- Since its listing, MANTA has grown by 9.19%.
- Manta Network’s TVL jumped 72% since MANTA’s listing.
MANTA, the native token of zero-knowledge layer-2 (L2) network Manta Network, was the top trending cryptocurrency in the market as of this writing, according to CoinMarketCap.
One of the top market gainers
The token gained more than 6% in the last 24 hours of trading to $2.52, with the daily trading volume surging by a whopping 70%.
With this, MANTA took its overall gains since its official airdrop on the 18th of January to 9.19%. The token also got listed on major crypto trading platforms like Binance [BNB] on the same day.
In fact, Binance extensively promoted the token as part of its MANTA launchpad. Users were allowed to stake their BNB and FDUSD tokens to farm MANTA tokens.
Manta Network grows bigger
The listing of MANTA resulted in a steep surge in funds deposited on the Manta Network.
According to AMBCrypto’s examination of L2Beat data, the total value locked (TVL) jumped from $891 million to $1.54 billion as of this writing, a jump of 72% since the token started exchanging public hands.
With this, Manta Network became the third-largest L2 in terms of TVL, occupying 7% of the market share.
Apart from the spike in capital infusion, a significant increase in on-chain activity was also observed. The average transactions per second (TPS) on the network surged 75% over the week.
MANTA token’s utility
The MANTA token serves key purposes on the Manta Network.
Apart from being the medium to pay transaction fees, users can stake MANTA to contribute to the security of the blockchain.
Plus the revenue and gas savings help in funding on-chain activities and zk applications, thus increasing demand for blockspace. This results in value accrual for MANTA holders.
MANTA didn’t have a great start
While things started to look good, there were hiccups following the listing of MANTA token.
Is your portfolio green? Check out the MANTA Profit Calculator
The Manta Network was hit by an illicit denial-of-service (DDoS) attack, severely affecting the communication between applications and the blockchain.
As of this writing, the incident has been resolved.