Almost a month after the token's launch, Manta Network ranked 12th among the best projects by total value locked (TVL). This figure is $494.2 million, which is more than Base, Cardano and zkSync Era. We'll tell you what Manta Network is and what caused such interest.
Manta Network is a modular ecosystem for building privacy-focused applications. It includes 2 separate blockchains, whose compatibility is ensured by the Manta Pacific Bridge. This approach allows you to delegate certain functions to the first network, and others to the second.
Manta consists of two networks:
Manta Pacific. EVM-compatible layer 2 blockchain using Celestia modularity as a data availability layer, and zk-SNARK for transaction privacy;
Manta Atlantic. Layer-1 blockchain deployed in the Polkadot ecosystem. One use case for Atlantic is zk-NFT creation, staking, and private verification.
This architecture makes blockchain suitable for both users and developers. The former receive a cheap way of anonymous transactions, and the latter receive a scalable platform for creating applications based on zk-SNARK.
With zk-SNARK, Manta users can prove that information meets certain criteria without revealing the details of that information.
For example, during normal interaction with a DEX, the user provides the smart contract with data on the number of tokens to exchange. However, in addition to this information, the smart contract sees the transaction history, current balance, wallet creation date, etc.
Manta solves this problem with zk-SNARK. In this case, the smart contract receives confirmation of the presence of the required number of tokens on the user’s balance, and all other information will remain anonymous.
Manta Pacific is the first layer 2 blockchain to use Celestia. Thanks to its modular approach, Manta provides high scalability and low transaction fees. In turn, Manta Atlantic is considered the fastest zk-Layer 1 network on Polkadot. Atlantic supports an address system called zkAddress. It hides some user information, including the creation of SBT (NFT, which cannot be transferred or sold), as well as various on- and off-chain data.
MANTA Tokenomics
Even though the ICO (Initial Coin Offering) was held back in November 2021, it was not until January 18, 2024 that Manta Network officially launched the network's native MANTA token.
Functional purpose of the MANTA token:
Commissions. The blockchain charges a certain portion of MANTA as a fee for using the network. 72% of them are allocated for the development of ecosystem projects, 18% are deposited in the DAO, and 10% are distributed among block producers.
Control. MANTA holders have the right to vote on future updates, partnerships and decisions regarding the development of the project.
Safety. Since Manta Network is a Proof-of-Stake blockchain, tokens are used as collateral to participate in transaction validation.
The total supply of MANTA is 1 billion. Tokens will be distributed in 11 directions as follows:
airdrop — 5.6%;
New Paradigm (airdrop 2) — 6.5%;
Binance Launchpool — 3%;
public sales - 8%;
private round of financing - 12.94%;
strategic investors - 6.17%;
institutional investors - 5%;
ecosystem/community - 21.19%;
fund — 13.5%;
team - 10%;
consultants - 8.1%.
The number of MANTAs at the TGE (token generation event) was 251 million. They were distributed to airdrop and airdrop 2 (New Paradigm), public sale, as well as to consultants, ecosystem and community.
Despite the fact that most of the tokens on TGE were owned by market participants who were inclined to sell, the price was able to find support among buyers. In just a week after the start of trading, the price of MANTA increased by 70%.
In the future, tokens will be distributed linearly for other categories. As a result of this vesting, the maximum supply of MANTA will be fully available on the market only in September 2030. It can be seen that more than half of all MANTA tokens are owned by the community. This creates the potential risk of a large number of sales, which could negatively impact the value of the asset.
In one of his comments, project co-founder Kenny Lee explained that in fact, it is users, not investors, who help the development of the project.
Review
What is Manta Network? Project overview
Vladyslav Vovk
published March 8, 2024
Photo - What is Manta Network? Project overview
Almost a month after the token's launch, Manta Network ranked 12th among the best projects by total value locked (TVL). This figure is $494.2 million, which is more than Base, Cardano and zkSync Era. We tell you what the Manta Network is and what caused such interest.
Manta Network is a modular ecosystem for building privacy-focused applications. It includes 2 separate blockchains, whose compatibility is ensured by the Manta Pacific Bridge. This approach allows you to delegate certain functions to the first network, and others to the second.
Manta consists of two networks:
Manta Pacific. EVM-compatible layer 2 blockchain using Celestia modularity as a data availability layer, and zk-SNARK for transaction privacy;
Manta Atlantic. Layer-1 blockchain deployed in the Polkadot ecosystem. One use case for Atlantic is zk-NFT creation, staking, and private verification.
This architecture makes blockchain suitable for both users and developers. The former receive a cheap way of anonymous transactions, and the latter receive a scalable platform for creating applications based on zk-SNARK.
