Manta Network (MANTA) Raises $5.8 Billion, Becoming the Second Largest Chain After Base.
Binance Launches the 44th Period of Coin Mining with Manta Network (MANTA), an Emerging Public Chain that has gained popularity recently due to the New Paradigm staking activity. With Binance’s participation, the momentum of Manta Network has reached a new high.
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Binance Launches Coin Mining for MANTA on Launchpool
Attracts $5.8 Billion in Mining
Estimated Price for MANTA?
Manta Network Ranks as the Tenth Largest Chain after Base
LayerBank’s Rewards for Attracting Funds
Total Rewards of 30 Million MANTA Tokens (6 Million in FDUSD Pool and 24 Million in BNB Pool) over a Two-day Period; after staking started at 8 AM on January 16, it attracted over 1 Billion FUSD ($1.34 Billion) and over 14 Million BNB ($4.45 Billion), totaling approximately $5.8 Billion worth of MANTA tokens.
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However, the scale of funds attracted by the pools in this distribution is similar to previous periods, as the TUSD pool is missing.
(TUSD Decoupling, Unable to Withdraw from Poloniex?)
Currently trading at 2.4 in the pre-market on BitMEX. (Understanding Token Economics). The initial circulating supply is 251,000,000 MANTA tokens (25.1% of the total supply), equivalent to a market value of around $600 million.
Haseeb, Managing Partner at Dragonfly, exclaimed how Manta suddenly skyrocketed in locked value and became the tenth largest blockchain, second only to Coinbase’s Base chain. According to DeFiLlama data, Manta’s TVL increased by 2351% in a month, reaching $420 million, slightly ahead of the ninth largest blockchain Base with $428 million. Within the Manta ecosystem, the lending platform LayerBank holds the most assets, totaling $324 million.
LayerBank incentivizes users to supply, borrow, and stake on the platform through points, which are recorded as the basis for Manta airdrops.
Manta Network’s timely technical narrative, combined with its strong marketing mechanisms (referral system, NFTs, points, staking, etc.), has made it highly anticipated in the recent market. As for the emerging public chain of Ethereum L2 + external DA layer, its ability to capture a larger market in the future is still subject to time testing.
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