State of Manta Q4 2024

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Key Insights

  • Manta Pacific’s DeFi TVL increased 35.5%QoQ to $64.9 million. In Q4’24, Cytonic, a new L1 blockchain, launched an airdrop campaign application on Manta Pacific, which attracted $27.2 million in TVL by the end of the quarter.
  • Manta Pacific’s average daily active addresses increased 45.7% QoQ to 89,600. Manta Pacific’s Q4’24 increase in average daily active addresses represents an 802.1% increase YoY and is the highest user engagement Manta Pacific has ever achieved.
  • GameFi transactions continued to dominate Manta Pacific’s network activity, accounting for 84.4% of all Manta Pacific transactions in Q4. World of Dypians, Elfin Games, and 0xAstra each exceeded 1.1 million transactions in Q4.
  • Manta Network’s CeDeFi offering ended Q4’24 with $124.0 million in TVL. In Q4’24, Manta CeDeFi integrated with Fuel Network, added support for additional assets, and distributed over $2.2 million in profits to users through the CeFi and DeFi strategies.
  • Manta Network completed epoch 1 of the Gas Gain gas fee rebate program. Epoch 1 successfully rebated 50% of onchain transaction fees to users of the Manta Pacific ecosystem.

Primer

Manta Network (MANTA) is an ecosystem of networks offering scalable execution environments for applications. It consists of two distinct networks: Manta Pacific, a modular EVM-compatible Ethereum L2, and Manta Atlantic, an L1 chain on Polkadot. Since the launch of Manta Pacific, network activity has migrated away from Manta Atlantic to Manta Pacific. However, staking operations continue on Manta Atlantic.

With the introduction of the New Paradigm bridge in December 2023, Manta Pacific implemented native yield generation for ETH and supported stablecoins. Manta’s New Paradigm campaign concluded in Q1’24, but Manta has since launched the zkLink Aggregation Parade, Retaking Paradigm, Renew Paradigm, Manta Expedition, and Gas Gain. Like New Paradigm, these campaigns incentivized users to bridge assets into the Manta ecosystem by providing additional rewards, yield opportunities, or gas fee rebates. Additionally, Manta CeDeFi offers a hybrid finance solution that enables users to earn institutional-grade yields through custodial staking while maintaining onchain accessibility. Manta Network has raised over $60 million from a pre-seed, seed, community, and Series A round. The Series A round was held at a $500 million valuation. For a full primer on Manta Network, refer to our Initiation of Coverage report.

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Key Metrics

Financial Analysis

During Q4’24, Manta’s market cap decreased by 3.6% from $319.7 million to $308.3 million. The circulating supply of MANTA increased modestly, with the liquid supply rising to 38.0%, a QoQ increase of 6.3%. MANTA’s price fell 4.9% over the quarter to $0.80. At the end of the quarter, Manta Network’s market cap ranked 271st among all cryptocurrencies.

Manta Network’s total revenue, i.e., all fees collected by the protocol, experienced a 32.1% reduction QoQ, falling from $312,500 in Q3’24 to $212,100 in Q4’24. On a YoY basis, Manta Network’s revenue has declined 78.4%, falling from $981,000 in Q4’23. This decline in revenue correlated with a decrease in daily transactions on Manta Pacific, which fell from 469,200 average daily transactions in Q3’24 to 229,000 average daily transactions in Q4’24. However, Manta Pacific’s average daily transactions remain elevated compared to Q2’24, which achieved 73,600 average daily transactions. The reduction in Manta Pacific’s fees can be attributed to the integration of Celestia for data availability and the rise in simple transactions related to GameFi applications. The integration with Celestia enabled Manta Pacific to reduce gas fees on the network, impacting revenue metrics but improving user experience.

