flagging<\/a>\u00a0that two whale wallets are responsible for nearly $100 million worth of CeDeFi’s deposits.<\/p>\nManta is the ninth-largest Ethereum Layer 2 network with a TVL of $768 million, according to L2beat.<\/p>\n
Manta CeDeFi<\/h2>\n
Manta announced the launch of CeDeFi on May 19, describing the product as generating both CeFi and DeFi yields in parallel. Yields\u00a0are earned\u00a0through\u00a0a combination of\u00a0DeFi yields on the Manta Pacific chain alongside stablecoin funding rate arbitrage on centralized exchanges.<\/p>\n
Custody services are provided by Ceffu, formerly Binance Custody.\u00a0Binance 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 \u201cliquid custody tokens\u201d representing their holdings on Manta Pacific that can\u00a0be used\u00a0for on-chain DeFi.<\/p>\n
Funds are also \u201cmirrored\u201d to represent assets on the Binance centralized exchange via Ceffu\u2019s MirrorX service, facilitating the execution of CeFi strategies.<\/p>\n
\u201cCeffu generates revenue through Delta-neutral, low-risk trading strategies enabled by MirrorX,\u201d Manta said. \u201cThis off-exchange settlement solution reflects assets on Binance, minimizing counterparty risk and accessing deep liquidity.\u201d<\/p>\n
Manta CeDeFi currently supports deposits in the form of ETH, StakeStone\u2019s Ether liquid staking token, STONE, Bitcoin tokens wBTC and BTCB, and the stablecoins USDT, USDC, and wUSDM.<\/p>\n
The price of MANTA last changed hands for $1.76 after rallying 25% from its all-time low of $1.40 one week ago, according to CoinGecko.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"
Depositors are racing to qualify for the Manta CeDeFi points program before the project tags $500 million in TVL. Manta\u2019s new CeDeFi product is off to a bullish start,\u00a0with the project\u00a0attracting 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) […]<\/p>\n","protected":false},"author":2,"featured_media":310759,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[274,273,272,244,266,271,268,270,269,267],"class_list":["post-310753","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-de-fi","tag-crypto-finance","tag-decentralized-finance","tag-liquidity","tag-metamask","tag-pancake","tag-slippage","tag-sushiswap","tag-tronlink","tag-trust-wallet","tag-uniswap"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/310753","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=310753"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/310753\/revisions"}],"predecessor-version":[{"id":310762,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/310753\/revisions\/310762"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/310759"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=310753"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=310753"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=310753"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}