The Ethereum layer-two blockchain, Manta Pacific, has experienced a surge in Total Value Locked (TVL) to $1.75 billion following a recent token airdrop. Despite the disappointment among investors regarding the airdrop’s low returns, the project has become the third-largest Ethereum rollup, accounting for nearly 8% of the $21.42 billion in funds on Ethereum layer-two networks.
The TVL increase is attributed to the airdrop of 50,000,000 MANTA crypto assets, propelling the token’s share to $921 million. The remaining $829 million comprises external and canonically-bridged tokens, contributing to the rapid growth of Manta Pacific’s TVL, even though its mainnet was launched relatively recently in September 2023.
In comparison, Manta Pacific surpassed Coinbase’s Base network in TVL in mid-January, solidifying its position as the third-largest Ethereum rollup. Notably, the Arbitrum One ecosystem, constituting around 50% of the total value locked on Ethereum layer-two networks, has been in existence for over two years.
However, MANTA investors expressed dissatisfaction with the airdrop, labeling it a “hated rally.” Despite the bitterness among recipients over low returns, the surge in TVL and MANTA’s market presence remain noteworthy. Reports suggest that the NFTs required for airdrop eligibility cost more than the received MANTA tokens, leading to disappointment among investors.
Miles Deutscher, a crypto expert and DeFi analyst, anticipates a potential “hated rally” as disgruntled investors may fuel increased activity in the MANTA token. The dissatisfaction stems from the perception of being shortchanged in the airdrop, with some investors expressing frustration over the costs incurred for eligibility.
The situation escalated when a remote procedure call attack impacted the network’s servers on January 19, 2024, leading to delays in block processing times and a heightened sense of frustration among users. Despite these challenges, Manta Pacific’s ascent in the Ethereum layer-two ecosystem reflects a dynamic landscape where market presence and user satisfaction remain crucial factors.
