In a remarkable display of financial growth, Manta Network has achieved a significant milestone in the Ethereum Layer 2 sector. According to the latest data from Dune, Manta Network's revenue product, New Paradigm, has seen its on-chain asset pledge value (TVL) soar to over 246 million US dollars. This impressive achievement has been reached within a mere 24-hour window, eclipsing the TVLs of both Starknet and Linea.
This rapid ascension has not only positioned Manta Network ahead of its immediate competitors but has also seen it overtake ImmutableX. The result is a prestigious spot as the 8th highest TVL in the Ethereum Layer 2 arena. The specifics of this growth are noteworthy: New Paradigm currently boasts 86,674 ETH and 49,906,534 USDC in pledges, and these figures are on an upward trajectory.
The success of New Paradigm can be attributed to its unique revenue model. Leveraging what is known as the Blast model, Manta Network has designed a system where users can pledge ETH and USDC to a subsidiary project, Manta Pacific. This initiative not only encourages participation through the conventional avenue of pledging but also through an innovative 'invite-a-friend' system. Participants are rewarded through a variety of avenues, including fixed income in ETH and USDC, MANTA token airdrops, and rewards from associated ecological projects.
Manta Pacific itself is an Ethereum modular Layer 2 solution, specially crafted for ZK (Zero Knowledge) applications. Its development and launch are integral parts of Manta Network's broader strategy. The project has garnered significant attention and financial backing, attracting over 60 million US dollars in funding. This support comes from a cohort of prestigious institutions, including Polychain, Binance Labs, CoinFund, and SevenX Ventures, marking a strong vote of confidence in Manta Network's vision and its execution capabilities.
The trajectory of Manta Network and its New Paradigm product paints a promising picture for the future of Ethereum Layer 2 solutions. With innovative revenue models, strong community engagement, and substantial backing from key industry players, Manta Network is well-positioned to continue its ascent in the blockchain and cryptocurrency arena.
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