HomeNewsZero-Knowledge L2 Network Manta Network's Token, MANTA, Gains 9% Post-Listing

Zero-Knowledge L2 Network Manta Network’s Token, MANTA, Gains 9% Post-Listing

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  • MANTA, Manta Network’s native token, witnesses a 9.19% growth and a 72% surge in Total Value Locked (TVL) following its listing.
  • The token’s listing on major platforms, including Binance, has propelled it to become one of the top market gainers.

MANTA Token Makes Waves in Crypto Market

MANTA, the native token of the Manta Network – a zero-knowledge Layer 2 (L2) network – has emerged as a top trending cryptocurrency, demonstrating substantial market growth since its listing. The token, which utilizes zero-knowledge proof technology for enhanced privacy and scalability, has seen a remarkable surge in both its value and network activity.

A Leap in Trading Volume and TVL

Since its official airdrop and listing on January 18, MANTA has seen a substantial increase in its trading volume and total value locked. Over the last 24 hours, the token’s trading volume has soared by over 70%, pushing its price to $2.52. This surge has propelled MANTA’s overall gains to 9.19% since its listing. The listing, notably on Binance and other major crypto trading platforms, has significantly bolstered the token’s market presence.

Furthermore, the Total Value Locked (TVL) in the Manta Network experienced a sharp increase, leaping from $891 million to $1.54 billion. This 72% jump since MANTA’s public debut has positioned the Manta Network as the third-largest L2 network in terms of TVL, claiming 7% of the market share.

On-Chain Activity and MANTA’s Utility

The Manta Network has also seen a significant uptick in on-chain activity following the token’s listing. The network’s average transactions per second (TPS) surged by 75% over the past week, indicating a heightened level of engagement and usage within the ecosystem.

MANTA serves several key functions on the Manta Network. Apart from being used to pay transaction fees, it allows users to stake tokens to contribute to the blockchain’s security. Additionally, the revenue and gas savings generated are channeled into funding on-chain activities and zero-knowledge applications, thereby increasing the demand for block space and accruing value for MANTA holders.

Overcoming Early Challenges

Despite the promising growth and market response, the Manta Network faced challenges following MANTA’s listing. An illicit denial-of-service (DDoS) attack temporarily disrupted communication between applications and the blockchain. However, this incident has since been resolved, allowing the network to continue its trajectory of growth and innovation.

As the Manta Network and its MANTA token continue to evolve, they showcase the dynamic nature of the cryptocurrency market, where new technologies and innovations can rapidly gain traction and reshape the investment landscape.

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Bhushan Akolkar
Bhushan Akolkar
Bhushan is a FinTech enthusiast and possesses a strong aptitude for understanding financial markets. His interest in economics and finance has drawn his attention to the emerging Blockchain Technology and Cryptocurrency markets. He holds a Bachelor of Technology in Electrical, Electronics, and Communications Engineering. He is continually engaged in a learning process, keeping himself motivated by sharing his acquired knowledge. In his free time, he enjoys reading thriller fiction novels and occasionally explores his culinary skills. Business Email: info@ethnews.com Phone: +49 160 92211628