Manta Pacific is at present the third largest Ethereum layer 2 community primarily based on complete worth locked.
Because the cryptocurrency market rebounds from year-to-year lows, Manta Community’s not too long ago launched eponymous token is main the cost.
In accordance with information from CoinGecko, MANTA has risen 51% prior to now week, turning into the biggest improve among the many 100 most useful digital property.
Launched on January 18 with an airdrop for early adopters, MANTA is the governance token of the Manta community, which consists of two impartial networks. The flagship chain is Manta Pacific, an Ethereum layer 2 that makes use of Celestia for information availability. The opposite, referred to as Manta Atlantic, is a layer 1 chain constructed on Polkadot.
Manta Pacific’s complete worth locked (TVL) exceeds $1.7B, making it the third largest Layer 2. Nevertheless, it’s value noting that the MANTA token accounts for greater than half of this quantity. In accordance with L2beat, exterior bridge TVL has dropped by $55 million for the reason that airdrop.
This means that opportunistic merchants could also be transferring property off the community looking for the following opportunistic alternative. Moreover, the blockchain solely processes 1.5 transactions per second (TPS), which is way decrease than main L2s similar to Arbitrum and Optimism.
Manta not too long ago accomplished work with moonlight Obtain interoperability with the Polkadot ecosystem. It additionally plans emigrate Manta Pacific to a Polygon-based zkEVM resolution within the close to future.
