Manta Network’s Ethereum Layer 2 blockchain Manta Pacific has seen its total value locked (TVL) skyrocket to nearly $370 million within two weeks.

The project’s surge in TVL could be attributed to an airdrop event scheduled to happen in January 2024.

Manta Pacific Becomes 7th Biggest L2 on Ethereum

Manta Pacific recently introduced an airdrop event called New Paradigm to reward investors who bridge a minimum of 0.25 Ether (ETH) or its equivalent in stablecoins to the blockchain with MANTA tokens. The team behind the project announced the allocation of 50 million Manta tokens for participants, with the airdrop requiring invite codes.

Meanwhile, the campaign, which is expected to last till January 2024, offers users the opportunity to get yields through multiple sources. Investors can also collect non-fungible tokens (NFTs) by opening lucky boxes based on the amount bridged.

Furthermore, users who deposit ETH on Manta Pacific will get a yield-bearing token called STONE, with yield obtained from staking Ether on layer one, thanks to its partnership with liquid staking protocol StakeStone. On the other hand, those who deposit USDC will receive a yield-bearing stablecoin called wUSDM, with yield from US Treasury Bills.

Usually, people are not aware of airdrops, but these days, projects announce them, triggering a wave of enthusiasm shown by a wave of deposits. Since the announcement of New Paradigm on Dec. 14, more than $300 million has flown through the chain.

According to data from Dune Analytics, Manta Pacific’s TVL currently stands at $364.4 million, likely as a result of the anticipated airdrop. The spike in TVL catapulted Manta Pacific to seventh position, behind dYdX, making it among the top 10 biggest layer 2 networks on Ethereum.

New Layer 2 Networks Using Airdrop Campaigns to Attract Users

The development team behind Manta Network, P0x Labs, raised $25 million in Series A funding in July, raising the total valuation to $500 million. The funding, led by Polychain Capital and Qiming Venture Partners, also included other investors such as SevenX Ventures and Alliance.

Manta Pacific’s steady TVL growth follows a similar trend by Blast, another Ethereum layer 2 blockchain. Like Manta, Blast is also planning an airdrop event for participants in January 2024.

Blast’s TVL has grown to over $1.1 billion since its launch in November, according to data by DefiLlama. As previously reported by CryptoPotato, the protocol attracted criticism, especially for its three-month restriction on withdrawals.

Also, scammers took advantage of Blast’s popularity following its launch by using phishing links to steal over $130,000 from an unsuspecting victim.

The post Manta Pacific Rockets Into the Top 10 Ethereum Layer 2 Amid Airdrop Frenzy appeared first on CryptoPotato.

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Filed under: Bitcoin - @ December 29, 2023 5:01 am