Manta Surpasses Base in TVL with $467 Million

Over the past month, the total value locked (TVL) in the Manta Network’s L2 network rose by 32%, reaching $467 million.

This achievement allowed it to surpass Coinbase’s Base ($415 million) and secure the third position among all rollups.

The Manta ecosystem comprises 38 protocols and over 185 decentralized applications. The majority of the volume — $338 million — is attributed to the lending service LayerBank.

According to L2BEAT, the “natural” TVL of the L2 network is nearly three times higher than the aforementioned figure, reaching $1.57 billion. This consists of:

• native MANTA tokens — $713 million;
• tokens transferred via external bridges — $644 million;
• tokens transferred via “canonical” bridges — $214 million.

Manta Network is a modular L2 ecosystem designed for scalable next-generation decentralized applications. It is divided into two networks — the protocol for dapps Manta Pacific and the ZK platform on Polkadot, Manta Atlantic.

At the time of writing, the MANTA token is trading at $2.69 with a market capitalization of $684 million, according to CoinGecko. Over the past seven days, the asset has declined by nearly 25%.

Previously, the project announced the allocation of 12% of its token supply for two airdrops.

Back in January 19, on the day of the native token’s listing on the Bithumb exchange, the community suspected the Manta team of money laundering. Users allegedly discovered a transfer of 2 million MANTA to a personal wallet of a member of the company’s Korean division.