- Since its IPO, MANTA has grown by 9.19%.
- Manta Network’s TVL has increased by 72% since MANTA’s listing.
MANTA, the native token of the zero-knowledge layer-2 (L2) network Manta Network, was the most popular cryptocurrency on the market at the time of writing, according to CoinMarketCap.
One of the biggest market winners
The token gained more than 6% to $2.52 in the past 24 trading hours, with daily trading volume surging by as much as 70%.
With this, MANTA achieved its total profit since its inception official airdrop to 9.19% on January 18. The token was also listed on major crypto trading platforms such as Binance [BNB] on the same day.
Source: CoinMarketCap
Binance has even extensively promoted the token as part of its MANTA launch pad. Users were allowed to stake their BNB and FDUSD tokens to farm MANTA tokens.
Manta Network is getting bigger
The listing of MANTA resulted in a sharp increase in the amounts deposited into the Manta Network.
According to AMBCrypto’s examination of L2Beat data, the total value locked (TVL) has increased from $891 million to $1.54 billion at the time of writing, a jump of 72% since the token began exchanging public hands.
This made Manta Network the third largest L2 in terms of TVL, with 7% of the market share.
Source: L2Beat
In addition to the peak in capital injection, a significant increase in activity within the chain was also observed. Average transactions per second (TPS) on the network increased by 75% this week.
Source: L2Beat
The MANTA token utility
The MANTA token serves important purposes on the Manta network.
In addition to being the medium to pay transaction fees, users can use MANTA to contribute to the security of the blockchain.
Additionally, the revenue and gas savings help fund on-chain operations and zk applications, increasing demand for blockspace. This results in value building for MANTA holders.
MANTA didn’t have a great start
Although things started to look good, there were problems after the listing of the MANTA token.
Is your portfolio green? Check out the MANTA profit calculator
The Manta Network was hit by an illegal denial-of-service (DDoS) attack, which seriously affects communication between applications and the blockchain.
At the time of writing, the incident has been resolved.