Since its inception, Manta Pacific has consistently generated the majority of Manta Network’s revenue as network activity and application development have migrated away from Manta Atlantic to Manta Pacific. Manta Atlantic accounted for a negligible portion of Manta Network’s total revenue in Q4’24, but it remained the hub for MANTA staking and emission distribution. Only MANTA staking and Bifrost, a liquid staking protocol, are currently supported on Manta Atlantic. The initial surge in Manta Pacific’s revenue coincided with the Token Generation Event (TGE) on Jan. 18, 2024, while subsequent peaks in Manta Atlantic’s earnings aligned with the token unlock schedule.

Toward the end of Q4’23, Manta Pacific began integrating Celestia for data availability to provide higher throughput and cheaper transaction fees on the network. As of this writing, Manta Network estimates a total savings of approximately $17.2 million on transaction fees attributable to this integration.

Copilot Insights: How are Manta Pacific’s transaction fees allocated?

Manta Network’s transaction fees are allocated as follows:

  • 10% is directed to block producers.
  • 18% supports Manta Network’s community treasury for development initiatives.
  • 72% is reserved as incentives for projects within the Manta ecosystem.

On Sept. 30, 2024, Manta announced the Gas Gain program, the first program to repurpose L2 gas fee profits as gas fee rebates. This program incentivizes onchain activity by rewarding MANTA to users who engage with various dApps on the network. With Gas Gain, 50% of Manta Pacific’s gas fee profits will be converted to MANTA and distributed among the top 400 participants based on a points system. Participants can view their rank on the global leaderboard here. Manta’s Gas Gain program completed its first epoch on Nov. 30, 2024. Gas Gain epoch 2 began following the epoch one snapshot.

By the end of Q4’24, 38.4% of MANTA’s genesis supply was liquid, marking a 5.9% QoQ increase. This liquid supply is part of the 1 billion MANTA initially allocated during the token’s launch in January 2024. Looking ahead to Q1’25, an additional 91.7 million MANTA, or 9.2% of Manta’s genesis supply, will unlock.

MANTA has an annual inflation rate of 2%, which accrues entirely to Manta Atlantic block producers. During Q4’24, an additional 5 million MANTA were minted and emitted as block rewards.

The key components of the Q1’25 unlocks include:

  • Private Investors (72.7% of Q1 unlocks): Approximately 70.3 million MANTA tokens will unlock to private investors.
  • Ecosystem/Treasury (16.3% of Q1 unlocks): Approximately 15.7 million MANTA tokens will unlock to the ecosystem, supporting community-driven initiatives like grants, ambassador programs, and boosted yield, along with allocations to the protocol’s treasury held by the Manta Foundation.
  • Advisors (5.8% of Q1 unlocks): Approximately 15.7 million MANTA tokens will be unlocked for Manta Network advisors. The team has an 18-month cliff and will receive tokens on July 18, 2025.
  • Estimated Emissions (5.2% of Q1 unlocks): 5.0 million MANTA tokens are set to be minted from emissions, providing additional liquidity to the market and supporting ongoing network participation incentives.

Network Analysis

Usage

Copilot Insights: What types of protocols drive Manta Pacific’s network activity?

In Q4 2024, Manta Pacific experienced a 45.7% QoQ increase in average daily active addresses, which rose from 61,500 in Q3’24 to 89,600, a YoY increase of 802.1%. However, average daily transactions on Manta Pacific fell 51.2% QoQ from 469,200 in Q3’24 to 229,000 in Q4’24. Despite this decline, Q4’24 still marked the second-highest transaction volume quarter for Manta Pacific, representing a 233.1% YoY increase.

The creation of a new address on Manta Pacific also slowed in Q4’24. Average daily new addresses fell 41.9% YoY and 50.7% QoQ from 3,440 in Q3 to 1,700 in Q4.

In terms of dApp activity, the over 16.5 million dApp transactions on Manta Pacific over Q4 came from:

Security

As of this report’s writing, Manta Atlantic has 55 collators and 101.8 million MANTA staked. The Manta Atlantic parachain is connected to Moonbeam, Bifrost, AssetHub Polkadot, Acala, and the relay chain.

