TVL increased 3 times in 1 month, in-depth analysis of Manta Pacific, the third largest L2 ecosystem

Written by: Michael Nadeau & Token Terminal, Token Terminal

Compiled by: Felix, PANews

Core points:

• Manta focuses on building modular, scalable, zero-knowledge infrastructure for Web3 applications.

• Manta is the first Ethereum-based rollup to leverage Celestia for data availability and has already saved users $750,000.

• The team members looked high-spirited. Manta has raised significantly less funding than its competitors ($60 million compared to $450 million for zkSync). In some ways this is a good thing, forcing the team to think creatively, as can be seen in Manta Pacific's marketing and incentives, which resulted in a 3x increase in TVL last month.

• The team is not resistant to change. This can be seen in the decision to move from the OP stack to Polygon zkEVM.

• Manta Network co-founder and spokesperson Kenny Li seems to have a very clear vision for how the Web3 technology stack can scale.Xiaobai Navigation, and positions Manta as a leader in this process.

Manta Pacific is an Ethereum-based L2 The rollup, deployed on the OP stack, leverages Celestia for data availability and Ethereum for settlement. The mainnet was launched just three months ago. Manta currently has over 60 developers.

The project’s recent performance has been eye-catching, with TVL exceeding US$1.7 billion and reaching US$1.76 billion. It tripled in January and is currently the third largest L2 ecology. In addition to TVL growth, the network generated $3.7 million in fee revenue over the past 90 days.

Product uniqueness

Kenny Li is one of the co-founders of p0x Labs (the development team behind Manta). Kenny Li said in a recent interview that developers have no interest in figuring out which L2 they should deploy on. They don't know and don't want to know the differences between L2s. Obviously developers don't want to deploy in multiple ecosystems and maintain code on multiple networks. Manta is building for this future – a future where infrastructure is commoditized. That's why developers are building tools in a modular format to enable "plug and play" for Web3 application developers.

In addition to its strong support for modularity, from a product perspective, Token Terminal believes there are five key areas to focus on:

• Manta only focuses on ZK technology because Manta believes it provides application developers and end users with a superior user experience: privacy + scalability.

• Manta provides developers with "universal circuitry," which means developers don't need to maintain code, deal with encryption, etc. Instead, developers only need to leverage existing SDK solutions and deploy ZK solutions with a small amount of code.

• Manta is the first L2 deployed on Celestia, significantly reducing gas costs for application developers. These savings, which already exceed $750,000, will increase L2's bottom line while improving the user experience.

• As an Ethereum-based L2, any Ethereum-based application deployed on other EVMs can be deployed on Manta and take advantage of the lower gas fees provided by Celestia DA.

• Manta is very optimistic about Polygon zkEVM. This is probably an important reason why Manta decided to leave the OP stack.

User guidance

The following is the data since Manta Pacific launched its mainnet 3 months ago:

• In September, Manta added 54,000 new users. As of December, 54% userswalletStill working with Manta’s smartcontractto interact.

• In October, Manta added 123,000 new users. As of December, 39% users are still struggling withBlockchainInteraction.

• There were 88,000 new users in November, of which 66% users interacted in December.

• 216,000 new users were added in December. Please note that in the first roundTokenThe airdrop is January 18th.

business model

Manta Pacific benefits from charging users for interacting with applications built on its L2 infrastructure. A portion of these fees are then paid to Ethereum for settlement and data availability.

But by leveraging Celestia to provide data availability, Manta can significantly reduce the cost of paying Ethereum (~95%). These savings will be passed back to users, and Manta hopes its profit margins will remain the same or increase slightly to create a highly scalable infrastructure.

According to Kenny Li, the team plans to recycle profits into marketing, ecological projects and ecological growth funds.

market comparison

From Manta's early performance relative to more mature protocols, several conclusions can be drawn:

• Manta is the first L2 project to use Celestia to reduce data availability costs. The team says it has saved users $750,000. However, this has not been confirmed when looking at the average cost/transaction over the past 3 months. Note that Manta's profits are currently being determined as they only pay settlement fees to Ethereum.

• The Manta team is scrappy. Even though there are far fewer developers at this stage of the project, the team is holding on to its guns.

• In its first few months, Manta was able to attract an impressive $500 million in TVL.

• Manta currently leads its peers in 4-month user retention.

In short, the future success of Manta will ultimately depend on the core team andCommunityexecution over a long period of time.

The article comes from the Internet:TVL increased 3 times in 1 month, in-depth analysis of Manta Pacific, the third largest L2 ecosystem

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