In the realm of Layer 2 solutions, Manta Pacific has quickly risen to become the third network by total value locked (TVL).
The co-founder Kenny Li reveals the key factors that have led to this remarkable achievement, reflecting on the innovative features of the project and the strategic maneuvers that have propelled it to the forefront of decentralized finance (DeFi).
Summary
Manta Pacific becomes the third largest Layer 2 network in terms of TVL: the words of co-founder Kenny Li
In the rapidly evolving landscape of Layer 2 solutions, Manta Pacific has emerged as a force to be reckoned with, securing the position of the third Layer 2 network for Total Value Locked (TVL). Co-founder Kenny Li sheds light on its journey, citing two fundamental reasons behind Manta Pacific’s meteoric rise.
Despite the difficulties encountered during the token launch, the innovative features and strategic initiatives of the project have pushed it to the forefront in the decentralized finance (DeFi) space.
Kenny Li attributes Manta Pacific’s rise to the top of Layer 2 networks to the success of the New Paradigm campaign. The campaign, launched a few weeks prior, introduced an innovative update that seamlessly integrated profitable assets into the Layer 2 network.
This innovative approach allows users to earn returns. This innovative approach allows users to earn returns on assets deposited directly within the platform.
When users deposit ether, Manta Pacific puts it into play and returns the generated yield to the depositor.
In the same way, if users deposit the USDC stablecoin, the platform uses it to generate returns from US Treasuries through its strategic partner, Mountain Protocol.
It underlines that this unique feature has quickly gathered significant interest, propelling Manta Pacific among the top four Layer 2 networks.
Token launch and liquidity increase
The success of the token launch has played a fundamental role in bringing Manta Pacific to its current position.
Despite having to face a DDoS (Distributed Denial of Service) attack shortly after the token launch, the project has proven to be able to overcome the challenge.
It observes that almost one billion requests have hit the RPC nodes of the project, causing significant congestion and temporarily increasing transaction fees throughout the network.
However, the project quickly overcame this period of turbulence, providing compensation to users affected by the increase in transaction fees.
After the token launch, the liquidity and volume of Manta Pacific’s native chain have skyrocketed, further consolidating its position as the third Layer 2 network for TVL.
The increase in liquidity has pushed the network to outpace industry giants, surpassing the Base network of Coinbase just five months after its launch.
Manta Pacific stands out for being a network compatible with the Ethereum Virtual Machine (EVM) that supports decentralized applications.
By leveraging Celestia for data availability, it technically operates as a validium. The platform, built using OP Stack, currently boasts a value of 1.7 billion dollars in its smart contracts, second only to Arbitrum and Optimism.
In comparison, Coinbase’s Base network, with $709 million in smart contract value, is behind Manta Pacific. This remarkable growth demonstrates the competitiveness of Manta Pacific and the attractiveness of its features within the DeFi ecosystem.
Manta Network Ecosystem
Manta Pacific is part of the broader Manta Network ecosystem, which also includes Manta Atlantic. The latter is a zero-knowledge proof blockchain that runs on Polkadot and provides support for identity and confidential credentials on the chain.
While Manta Atlantic explores privacy-focused solutions, Manta Pacific focuses on scalability and optimizing the DeFi experience on layer 2.
The challenges of token launch, including DDoS attacks, have not discouraged the progress of Manta Pacific. Kenny Li emphasizes the community and team’s ability to successfully address these challenges. The project is actively investigating the attack to identify the culprits and shed light on the motivations behind it.
In perspective, Manta Pacific is in the process of converting to a zkEVM, aligning with zero-knowledge proof technology and maintaining compatibility with the Ethereum blockchain.
It underlines the commitment of the project to support and fuel the range of projects within its ecosystem, with a strong focus on growth for the near future.
The journey of Manta Pacific to become the third Layer 2 network for TVL is a testament to its innovative features, strategic initiatives, and resilience in the face of challenges.
Co-founder Kenny Li’s insights provide valuable perspectives on the trajectory of the project, shedding light on the crucial moments that have propelled Manta Pacific to its current position in the competitive DeFi landscape.
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