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- MANTA has gone on a tear, outperforming in price and on-chain transactions.
- Manta Network continues to show grit in the face of challenges.
MANTA, the native token of Manta Network, recently experienced a remarkable 9% surge in value and an impressive 72% increase in Total Value Locked (TVL) following its listing on prominent exchanges.
MANTA Token’s Remarkable Performance
As of the latest data from CoinMarketCap, MANTA has become the focal point of the crypto market. The token’s value skyrocketed by 9%, reaching $2.52, with a substantial 70% surge in daily trading volume.
This surge in value was accompanied by a staggering 72% increase in the TVL, propelling Manta Network to become the third-largest L2 network with a 7% market share. Since its official airdrop on January 18, MANTA has accumulated an overall gains of 9.19%.
The listing on major crypto exchanges, such as Binance, played a pivotal role in this upswing, with Binance actively promoting MANTA as part of its launchpool. Intriguingly, Binance allowed users to stake their BNB and FDUSD tokens to farm MANTA, contributing to a huge surge in funds deposited on the Manta Network.
Beyond the financial metrics, Manta Network witnessed a remarkable surge in on-chain activity. The average Transactions Per Second (TPS) experienced an impressive 75% increase over the week, showcasing growing interest and participation within the network.
The utility of the MANTA token within the Manta Network ecosystem adds to its appeal. Not only does it serve as a medium for paying transaction fees, users can also stake MANTA to enhance the blockchain’s security.
Furthermore, the generated revenue and gas savings contribute to funding on-chain activities and zk applications, thereby increasing the demand for block space and resulting in value accrual for MANTA holders.
MANTA’s Challenges and Hurdles
Notably, the journey for MANTA Token has not been without challenges. The Manta Network faced an illicit Distributed Denial-of-Service (DDoS) attack shortly after the token’s listing. The attack affected the communication between applications and the blockchain, creating a setback for the network. Fortunately, as of the latest update, the incident has been resolved.
In addition to the DDoS attack, MANTA faced scrutiny when the project’s team reportedly sold 2 million MANTA within 5 minutes, promptly converting it to Ethereum (ETH). The team defended its actions, stating that this was in line with the token’s tokenomics and not indicative of dumping or money laundering. While the community remains somewhat skeptical, the selling has halted, alleviating concerns about potential dumping.
Finally, MANTA’s remarkable surge in value and TVL, coupled with its growing on-chain activity, showcases the underlying strength of the Manta Network. While challenges have tested its resilience, the project’s commitment to addressing and overcoming these issues is instilling confidence in the community.
As MANTA Network overcomes these problems, the community eagerly expects further advances and milestones on this exciting adventure in the Decentralized Finance (DeFi) space.