MANTA’s annual 2% inflation entirely accrues to Manta Atlantic block producers. To qualify as a collator, users must post a minimum of 400,000 MANTA as bonds and meet the network’s hardware requirements.

Symbiotic

Copilot Insights: Can I restake my MANTA?

Manta Pacific is also enhancing its crypto-economic security by​​ integrating fast finality through Symbiotic. Announced on Jan. 9, 2024, this upgrade reduces the multi-day optimistic rollup finalization period to minutes, significantly improving the user experience for withdrawals and cross-chain transactions. Once fully deployed, users will be able to contribute to network security by restaking MANTA, marking the first restaking implementation for fast finality on any OP Stack deployment. As of Jan. 9, 2025, Manta Network opened MANTA prestaking, allowing users to contribute to network security ahead of the full rollout of fast finality. Once fully deployed, users will be able to restake MANTA to support the new crypto-economic security system. To start prestaking, users can follow Manta Network’s prestaking tutorial.

Babylon

Copilot Insights: Is Manta Pacific secured by Babylon?

In Q4’24, Manta Network announced its integration with Babylon’s Bitcoin staking protocol, enabling it to become a Bitcoin Secured Network (BSN). This partnership allows Manta to leverage Bitcoin’s security without requiring users to bridge or wrap BTC, enhancing the network’s decentralization and resilience. By incorporating Bitcoin staking, Manta aims to strengthen its security model, tap into Bitcoin’s liquidity, and provide faster finality for transactions.

Ecosystem Overview

DeFi

Copilot Insights: Are there any airdrop farming opportunities on Manta Pacific?

In Q4 2024, Manta Pacific’s DeFi total value locked (TVL) experienced a 35.5% QoQ increase, rising to $64.9 million. Manta’s DeFi TVL experienced positive growth for the first time since Q4 2023, potentially signifying a recovery from previous declines in 2024. Manta’s DeFi TVL growth in Q4 can primarily be attributed to Quickswap, which experienced a 27.7% QoQ increase in TVL, and Cytonic, which added $24.3M to Manta’s TVL.

Cytonic’s contribution to Manta Pacific’s DeFi TVL can be attributed to its partnership with Manta enabling users to deposit ETH, WETH, USDT, USDC, Manta mUSD, Manta mETH, and Manta mBTC on Manta Pacific to the Cytonic airdrop campaign. Cytonic will be an L1 and is using this airdrop campaign to help bootstrap the ecosystem and capture TVL. The first phase of Cytonic’s airdrop campaign will last approximately six months and conclude with the launch of its mainnet.

KiloEx, a perpetual futures DEX, remained a leading protocol in Manta’s ecosystem, maintaining a TVL of $13.7 million. However, KiloEx’s Q4’24 TVL still represents a 15.3% QoQ decline.Other key contributors included:

  • Gull Network with $5.4 million in TVL, down 27.9% QoQ.
  • LayerBank, with $5.2 million in TVL, down 23.7% QoQ.
  • Shoebill, with $1.8 million in TVL, down 13.6% QoQ

Even with Manta Pacific’s Q4’24 TVL growth, Manta Pacific’s TVL ended the quarter far below the highs of early 2024, reflecting ongoing challenges in the Ethereum L2 sector.

In Q4 2024, Manta Pacific’s average daily DEX volume declined by 25.8% QoQ, falling from $2.1 million in Q2 to $1.6 million. Despite the overall drop in volume, Quickswap remained the dominant DEX on Manta Pacific, accounting for 91.6% of the total volume. Quickswap’s average daily volume increased 10.8% QoQ to $1.4 million.

Uniswap followed as the second-largest contributor, recording an average daily volume of $72,796 during the quarter, an 89.9% QoQ decrease, while iZiSwap saw an average volume of $57,625 and an increase of 35.3% QoQ. Other DEXs accounted for a negligible share of average daily volume, with their combined volume decreasing by 94.8%.

