Manta Network’s Third Quarter Recap: DeFi TVL Plummets, GameFi Thrives

Mixed Results in Q3

Manta Network encountered a challenging third quarter in 2024, with a significant decline in DeFi Total Value Locked (TVL) by 95%, dropping from $684 million to $36 million since March. Despite this, the market cap of the $MANTA token remains stable at $227 million, with a fully diluted valuation (FDV) of $592 million. Manta Pacific, on the other hand, experienced a surprising increase in network activity driven mainly by GameFi.

GameFi Drives Network Activity

In Q3, Manta Pacific witnessed a remarkable surge in daily transactions, up by 551.8% to 479,400, while daily active addresses rose by 440.5% to 62,300. GameFi was the primary driver of this surge, contributing to 97.4% of transactions. Leading games like Taman Fun, World of Dypians, and Elfin Games played a crucial role in this growth, accounting for 38.5 million out of 39.5 million transactions recorded on Manta Pacific.

DeFi Ecosystem Struggles

Despite the growth in network activity, Manta’s DeFi ecosystem faced challenges as TVL decreased by 9.2% to $48.7 million, and DEX volumes dropped by 25.5% to $2.08 million. However, @KiloEx_perp stood out with a 423.8% increase in TVL, reaching $16.1 million. Other DeFi contributors included Gull Network, LayerBankFi, and QuickSwapDEX.

MANTA Price Action and Initiatives

Financially, Manta Network’s $MANTA token experienced a 14.3% price decline to $0.90, with a market cap rank at 163rd and quarterly revenue decreasing by 70.2% to $313,000. In response, the Manta Foundation launched a $50 million EcoFund to support ecosystem growth, granting funds to projects like dappOS, Dypians World, and Cycle Network.

Future Prospects for Manta Network

Despite the financial challenges, Manta Network introduced innovations such as MultiDA and the Gas Gain Program to boost user engagement. The expanding ecosystem and the success of GameFi-driven activities point towards potential sustained growth and user participation for Manta Network in the future.

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