Manta Network’s Ethereum Layer 2 platform, Manta Pacific, has seen a significant increase in total value locked (TVL), reaching around $370 million in just two weeks. This surge is attributed to an anticipated AirDrop event scheduled for January 2024.
Recently, Manta Pacific launched an AirDrop named “New Paradigm” to reward investors who lock a minimum of 0.25 Ether (ETH) or an equivalent amount in stablecoins with MANTA tokens. The team behind the project allocated 50 million Manta tokens for participants who join using invitation codes.
The ongoing AirDrop event, expected to last until January 2024, offers users multiple yield-generating opportunities, including the chance to collect NFTs by opening lucky boxes based on the bridged amount.
Users depositing ETH into Manta Pacific can earn a yield-generating token named STONE through a partnership with the liquid staking protocol StakeStone, while those depositing USDC will receive a yield-generating stablecoin called wUSDM, backed by the yield from U.S. Treasury Bonds.
Unlike typical AirDrops that arrive unexpectedly, projects like Manta Pacific have been openly announcing their AirDrops, triggering a wave of funding. Since the announcement of the New Paradigm, more than $300 million has flowed into the network. According to data from Dune Analytics, Manta Pacific’s TVL has reached $364.4 million due to the expected AirDrop, positioning it as the seventh largest Ethereum Layer 2 network.
The development team behind Manta Network, P0x Labs, raised $25 million in a Series A funding round in July, bringing the project’s total valuation to $500 million. Manta Pacific’s steady TVL growth reflects a similar trend in another Ethereum Layer 2 network, Blast, which also plans an AirDrop event for January 2024. Blast’s TVL has surpassed $1.1 billion since its November launch, though it has faced criticism for a three-month withdrawal restriction and was targeted by scammers post-launch, resulting in a loss of over $130,000.