In Q4 2024, Manta Pacific’s DeFi Diversity remained unchanged at 6. DeFi Diversity measures the number of dApps that make up 90% of the network’s total DeFi TVL.

Manta Pacific’s stablecoin market cap fell 12.8% QoQ to $12.1 million in Q4 2024. USDT remains the dominant stablecoin, with a market cap of $8.4 million, making up 69.6% of the stablecoin market. USDC, the second-largest stablecoin, declined 21.5% QoQ, dropping to a $3.0 million market cap. USDz, Anzen Finance’s RWA-backed stablecoin, maintained a market cap of $640,000. GAI and USDe remain minor players on the network, with GAI declining to $14,500 in TVL and USDe declining to $1,700.

Perpetual Futures

In Q4’24, Manta Network captured memecoin trading volume through the Meme Token Frenzy campaign on its leading perpetual futures exchange, KiloEx. Between Oct. 15, 2024, and Nov. 23, 2024, KiloEx incentivized users with KiloEx airdrop points, 8,000 MANTA tokens, and special meme token OATs for top participants. Outside of this campaign, KiloEx continued to list new tokens and run additional campaigns, such as the Celebration Trading Contest, which cemented itself as the leading perpetual futures DEX on Manta Pacific.

Liquid Staking

Bitfrost’s vMANTA remains the largest LST on Manta Pacific. As of quarter end, the product has 7.3 million MANTA staked and offers 20.0% APY. This yield is comparable to natively staking MANTA on Manta Atlantic, where yield ranges from 9% to 27%.

The other LST on Manta Network is stMANTA, offered by Accumulated Finance. Even though its product went live shortly after TGE on January 31, it only has 547,000 MANTA staked, offering a 26.7% APY.

Manta Expedition and Restaking Paradigm

In Q4’24, Manta Network announced Manta Expedition, a rewards campaign to incentivize network activity on Manta Pacific. Manta Expedition ran from Oct. 23, 2024, until Jan. 23, 2025, and distributed 15,000 MANTA in rewards to the community. In Q4’24, Manta Network also announced that the staking for the Restaking Paradigm campaign had closed. As of this writing, Staking Paradigm is labeled as ended on Manta’s website.

Manta CeDeFi

Copilot Insights: What is Manta CeDeFi?

In Q2’24, Manta Network announced CeDeFi, a yield-boosting reward program. Manta CeDeFi allows users to deposit supported tokens into Manta Pacific’s contract, which will be secured by Ceffu (formerly Binance Custody). When users deposit to Manta CeDeFi, they receive mTokens, a collection of LSTs representing users’ deposits. In Q3’24, Manta announced the launch of staking functionality for mTokens. During Q3, users could stake mTokens to earn points redeemable for MANTA rewards.

In Q4’24, Manta Network continued to add features to Manta CeDeFi, enabling users to earn Fuel Network points, bind three Fuel Network addresses to their accounts, withdraw ETH to mainnet, support Eigenpie’s wBETH and mWBETH, and distribute over $2.2 million in profits to users through the CeFi and DeFi strategies Manta CeDeFi executes.

At the end of Q4, the CeDeFi program had $124.0 million in TVL and, as of this writing, offers the following APRs:

  • BTC: 5.0% APR with $2.0 million TVL
  • ETH: 2.0% APR with $41.7 million TVL
  • USDT/USDC/wUSDM: 7.0% APR with $72.2 million TVL

Gaming

In Q4 2024, Manta Network continued to grow its blockchain gaming sector, with four projects gaining significant traction on the platform: World of Dypians, Elfin Games, 0xAstra, and Taman.

World of Dypians

World of Dypians, a Play-to-Earn MMORPG, recorded over 7.3 million transactions during Q4, making it the most active dApp on Manta Pacific. The game allows players to explore a metaverse, engage with other players, and earn rewards. World of Dypians also held an IDO and launched its WOD token in Q4.

