Manta Network’s MANTA Token Grows 9.19% After Listing
MANTA Token Grows by 9%, TVL Increases by 72% Following Token Listing
MANTA, the native token of the Zero-Knowledge Layer-2 (L2) network Manta Network, has recorded a growth of 9.19% since its listing. According to CoinMarketCap, MANTA was the top trending cryptocurrency in the market at the time of writing.
Top Gainer in the Market
In the last 24 hours of trading, the token rose by more than 6% to $2.52, with the daily trading volume increasing by an impressive 70%. This brought MANTA to a total gain of 9.19% since its official airdrop on January 18. On the same day, the token was also listed on major crypto trading platforms like Binance.
Manta Network Grows
The listing of MANTA led to a steep increase in the funds deposited on the Manta Network. According to a study by L2Beat, the Total Value Locked (TVL) rose from $891 million to $1.54 billion at the time of writing, an increase of 72% since the public trading debut of the token. This made Manta Network the third largest L2 in terms of TVL, holding 7% of the market share.
Increased On-Chain Activity
In addition to the increase in capital inflow, a significant increase in on-chain activity was also observed. The average transactions per second (TPS) on the network increased by 75% over the past week.
Utility of the MANTA Token
The MANTA token serves important functions within the Manta Network. In addition to being used as a medium for paying transaction fees, users can stake MANTA to contribute to the security of the blockchain. The resulting revenues and gas savings help fund on-chain activities and zk-applications, increasing the demand for block space. This leads to an increase in value for MANTA holders.
Initial Hurdles for MANTA
Although things seemed to start well, there were some stumbling blocks after the listing of the MANTA token. The Manta Network was hit by an illegal Denial-of-Service (DDoS) attack, which significantly impacted communication between applications and the blockchain. However, the incident was resolved at the time of writing.
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Sources: CoinMarketCap, L2Beat
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