Manta Community’s Ethereum Layer 2 blockchain Manta Pacific has seen its whole worth locked (TVL) skyrocket to just about $370 million inside two weeks.
The undertaking’s surge in TVL might be attributed to an airdrop occasion scheduled to occur in January 2024.
Manta Pacific Turns into seventh Greatest L2 on Ethereum
Manta Pacific just lately launched an airdrop occasion known as New Paradigm to reward buyers who bridge a minimal of 0.25 Ether (ETH) or its equal in stablecoins to the blockchain with MANTA tokens. The group behind the undertaking introduced the allocation of fifty million Manta tokens for individuals, with the airdrop requiring invite codes.
In the meantime, the marketing campaign, which is predicted to final until January 2024, affords customers the alternative to get yields by way of a number of sources. Buyers also can acquire non-fungible tokens (NFTs) by opening fortunate containers based mostly on the quantity bridged.
Moreover, customers who deposit ETH on Manta Pacific will get a yield-bearing token known as STONE, with yield obtained from staking Ether on layer one, because of its partnership with liquid staking protocol StakeStone. On the different hand, those that deposit USDC will obtain a yield-bearing stablecoin known as wUSDM, with yield from US Treasury Payments.
Normally, individuals are not conscious of airdrops, however as of late, initiatives announce them, triggering a wave of enthusiasm proven by a wave of deposits. Since the announcement of New Paradigm on Dec. 14, greater than $300 million has flown by way of the chain.
In response to data from Dune Analytics, Manta Pacific’s TVL at the moment stands at $364.4 million, possible because of the anticipated airdrop. The spike in TVL catapulted Manta Pacific to seventh position, behind dYdX, making it amongst the high 10 largest layer 2 networks on Ethereum.
New Layer 2 Networks Utilizing Airdrop Campaigns to Entice Customers
The event group behind Manta Community, P0x Labs, raised $25 million in Sequence A funding in July, elevating the whole valuation to $500 million. The funding, led by Polychain Capital and Qiming Enterprise Companions, additionally included different buyers resembling SevenX Ventures and Alliance.
Manta Pacific’s regular TVL development follows an identical development by Blast, one other Ethereum layer 2 blockchain. Like Manta, Blast can be planning an airdrop occasion for individuals in January 2024.
Blast’s TVL has grown to over $1.1 billion since its launch in November, based on information by DefiLlama. As beforehand reported by CryptoPotato, the protocol attracted criticism, particularly for its three-month restriction on withdrawals.
Additionally, scammers took benefit of Blast’s recognition following its launch through the use of (*2*) to steal over $130,000 from an unsuspecting sufferer.
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