Depositors are racing to qualify for the Manta CeDeFi points program before the project tags $500 million in TVL.
Manta’s new CeDeFi product is off to a bullish start, with the project attracting more than $120 million in assets within its first week.
Data from DeFiLlama shows Manta CeDeFi boasting $121.5 million in total value locked (TVL) following its debut on May 19. The impressive growth is likely spurred by Manta offering a two-month points program qualifying early adopters who deposit assets before the product surpasses a $500 million TVL for monthly MANTA airdrops.
“Manta CeDeFi unlocks opportunities directly to on-chain users beyond simply DeFi solutions,” Manta said in a blog post. “This CeFi + DeFi (CeDeFi) combination brings users with institutional-grade compliance and extensive financial agility.”
However, Manta CeDeFi’s user base appears heavily concentrated so far, with Colin Wu, a blockchain reporter, flagging that two whale wallets are responsible for nearly $100 million worth of CeDeFi's 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 both CeFi and DeFi yields in parallel. Yields are earned through a combination of DeFi yields on the Manta Pacific chain alongside stablecoin funding rate arbitrage on centralized exchanges.
Custody services are provided by Ceffu, formerly Binance Custody. Binance Custody launched in December 2021 and rebranded to Ceffu in February 2023. Assets deposited to Manta CeDeFi are held by Ceffu, with users receiving on-chain “liquid custody tokens” representing their holdings on Manta Pacific that can be used for on-chain DeFi.
Funds are also “mirrored” to represent assets on the Binance centralized exchange via Ceffu’s MirrorX service, facilitating the execution of CeFi strategies.
“Ceffu generates revenue through Delta-neutral, low-risk trading strategies enabled by MirrorX,” Manta said. “This off-exchange settlement solution reflects assets on Binance, minimizing counterparty risk and accessing deep liquidity.”
Manta CeDeFi currently supports deposits in the form of ETH, StakeStone’s Ether liquid staking token, STONE, Bitcoin tokens wBTC and BTCB, and the stablecoins USDT, USDC, and wUSDM.
The price of MANTA last changed hands for $1.76 after rallying 25% from its all-time low of $1.40 one week ago