Manta Network Sees Usage Surge Despite Sharp DeFi Decline In Q3 2024

Manta Network experienced a mixed third quarter in 2024, with a stark drop in DeFi Total Value Locked (TVL), which fell 95% from a peak of $684 million in March to just $36 million.

Nevertheless, the $MANTA token’s market cap remains resilient at $227 million, with a fully diluted valuation (FDV) of $592 million. While financial metrics struggled, Manta Pacific saw a surprising uptick in network activity, largely fueled by GameFi.

In Q3, Manta Pacific’s daily transactions soared by 551.8% to 479,400, while daily active addresses rose 440.5% to 62,300. Notably, GameFi accounted for 97.4% of transactions, with top games like Taman Fun, World of Dypians, and Elfin Games leading the charge.

These titles contributed a significant 38.5 million of the 39.5 million transactions recorded on Manta Pacific, spotlighting GameFi’s central role in driving user engagement.

Manta’s DeFi ecosystem, however, struggled. TVL dipped 9.2% to $48.7 million, and DEX volumes declined 25.5% to $2.08 million.

Amidst these declines, @KiloEx_perp provided a bright spot with a 423.8% quarterly increase in TVL, reaching $16.1 million. Other DeFi contributors included Gull Network, LayerBankFi, and QuickSwapDEX.

Financially, Manta Network faced challenges: $MANTA’s price dropped by 14.3% to $0.90, the market cap rank slid to 163rd, and quarterly revenue plunged 70.2% to $313,000. To support ecosystem growth, the Manta Foundation launched a $50 million EcoFund, awarding grants to emerging projects like dappOS, Dypians World, and Cycle Network.

This is the @MantaNetwork blockchain. They managed to lose 95% of their DeFi TVL (from a peak of $684 million in March to the current $36 million).
I’m surprised that the $MANTA token is still holding a market cap of $227 million and an FDV of $592 million. pic.twitter.com/ejhRmmrkbW

—