Elfin Games

Elfin Games, the developer behind the Elfin Metaverse, continued to generate significant transaction activity on Manta Pacific, accounting for 4.7 million transactions in Q4, which is good for the second most active protocol on the Manta Pacific. Elfin Games drove activity through play-to-earn airdrop incentives.

0xAstra

0xAstra is an omni-chain strategy game where players explore space, collect resources, and engage in battles. The game integrates cross-chain transactions, allowing players to earn Asters, the in-game currency, by interacting with different blockchain networks. Players can manage fleets in 0xAstra’s Fleet Assault game, construct bases and gather resources in Cosmic Constructor, and upgrade spacecraft in Starfleet Arsenal. With 11 planets representing different blockchains, players complete missions, compete on leaderboards, and earn rewards based on their in-game progress.

0xAstra held its genesis NFT mint on Aug. 30, 2024, and announced its partnership with Manta Network on Oct. 10, 2024, for the Manta Carnival #1 event featuring a 10,000 MANTA prize pool. During Q4, Astra conducted its Second Alpha Test and finalized its upcoming open beta version. Additionally, Astra joined the Manta ecosystem grant program and received a grant to support its development. 0xAstra accounted for 1.1 million transactions on Manta Pacific in Q4, ranking it third in total dApp transactions for the quarter.

Taman

The Telegram-based mini-app clicker game Taman became prominent in Manta Network’s gaming sector in Q3’24 when it was responsible for 76% of Manta Pacific’s total transactions over the quarter. In Q4’24, Taman’s activity fell to 3.38% of the total activity on Manta Pacific, placing Taman as the fifth most used application on Manta Network, reflecting its continued role in driving engagement within the growing GameFi ecosystem.

Ecosystem Growth

Copilot Insights: What new protocols are building on Manta Pacific?

In Q3, the Manta Foundation announced the launch of a $50 million EcoFund to support Manta Network builders. The EcoFund aims to accelerate the growth of the Manta Network ecosystem by investing in native applications and technology partners. The EcoFund has allocated $35 million for strategic investments, $10 million for grants, and $5 million for events and hackathons. Builders are invited to apply here. In Q4’24, 0xAstra received an ecosystem grant to support the further development of the 0xAstra game on Manta Pacific.

Ecosystem Expansion

In Q4’24, Manta Pacific continued to expand its ecosystem with the addition of several new projects spanning DeFi, infrastructure, and gaming. These projects enhance Manta Pacific’s utility, bringing innovative financial tools, cross-chain solutions, and engaging onchain experiences to the network. Below are some of the key additions that joined the Manta Pacific ecosystem this quarter.

