TVL Manta Network is Halved for One Week
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Published: 03/04/2024
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Author: Kane
TVL Manta Network is Halved for One Week
The layer-2 platform Manta Network has experienced a significant decline in TVL within just 7 days. The reason for this downturn stems from the conclusion of the New Paradigm program, leading users to withdraw their funds in large numbers.
Azcnews Breaking
According to data from DefiLlama, the Total Value Locked (TVL) on the layer 2 network Manta Network (MANTA) has witnessed a significant decrease of up to 52% over the past week. Notably, this sharp decline occurred immediately after Manta concluded the New Paradigm program on March 26, allowing users to withdraw StakeStone’s STONE token and Mountain Protocol’s wUSDM.
Tvl Manta
Tvl Manta
Prior to this, Manta’s TVL reached an impressive $497 million. However, the figure dropped to $245 million after the New Paradigm program ended, reflecting the withdrawal of many investors.
The New Paradigm program, launched in December 2023, successfully attracted investors to migrate liquid staking assets such as ETH or interest-bearing stablecoins like STONE and wUSDM to Manta to qualify for rewards. However, users could only withdraw their assets when the program ended on March 26.
Kenny Li, co-founder of Manta Network, shared with DLNews that the project had anticipated a decrease in TVL after the conclusion of the New Paradigm program. However, Li asserted that the project is preparing plans to attract users back.
In addition to new programs like Renew Paradigm or Restaking Paradigm with rewards for asset depositors, Li announced that there are changes to introduce new features and utilities to the Manta Network ecosystem, although further details cannot yet be disclosed.
Since late March, the governance token MANTA of Manta Network has also seen a decline from $3.4 to $2.65, equivalent to a 22% decrease.
Related: Ongoing FUD Challenges Manta Network After Token Launch
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