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Manta Network has surpassed the Base Network to become Ethereum’s fourth largest Layer 2 solution.
According to the L2Beat platform, $858 million has already been locked in smart contracts on the new Manta Network blockchain. The surge in interest in the network was likely caused by the launch of the bridge and a potential airdrop for Manta users.
Mainnet was launched on Sep. 10, 2023. The network’s TVL began to increase in mid-December. According to L2Beat, $858 million is locked in the network’s smart contracts, almost $101 million more than Base’s $757 million.
However, Manta’s market share is relatively small overall – only 3.87%. The leader remains Arbitrum One, which holds almost 50% of the total TVL market with a market share of 49.78%.
In addition to the impressive TVL, the Manta Network team has allocated 12% of the MANTA token emission to airdrops. The total emission of native tokens of the second-level network Manta Network will be 1 billion MANTA, of which 12% will be used to finance two airdrops.
Explore $MANTA, the native utility and governance token of @MantaNetwork 🔱$MANTA empowers users across #MantaPacific and #MantaAtlantic, facilitating an improved experience for the modular ecosystem built for scalable, next-generation dApps.https://t.co/XFwIhLy9L9
— Manta Network (🔱,🔱) #MantaNewParadigm (@MantaNetwork) January 15, 2024
Earlier in January, the Arbitrum One network broke a new record. At the beginning of the year, the blockchain saw a noticeable positive net inflow of TVL, exceeding $11.04 billion, setting a historical record. Total TVL across Level 2 networks also reached a historically high level in January, exceeding $21 billion.
Read more: Threshold outstrips DeFi market growth with optimistic 30% rally and TVL surge