthermore, Blast fell victim to scammers who stole over $130,000 following the protocol’s launch, taking advantage of its popularity.