Bittime - Manta Network, a layer 2 blockchain platform designed to improve scalability and privacy on Ethereum, is facing a recent decline in user activity.
This comes after the launch of their official bridge allowing withdrawals for STONE (liquid staked Ether) and wUSDM (USD-backed stablecoin) on March 26th.
Check Today's Crypto Market:
Deeper Analysis
After further investigation, it was seen that there was a change in user behavior. Over the past week, the total value of crypto assets held on Manta Network has plummeted by 52%.
This suggests there is a wave of users more interested in short-term profits, most likely attracted by Manta's "New Paradigm" airdrop program.
Also Read: Manta Network Launches "Blast Off to Manta" with Various Benefits of $MANTA Tokens
The program launched in December 2023 and offers NFTs that can be converted into tokens as an incentive to move assets such as STONE and wUSDM to the Manta network.
However, these tokens are locked until the bridge is completed, causing some users to choose to wait and see the situation first.
Also Read How To Buy Crypto:
Challenges and Solutions
With the bridge finally operational, many airdrop participants likely immediately sold their tokens, thereby contributing to the drastic decline in crypto asset holdings on the Manta network.
This highlights the challenge of balancing airdrop programs to attract new users with building a long-term investor community.
Check Crypto Prices Today:
Manta's New Strategy
Despite experiencing a decline in users, Manta Network remains committed to growing. Co-founder Kenny Li acknowledged the downturn, but he remains confident in their platform's long-term potential. The Manta Network team is currently actively working to regain user trust and attract new participants.
These include the “Renew Paradigm” and “Restaking Paradigm” programs, but their focus is now beyond just airdrops.
Also Read: Manta Network Introduces "Restaking Paradigm" to Increase Efficiency and Profits
Manta Network is still unwilling to divulge specific details, but their latest technology development plans are expected to bring new functions and use cases to the platform.
This advancement aims to offer more than just short-term benefits, thereby attracting users looking for a powerful and innovative layer 2 solution.
How to Buy Manta Network (MANTA) on Bittime
You can buy and sell Manta Network (MANTA) in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
Manta Network (MANTA) is available on Bittime with the market pair MANTA/IDR . To be able to buy MANTA IDR at Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Learn the complete guide on how to buy Manta Network (MANTA) on Bittime .
Monitor price chart movements of Manta Network (MANTA), Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
Read Also:
OKEx Web3 Wallet Expands Points Mining Dashboard to Support Bitcoin Layer 2 Ecosystem
Examining ONDO Prices and Competition in the Crypto Market
5 Cryptos That Are Predicted to Be Bullish in April 2024, There Are DOGE and SOL!
Aptos ($APT) Price Analysis: Upside Opportunities & $20 Break Target
DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
Comments
0 comments
Please sign in to leave a comment.