  • Holyheld: Holyheld is an onchain debit card company that integrated Manta Pacific to enable users to pay with liquid assets on Manta Pacific.
  • CrazyMeme: CrazyMeme is a memecoin launchpad that uses Dutch auctions aimed at providing a more balanced and equitable token distribution process.
  • HyperRoll: HyperRoll is a SocialFi betting platform that announced its launch on Manta Network on Oct. 14, 2024.
  • Fufuture: Fufuture Is a perpetual options protocol that announced a strategic partnership with Manta Network on Dec. 12, 2024.
  • Babylon: Babylon is a shared security protocol that enables Bitcoin staking to harness Bitcoin’s economic security. On Dec. 17, 2024, Babylon announced that Manta Network is integrating with the Babylon Bitcoin staking protocol to become a Bitcoin-secured network.
  • Symbiotic: Symbiotic is a shared security protocol designed to create a marketplace3 for economic security through restaking. On Jan. 9, 2025, Manta and Symbiotic announced a collaboration to strengthen cryptoeconomic security with fast finality powered by Symbiotic.
  • Cytonic: Cytonic is a new L1 that has developed MultiVM compatibility, making Cytonic compatible with Bitcoin, Ethereum, and Solana. As of Dec. 31, 2024, Cytonic is running an airdrop campaign that is designed to incentivize users to help bootstrap Cytonic’s initial TVL. On Dec. 4, 2024, Manta Network and Cytonic announced a joint campaign to enable Manta CeDeFi users to earn a share of the Cytonic airdrop.
  • PredX.ai: PreX.ai is an AI agent-focused prediction market that announced its deployment on Manta Pacific on Dec. 30, 2024.
  • Terminus: Termius is a crypto payments company that enables users to accept crypto payments with QR codes. On Dec. 13, 2024, Termius announced support for USDT on Manta Pacific.
  • Aethir: Aethir, a leading decentralized cloud infrastructure provider, partnered with Manta Network to provide high-performance, decentralized GPU resources for AI and gaming applications.
  • MemeLaunch: MemeLaunch is an AI-powered meme launchpad and trading platform that announced its launch on Manta Network on Nov. 3, 2024.
  • Avea: Avea is a trading terminal that added support for Manta Pacific on Nov. 14, 2024.
  • CARV: CARV is a modular identity and data layer for gaming, AI, and more that partnered with Manta Network on Nov. 29, 2024, to bring CARV IDs into the Manta ecosystem to enhance player data ownership and monetization.
  • PositionsFi: PositionsFi is a DeFi protocol that enables users to borrow against staked assets across CeDeFi and ecosystem yield vaults. PositionsFi announced its incentivized testnet launch on the Manta Pacific Testnet on Dec. 3, 2024.
  • LSP Finance: LSP Finance is a digital asset management platform that offers yield strategies and enables users to manage their portfolios from the LSP Finance dashboard. LSP Finance raised $1.0 million at a $33.0 million valuation in a pre-seed round announced on Dec. 5, 2024.
  • Polyquest: Polyquest is a prediction market that announced its expansion to Manta Pacific on Dec. 10, 2024.

Community Events

In Q4’24, Manta Network continued to expand its ecosystem and engage with its community through a series of key industry events, dedicated community meet-ups, and online events. Notable events and initiatives from the quarter included:

Other ecosystem development announcements include:

  • API3 Oracle Stack: On Oct. 1, 2024, API3 announced that its oracle stack became available on Manta Pacific. API3’s oracle stack gives developers access to data feeds and the OEV Network to recapture protocol MEV due to oracle updates.
  • ERC-7683 Support: On Nov. 7, 2024, Manta Network announced support for ERC-7683, the cross-chain intent messaging standard, to seamlessly unify liquidity across Ethereum L2s.
  • Manta Network Social Gain Program: On Nov. 21, 2024, Manta Network introduced the Social Gain Program to reward content creators for promoting, educating, and engaging with the Manta community across social media. Participants earn USDT-based incentives based on engagement metrics, with payouts for posts reaching specific view or interaction thresholds.
  • Manta Network website update: On Dec. 12, 2024, Manta Network released an updated version of the Manta Network website.

Closing Summary

During Q4’24, Manta Network’s market cap declined by 3.6%, falling from $319.7 million to $308.3 million. Revenue decreased by 32.1%QoQ to $212,100, while Manta Pacific’s DeFi TVL saw its first quarterly increase since Q4’23, rising 35.5% QoQ to $64.9 million with the emergence of Cytonic’s airdrop farming campaign, which accrued $24.3 million in TVL. Despite a QoQ decline in transaction activity, network usage remained elevated YoY, with average daily transactions increasing 233.1% and average daily active addresses increasing 802.1% to 89,600.

Gaming continued to be a dominant force on Manta Pacific, with GameFi accounting for 84.4% of total transactions. World of Dypians led with 7.3 million transactions, followed by Elfin Games and 0xAstra, each exceeding Taman’s transaction volume in Q4.

Manta Network further expanded its ecosystem through new partnerships and initiatives. The introduction of fast finality via Symbiotic enhanced transaction efficiency, while Gas Gain continued rewarding onchain activity. Manta Network also onboarded projects like Aethir, Holyheld, and PositionsFi and expanded community engagement with events like MemeWave 2025 and DevCon 2024. As Manta Network enters 2025, Manta looks to build on its momentum in the gaming sector to attract users and TVL.

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