DeFi
Manta CeDeFi crossed $100 million in TVL after one week
Depositors are rushing to qualify for the Manta CeDeFi points program before the project reaches $500 million in TVL.
Manta’s new CeDeFi product is off to a bullish start, with the project attracting over $120 million in assets in its first week.
Data from DeFiLlama shows that Manta CeDeFi has a total value locked (TVL) of $121.5 million after its May 19 debut. The impressive growth is likely driven by Manta offering a two-month points program qualifying early adopters who deposit assets before the product exceeds $500. million TVL for monthly MANTA airdrops.
“Manta CeDeFi opens up opportunities directly to on-chain users beyond simple DeFi solutions,” Manta said in a blog post. “This CeFi + DeFi (CeDeFi) combination provides users with institutional-grade compliance and financial agility.”
However, Manta CeDeFi’s user base so far appears very concentrated, with Colin Wu, a blockchain journalist, reporting that two whale wallets are responsible for almost $100 million in CeDeFi deposits.
Manta is the ninth largest Ethereum Layer 2 network with a TVL of $768 million, according to L2beat.
Manta CeDeFi
Manta announced the launch of CeDeFi on May 19, describing the product as generating CeFi and DeFi yields in parallel. Yields are earned through a combination of DeFi yields on the Manta Pacific chain and stable funding rate arbitrage on centralized exchanges.
Custody services are provided by Ceffu, formerly Binance Custody. Binance Custody launched in December 2021 and rebranded as Ceffu in February 2023. Assets deposited on Manta CeDeFi are held by Ceffu, with users receiving on-chain “liquid custody tokens” representing their holdings on Manta Pacific which can be used for On-chain DeFi. .
Funds are also “mirrored” to represent assets on centralized exchange Binance via Ceffu’s MirrorX service, making CeFi strategies easier to execute.
“Ceffu generates revenue through low-risk, Delta-neutral trading strategies enabled by MirrorX,” Manta said. “This off-exchange settlement solution mirrors assets on Binance, minimizing counterparty risk and accessing significant liquidity.”
Manta CeDeFi currently supports deposits in the form of ETH, StakeStone’s liquid Ether staking token, STONE, Bitcoin tokens wBTC and BTCB, as well as stablecoins USDT, USDC and wUSDM.
MANTA price last changed hands at $1.76 after rising 25% from its all-time low of $1.40 a week ago, according to CoinGecko.