Manta’s (MANTA) total value locked (TVL) increased by 37.58% during the previous month. 

According to DefiLlama, Manta is the 9th largest total value locked with $457.9 million in Decentralized Finance (DeFi). This figure grew by 5.74% during the week. 

Ranked by TVL in DeFi. Source: DefiLlama

Pioneers in the DeFi space, such as Ethereum (ETH), experience a decline in performance compared to Manta. Ethereum’s total value locked has decreased by 6.68% for the month despite maintaining its leadership position in this ranking.

Among the top 10, other notable cryptocurrencies are facing monthly losses. Solana is down by 12.60%, Polygon by 14.14%, Avalanche by 20.14%, and Optimism by 17.26%.

Is Manta set to lead in DeFi?

Manta is still a relatively new player in the crypto space. The coin started trading on significant exchanges on Jan. 18. During its debut, the token was valued at $2.05. At the time of writing, the price has risen to $3.10, taking into account corrections.

MANTA’s price during January. Source: CoinMarketCap

Manta volume in DeFi is also on the rise. On Jan. 1, this figure was $1.82 million. On Jan. 19, after its listing on exchanges, the figure rose to $7.41 million. This was a record high. 

Manta’s volume change in DeFi. Source: DefiLlama

In January, Manta gained attention with its airdrop initiative, named “The Blue” where the project distributed approximately 50,000,000 tokens. This was 5% of the total supply.

Over the past 24 hours, the price of MANTA has fallen amid a general correction in the cryptocurrency market. Currently, the price has dropped from $3.23 to $2.90.

Crypto analyst Alex Wacy sees significant potential in the project, especially with the development of Manta Eco. However, Wacy predicts a possible drop in the token price soon. This expectation is linked to the release of $51 million of tokens on Feb. 18, with a portion of these unlocked tokens destined for investors from the public sale.

◢ $MANTA – $51M – February 18

Manta has been the subject of much discussion, but it has demonstrated strong growth in the past two weeks.

I remain optimistic that new chains will continue to capture people's interest. With Manta Eco still being developed, I believe the chain… pic.twitter.com/kowLeK7hUY

— AlΞx Wacy (@wacy_time1) January 31, 2024

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