Architecture of Manta Pacific and Manta Atlantic. Source: docs.manta.network
Architecture of Manta Pacific and Manta Atlantic. Source: docs.manta.network
With zk-SNARK, Manta users can prove that information meets certain criteria without revealing the details of that information.
For example, during normal interaction with a DEX, the user provides the smart contract with data on the number of tokens to exchange. However, in addition to this information, the smart contract sees the transaction history, current balance, wallet creation date, etc.
Manta solves this problem with zk-SNARK. In this case, the smart contract receives confirmation of the presence of the required number of tokens on the user’s balance, and all other information will remain anonymous.
Manta Pacific is the first layer 2 blockchain to use Celestia. Thanks to its modular approach, Manta provides high scalability and low transaction fees.
Our successful transition to modular DA (Data Availability) Celestia will help us attract a new generation of users and create the most active ecosystem in the market
, said Manta Network co-founder and main contributor Kenny Lee.
In turn, Manta Atlantic is considered the fastest zk-Layer 1 network on Polkadot. Atlantic supports an address system called zkAddress. It hides some user information, including the creation of SBT (NFT, which cannot be transferred or sold), as well as various on- and off-chain data.
Tokenomics MANTA
Even though the ICO (Initial Coin Offering) was held back in November 2021, it was not until January 18, 2024 that Manta Network officially launched the network's native MANTA token.
Functional purpose of the MANTA token:
Commissions. The blockchain charges a certain portion of MANTA as a fee for using the network. 72% of them are allocated for the development of ecosystem projects, 18% are deposited in the DAO, and 10% are distributed among block producers.
Control. MANTA holders have the right to vote on future updates, partnerships and decisions regarding the development of the project.
Safety. Since Manta Network is a Proof-of-Stake blockchain, tokens are used as collateral to participate in transaction validation.
The total supply of MANTA is 1 billion. Tokens will be distributed in 11 directions as follows:
airdrop — 5.6%;
New Paradigm (airdrop 2) — 6.5%;
Binance Launchpool — 3%;
public sales - 8%;
private round of financing - 12.94%;
strategic investors - 6.17%;
institutional investors - 5%;
ecosystem/community - 21.19%;
fund — 13.5%;
team - 10%;
consultants - 8.1%.
The number of MANTAs at the TGE (token generation event) was 251 million. They were distributed to airdrop and airdrop 2 (New Paradigm), public sale, as well as to consultants, ecosystem and community.
Despite the fact that most of the tokens on TGE were owned by market participants who were inclined to sell, the price was able to find support among buyers. In just a week after the start of trading, the price of MANTA increased by 70%.
In the future, tokens will be distributed linearly for other categories. As a result of this vesting, the maximum supply of MANTA will be fully available on the market only in September 2030.
Token vesting schedule. Source: docs.manta.network
Token vesting schedule. Source: docs.manta.network
It can be seen that more than half of all MANTA tokens are owned by the community. This creates the potential risk of a large number of sales, which could negatively impact the value of the asset.
In one of his comments, project co-founder Kenny Lee explained that in fact, it is users, not investors, who help the development of the project.
Who will we interact with on a daily basis? We do not interact with funds, but we interact with our community. Who do we interact with during the testnet - again with the community
, says Kenny.
Based on this position, the project rewarded early participants in the network by making it easier for them to interact with the Manta blockchain after TGE. The team placed more emphasis on token distribution via airdrop (56 million MANTA) than on listing on centralized exchanges (30 million MANTA).
Funding and project team
Manta Network conducted 3 rounds of financing, as well as an ICO, as a result of which it raised $60.4 million. The ratio of the volume of funds received as a result of the public sale and investments from funds was 48% to 52%.
More than 30 funds invested in the project, 4 of which are included in the Tier-1 category. Among them: Polychain Capital, The Spartan Group, Binance Labs and Multicoin Capital.
Review
What is Manta Network? Project overview
Vladyslav Vovk
published March 8, 2024
Almost a month after the token's launch, Manta Network ranked 12th among the best projects by total value locked (TVL). This figure is $494.2 million, which is more than Base, Cardano and zkSync Era. We tell you what the Manta Network is and what caused such interest.
Manta Network is a modular ecosystem for building privacy-focused applications. It includes 2 separate blockchains, whose compatibility is ensured by the Manta Pacific Bridge. This approach allows you to delegate certain functions to the first network, and others to the second.
Manta consists of two networks:
Manta Pacific. EVM-compatible layer 2 blockchain using Celestia modularity as a data availability layer, and zk-SNARK for transaction privacy;
Manta Atlantic. Layer-1 blockchain deployed in the Polkadot ecosystem. One use case for Atlantic is zk-NFT creation, staking, and private verification.
This architecture makes blockchain suitable for both users and developers. The former receive a cheap way of anonymous transactions, and the latter receive a scalable platform for creating applications based on zk-SNARK.
