Manta’s new CeDeFi product is making waves, quickly attracting over $120 million in assets within its first week. Data from DeFiLlama shows that Manta CeDeFi boasts a total value locked (TVL) of $121.5 million since its launch on May 19.
This rapid growth is fueled by Manta’s two-month points program, which rewards early adopters with monthly MANTA airdrops if they deposit assets before the TVL hits $500 million.
Manta emphasized in a blog post that “Manta CeDeFi unlocks opportunities directly to on-chain users beyond simply DeFi solutions. This CeFi + DeFi (CeDeFi) combination brings users institutional-grade compliance and extensive financial agility.”
Despite its early success, Manta CeDeFi’s user base appears highly concentrated. Blockchain reporter Colin Wu noted that two whale wallets account for nearly $100 million of the total deposits.
Manta is currently the ninth-largest Ethereum Layer 2 network, with a TVL of $768 million, according to L2beat.
Manta CeDeFi’s Unique Approach
Launched on May 19, Manta CeDeFi is designed to generate yields from both centralized finance (CeFi) and decentralized finance (DeFi) in parallel. Yields are earned through DeFi on the Manta Pacific chain and stablecoin funding rate arbitrage on centralized exchanges.
Custody services for Manta CeDeFi are provided by Ceffu, formerly known as Binance Custody. Rebranded in February 2023, Ceffu ensures the security of assets deposited into Manta CeDeFi. Users receive on-chain “liquid custody tokens” representing their holdings on Manta Pacific, which can be utilized for on-chain DeFi activities.
Ceffu’s MirrorX service mirrors these assets on the Binance centralized exchange, enabling the execution of CeFi strategies. “Ceffu generates revenue through Delta-neutral, low-risk trading strategies enabled by MirrorX,” Manta explained. “This off-exchange settlement solution reflects assets on Binance, minimizing counterparty risk and accessing deep liquidity.”
Manta CeDeFi currently supports deposits in ETH, StakeStone’s Ether liquid staking token (STONE), Bitcoin tokens (wBTC and BTCB), and stablecoins (USDT, USDC, and wUSDM).
MANTA Token Performance
The price of MANTA recently surged to $1.8, a 25% increase from its all-time low of $1.40 just a week ago, according to CoinMarketCap.
