State of Manta Q2 2024

Key Insights

Financial Analysis

During Q2’24, Manta’s market cap fell by 52.8% from $755.2 million to $356.2 million. As of the end of the quarter, the total market cap ranks at 157. Due to the increase in liquid supply by 20.2% during this quarter, MANTA’s price fell by 65.2% to $1.05.

Manta Network’s revenue, i.e., all fees collected by the protocol, fell by 56.5% to $1.0 million. This can be broken down into a 56.5% decrease for Manta Pacific and a 61.2% decrease for Manta Atlantic QoQ. Since its launch, the majority of Manta Network’s revenue has been dominated by Manta Pacific. The first spike for Manta Pacific corresponds to MANTA’s TGE on January 18. Each following spike for Manta Atlantic’s revenue lines up with monthly token unlocks.

After launching in January, 33.5% of MANTA’s genesis supply was liquid by the end of Q2, a 20.2% QoQ increase. The genesis supply includes the 1 billion MANTA initially allocated but not staking rewards. MANTA allocates 2% of total issuance annually for staking rewards.

Usage

Network activity, measured by transactions and active addresses, decreased in Q2. Average daily transactions and addresses for Manta Pacific decreased QoQ by 26.1% to 73,700 and 54.7% to 11,500, respectively. Over the quarter, the average daily number of new addresses decreased by 61.8% to 2,000. In terms of dApp activity, the over 2.3 million dApp transactions

For Manta Atlantic, average daily transactions decreased QoQ by 45.9% to 1,000, while daily active addresses decreased by 22% to 1,000. The average daily number of new addresses also decreased by 90.9% to 24.3. Each spike on the Manta Atlantic chart corresponds to a token unlock via airdrop, public sale, ecosystem, or team/advisors.

DeFi

Manta Pacific’s DeFi TVL decreased by 81.2% QoQ to $52.8 million. After reaching $854.4 million on March 10, its TVL dropped by 93.8% by the end of Q2. The significant dropoff happened in late March when TVL went from $710.9 million on March 21 to $352.0 million on March 28, a week later. Some of the decrease can be explained by the ending of reward programs near the end of March and early April.

At the end of Q2, the CeDeFi program had $113.2 million TVL while offering the following APRs:

Manta Pacific’s average daily DEX volume decreased by 38.7% QoQ to $2.8 million. Of the Q2 volumes, Quickswap

Manta Pacific’s stablecoin market cap increased by 14.1% QoQ to $14.7 million, ranking it 40th among all networks. The growth was exclusively driven by USDT, whose Manta Pacific’s market cap grew by 58.1% QoQ to $9.3 million. USDT’s market share on Manta Pacific grew 38.6% QoQ to 63.7%, becoming the largest stablecoin on the network. USDC’s market share fell 32.3% QoQ to 35.8%.

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