Architecture of Manta Pacific and Manta Atlantic. Source: docs.manta.network
With zk-SNARK, Manta users can prove that information meets certain criteria without revealing the details of that information.
For example, during normal interaction with a DEX, the user provides the smart contract with data on the number of tokens to exchange. However, in addition to this information, the smart contract sees the transaction history, current balance, wallet creation date, etc.
Manta solves this problem with zk-SNARK. In this case, the smart contract receives confirmation of the presence of the required number of tokens on the user’s balance, and all other information will remain anonymous.
Manta Pacific is the first layer 2 blockchain to use Celestia. Thanks to its modular approach, Manta provides high scalability and low transaction fees.
Our successful transition to modular DA (Data Availability) Celestia will help us attract a new generation of users and create the most active ecosystem in the market
, said Manta Network co-founder and main contributor Kenny Lee.
In turn, Manta Atlantic is considered the fastest zk-Layer 1 network on Polkadot. Atlantic supports an address system called zkAddress. It hides some user information, including the creation of SBT (NFT, which cannot be transferred or sold), as well as various on- and off-chain data.
Tokenomics MANTA
Even though the ICO (Initial Coin Offering) was held back in November 2021, it was not until January 18, 2024 that Manta Network officially launched the network's native MANTA token.
Functional purpose of the MANTA token:
Commissions. The blockchain charges a certain portion of MANTA as a fee for using the network. 72% of them are allocated for the development of ecosystem projects, 18% are deposited in the DAO, and 10% are distributed among block producers.
Control. MANTA holders have the right to vote on future updates, partnerships and decisions regarding the development of the project.
Safety. Since Manta Network is a Proof-of-Stake blockchain, tokens are used as collateral to participate in transaction validation.
The total supply of MANTA is 1 billion. Tokens will be distributed in 11 directions as follows:
airdrop — 5.6%;
New Paradigm (airdrop 2) — 6.5%;
Binance Launchpool — 3%;
public sales - 8%;
private round of financing - 12.94%;
strategic investors - 6.17%;
institutional investors - 5%;
ecosystem/community - 21.19%;
fund — 13.5%;
team - 10%;
consultants - 8.1%.
The number of MANTAs at the TGE (token generation event) was 251 million. They were distributed to airdrop and airdrop 2 (New Paradigm), public sale, as well as to consultants, ecosystem and community.
Despite the fact that most of the tokens on TGE were owned by market participants who were inclined to sell, the price was able to find support among buyers. In just a week after the start of trading, the price of MANTA increased by 70%.
In the future, tokens will be distributed linearly for other categories. As a result of this vesting, the maximum supply of MANTA will be fully available on the market only in September 2030.
Token vesting schedule. Source: docs.manta.network
It can be seen that more than half of all MANTA tokens are owned by the community. This creates the potential risk of a large number of sales, which could negatively impact the value of the asset.
In one of his comments, project co-founder Kenny Lee explained that in fact, it is users, not investors, who help the development of the project.
Who will we interact with on a daily basis? We do not interact with funds, but we interact with our community. Who do we interact with during the testnet - again with the community
, says Kenny.
Based on this position, the project rewarded early participants in the network by making it easier for them to interact with the Manta blockchain after TGE. The team placed more emphasis on token distribution via airdrop (56 million MANTA) than on listing on centralized exchanges (30 million MANTA).
Funding and project team
Manta Network conducted 3 rounds of financing, as well as an ICO, as a result of which it raised $60.4 million. The ratio of the volume of funds received as a result of the public sale and investments from funds was 48% to 52%.
More than 30 funds invested in the project, 4 of which are included in the Tier-1 category. Among them: Polychain Capital, The Spartan Group, Binance Labs and Multicoin Capital.
Tier-1 and Tier-2 funds that invested in Manta Network. Source: cryptorank.io
Manta Network was created by a team of 3 core founders, including Shumo Chu, who previously worked as a researcher at Algorand, Victor Ji, a former chair of the Department of Blockchain and Cryptocurrency at the Harvard Kennedy School, and Kenny Lee, an entrepreneur with ten years of experience scaling startups.
The latter of them most often appears in the media, participates in AMA sessions, and also gives comments and interviews. As of February 2024, his X (formerly Twitter) account has nearly 42,000 followers, with some of his latest posts receiving over 50k views.
Conclusion
Manta Network is the first layer 2 blockchain using zero-knowledge technology whose token has already launched. Its closest competitors are zkSync and Starknet.
Manta Network has gone through a three-year journey from receiving the first investments in February 2021 to launching the main network and generating tokens in January 2024. Considering that the project was one of the first in its niche, it can set the direction for the development of similar solutions in the future.#MantaRWA $MANTA 
