- A race is on among depositors to earn points for the Manta CeDeFi program before the project tags $500 million in TVL.
In its first week of launch, Manta’s new CeDeFi offering attracted more than $120 million in assets, indicating a positive start to the initiative.
Following its launch on May 19, Manta CeDeFi boasts $121.5 million in total value locked (TVL), according to data from DeFiLlama.
Manta’s two-month points program, which qualifies early adopters who deposit assets before the product achieves a $500 million TVL for monthly MANTA airdrops, is probably what’s driving the fast growth.
Manta Manta stated in a blog post that CeDeFi provides direct opportunity to on-chain consumers beyond just DeFi solutions. Users benefit from broad financial agility and institutional-grade compliance with this CeFi + DeFi (CeDeFi) combination.
Nevertheless, it looks that Manta CeDeFi’s user base is now highly concentrated. Blockchain reporter Colin Wu has noted that two whale wallets have about $100 million in deposits made on CeDeFi.
L2beat reports that Manta, with a TVL of $768 million, is the ninth-largest Ethereum Layer 2 network.
Manta CeDeFi
On May 19, Manta made an announcement on the debut of CeDeFi, stating that the product will generate both CeFi and DeFi yields simultaneously. Profits are obtained by combining stablecoin funding rate arbitrage on centralized exchanges with DeFi yields on the Manta Pacific chain.
Binance Custody was replaced by Ceffu as the provider of custody services. Launched in December 2021, Binance Custody changed its name to Ceffu in February 2023.
Users receive on-chain liquid custody tokens that represent their holdings on Manta Pacific and can be used for on-chain DeFi. Ceffu holds the assets deposited to Manta CeDeFi.
Through Ceffu’s MirrorX service, funds are also “mirrored,” or represent assets on the Binance controlled exchange, making it easier to implement CeFi strategies.
According to Manta, Ceffu makes money via low-risk, delta-neutral trading techniques made possible via MirrorX. By reflecting assets on Binance, this off-exchange settlement method reduces counterparty risk and provides access to deep liquidity.
Manta Deposits into CeDeFi can presently be made with ETH, STONE, the Ether liquid staking token from StakeStone, the stablecoins USDT, USDC, and wUSDM, and the Bitcoin tokens wBTC and BTCB.
According to CoinGecko, the price of MANTA last traded for $1.76, having surged 25% from its all-time low of $1.40 just a week prior.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
