Over the last month, the total value locked (TVL) in the L2 network Manta Network increased by 32%, reaching $467 million. This allowed Manta Network to surpass the TVL of Base by Coinbase, which stands at $415 million, and take the third place among all rollups. In the Manta ecosystem, there are 38 protocols and over 185 decentralized applications, with the majority of assets concentrated in the lending service LayerBank.

According to L2Beat, the "natural" TVL of the Manta L2 network exceeds $1.57 billion, including native MANTA tokens, tokens moved through external and "canonical" bridges. Manta Network is a modular L2 ecosystem designed for scalable decentralized applications of the next generation, divided into two networks: the Manta Pacific protocol for dapps and the ZK platform on Polkadot, Manta Atlantic.

At the time of writing, the MANTA token is trading at $2.69 with a market capitalization of $684 million, although the asset has fallen nearly 25% over the past seven days. The project previously announced the allocation of 12% of the token supply for two airdrops. In January, the community suspected the Manta team of money laundering after discovering a transfer of 2 million MANTA to the personal wallet of a member of the company's Korean division.