Manta Pacific, Ethereum layer-two (L2) blockchain, has witnessed an extraordinary surge in Total Value Locked (TVL), reaching over $850 million today, according to the data securing its position as the 4th largest L2 by TVL globally. The staggering growth, a remarkable 2,300% increase since Dec 15, 2023, is closely tied to Manta’s New Paradigm campaign.
Launched on Dec 14, 2023, the New Paradigm initiative rewarded users who bridged Ethereum (ETH) to Manta Pacific. Participants earned ‘box pieces’ upon collecting 25 pieces. They could unlock a non-fungible token (NFT). Additional rewards were provided for users who successfully referred friends through designated links.
Manta Pacific, developed by Manta Network, is an Ethereum-based ecosystem that relies on Polygon’s zkEVM technology. It also incorporates Celestia as its modular blockchain for data availability. This unique architecture positions Manta Pacific as a zero-knowledge (zk rollup) for Ethereum, delivering scalability and privacy advantages.
Furthermore, the TVL reached its zenith at $870 million on Jan 12, primarily fueled by the New Paradigm campaign. After Jan 18, we expect participants claiming rewards to coincide with a notable decline
Manta’s 2024 Airdrop: Ethereum Market Dynamics Ahead
In a blog post on Jan 15, Manta’s team outlined plans to distribute 50 million MANTA tokens to participants in the New Paradigm campaign. Users who engaged in the ‘Into the Blue’ event will receive an additional 50 million MANTA tokens through an airdrop, mirroring the approach of the New Paradigm initiative.
Despite the substantial growth in TVL, the absence of a proportional uptick in user activity raises questions. The influx of funds into Manta Pacific suggests that the allure of airdrop rewards primarily drives investors.
As the token distribution nears, investors may perceive it as the end of the mandatory period for locking ETH in Manta Pacific. Moreover, this perception could influence market dynamics and investor sentiment. Analysts have labeled 2024 as an airdrop season. There is a possibility that funds could swiftly migrate to alternative protocols where eligibility requires staking crypto.
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