Why MANTA Total Value Locked Surged to $1.7 Billion Despite Airdrop Disappointment

The total value locked (TVL) on the Ethereum layer-two blockchain Manta Pacific has risen to $1.75 billion following a token airdrop. The amount locked makes up almost 8% of the $21.42 billion in funds on Ethereum layer-two networks.

The amount locked on the network exceeded the amount on Coinbase’s Base network in mid-January, making Manta Pacific the third-largest Ethereum rollup.

How Manta TVL Grew to $1.7B

The surge in TVL can be attributed to an increase in the amount of natively bridged MANTA tokens. The project airdropped 50,000,000 MANTA last week, which helped drive the token’s share of TVL up to around $921 million. The remaining $829 million is made up of external and canonically-bridged tokens.

Read more: Best Upcoming Airdrops in January 2024

TVL on Manta Pacific Network | Source: L2Beat

The share of Manta Pacific’s TVL has grown quickly, given the relatively recent launch of its mainnet. The team rolled out the mainnet in September 2023.

In contrast, the Arbitrum One ecosystem, which accounts for approximately 50% of the total value locked on Ethereum layer-two networks, has existed for over two years. The similarly-aged OP Mainnet accounts for almost a quarter of L2 volume, while Coinbase’s five-month-old Base network holds $711 million.

Read more: Optimism vs. Arbitrum: Ethereum Layer-2 Rollups Compared

Coinbase rolled out Base as its core business of crypto trading came under threat last year. The crypto exchange is seeking to have a lawsuit against it dismissed, an event unlikely to happen, according to former SEC official Lisa Bragança.

“The case is very unlikely to be dismissed. Coinbase is saying that the types of coins it lists on its platform are not securities, and that is going to be very hard for them to prove.”

MANTA Investors Protest at DeFi Airdrop

Crypto airdrop farmer and DeFi analyst Miles Deutscher said the MANTA token could undergo a “hated rally” fueled by disgruntled investors. The airdrop left a bitter taste in the mouths of recipients, who felt shortchanged by their low returns.

Miles Deutscher’s MANTA Prediction | Source: Miles Deutscher

According to some reports, the NFTs required for airdrop eligibility cost more than the received MANTA tokens. Those who spent thousands to receive a lucrative airdrop took to crypto social media to express their disappointment. Terry Junior, a Binance feed creator and social media influencer, slammed the airdrop for giving him 13 MANTA for a $5,100 investment.

“I bridged 5100$ and got 13 Manta tokens. And they still hold my funds until march 2024. Maybe the shittiest airdrop in history! “

Investors’ frustration mounted after a remote procedure call attack flooded the network’s servers on Jan. 19, 2024. The hack affected block processing times, causing one user to wait 30 minutes.