Manta Network’s Ethereum Layer 2 Blockchain Exceeds $800M in TVL

cryptonews.com:

Manta Pacific, the native Layer 2 modular blockchain of Manta Network, has witnessed a 65-fold increase in Total Value Locked (TVL) over the last quarter.

Launched just under four months ago, in October 2023, Manta Pacific’s TVL started at a modest $10 million.

However, it has now surged past $800 million, solidifying its position as one of the fastest-growing Layer 2 solutions in the Ethereum ecosystem, according to a press release shared with Cryptonews.com.

The explosive growth in TVL can be attributed to Manta Network’s strategic initiative known as the “New Paradigm” campaign, which saw a staggering $642 million bridged within a mere three weeks.

This influx of funds has also resulted in a substantial increase in user engagement, with over 450,000 active wallet addresses, 10 million total transactions, and a staggering 190,000 daily transactions (source).

Manta Network has been gaining significant attention recently due to its efforts in the realm of modular blockchains.

Notably, it became the first Ethereum Layer 2 solution to integrate Celestia’s modular data availability (DA) model, an emerging industry standard.

This integration has led to an 80% reduction in costs for both developers and end users when compared to other Layer 2 solutions.

As the cryptocurrency market anticipates the onset of a new bull market phase, the factors that will drive user adoption are bound to be the most cost-effective and user-friendly Layer 2 solutions that can effectively scale Ethereum.

“New Paradigm captured the attention of a large community due to Manta Pacific being the only live modular Layer 2 with native yield for ETH and stablecoins,” Kenny Li, co-founder, COO, and core contributor at Manta Network, said on the network’s rapid