What is Manta Network?

What is Manta Network?

Learn about Manta Network's groundbreaking modular blockchain, featuring Layer 2 and Layer 1 solutions, and its potential $MANTA token airdrop.

Summary: Manta Network, founded in 2020, is a groundbreaking modular blockchain with a two-layer structure: Manta Pacific on Ethereum for Layer 2 solutions and Manta Atlantic on Polkadot for Layer 1 solutions. It excels in zero-knowledge application development, leveraging technologies like Celestia for data availability and zkEVM for scalability. 

Manta Network's innovative New Paradigm campaign introduces diverse earning opportunities, including a potential $MANTA token airdrop. With over $700M in Total Value Locked (TVL) and strong backing from key web3 investors, Manta Network is set to be a major player in blockchain development, focusing on privacy, scalability, and active user participation.

Manta Network Overview
5.0 out of 5.0 by Datawallet
Manta Network is a modular blockchain platform specializing in zero-knowledge applications, emphasizing privacy, scalability, and diverse earning opportunities.
Key Features
Modular ZK-EVM Layer 2 leveraging Celestia's data availability solution.
Token and Airdrop
Airdrop will go live in January 2024 based on New Paradigm program.
Raised $25 Million from Polychain, Binance Labs and CoinFund.

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What is Manta Network?

Manta Network is an emerging powerhouse in the modular blockchain landscape, uniquely developed for zero-knowledge (ZK) application development. It consists of two integral parts: Manta Pacific and Manta Atlantic. Manta Pacific is an innovative Layer 2 (L2) ecosystem on Ethereum, optimized for EVM-native ZK applications. It provides a scalable and cost-efficient setting for deploying ZK applications, primarily using Solidity. Concurrently, Manta Atlantic operates as a swift ZK Layer 1 (L1) chain on Polkadot, focusing on programmable identities and credentials.

At its core, Manta Network is a blend of cutting-edge technologies. Manta Pacific capitalizes on Celestia’s data availability and zkEVM's scalability, offering a high-performance infrastructure with minimized transaction costs. This enables seamless development and deployment of ZK applications, backed by Manta’s Universal Circuits and a developer-centric approach. In contrast, Manta Atlantic offers a decentralized, rapid ZK L1 chain, centered on ZK compliance credentials for seamless cryptographic interoperability.

Originating from a team of experts with backgrounds from esteemed institutions like Harvard, MIT, and Algorand, Manta Network has garnered significant investment from leading entities in the web3 sector, including Binance Labs and Polychain Capital. Supported by top-tier web3 accelerators, Manta Network is poised to lead the next generation of web3 application development, harnessing the power of zero-knowledge cryptography to enhance the safety and user experience in decentralized applications.

What is Manta Network?

How Does Manta Work?

Manta Network functions through a two-pronged approach, each tailored to specific Web3 development needs:

  1. Manta Pacific (Layer 2 on Ethereum): This segment of the network is crafted for Ethereum Virtual Machine (EVM)-native Zero-Knowledge (ZK) applications. It leverages Celestia for data availability and zkEVM for enhanced scalability. Manta Pacific's standout features include Universal Circuits, which ease the development of ZK applications using Solidity. It also offers a modular structure that ensures scalability while keeping gas fees low. The network is developer-centric, providing Software Development Kits (SDKs) and proof keys for effortless integration of on-chain identity in decentralized applications (dApps).
  2. Manta Atlantic (Layer 1 on Polkadot): This layer is centred around ZK compliance credentials. It introduces zkSBTs (Zero-Knowledge Simple Barter Tokens) that enable a private, reusable, and auditable address system, termed zkAddresses. Manta Atlantic is distinguished by its interoperability, allowing seamless interactions with other projects without the need for intricate cryptographic processes. This layer supports various applications, including zkNFTs, staking, and various ecosystem projects.

Through these two layers, Manta Network integrates advanced cryptographic solutions with user-friendly developer tools, enhancing the security, scalability, and accessibility of blockchain technology for the burgeoning Web3 domain.

How Does Manta Work?

What is Manta New Paradigm?

Manta's New Paradigm introduces a groundbreaking approach in the Layer 2 (L2) Ethereum ecosystem, focusing on enhanced yield generation:

  1. Advanced Yield Generation: It surpasses traditional multisig systems by offering native yield for ETH and stablecoins, positioning itself as a superior L2 solution. This approach offers more lucrative yield opportunities than platforms like Blast, which provides limited income streams.
  2. Diversified Yield Sources: Unlike Blast's limited income model, New Paradigm features a "Penta Yield" system, encompassing five unique earning sources, including fixed yields, NFT incentives, and DeFi composability within the L2 ecosystem. This diversification aims to maximize user earnings.
  3. Strategic Partnerships and Liquidity: Through partnerships with StakeStone and Mountain Protocol, New Paradigm facilitates native yields on Manta Pacific. STONE, utilizing Layerzero technology, and wUSDM, an institutional-grade stablecoin, offer liquid assets for additional yield and rewards within Manta's extensive ecosystem.
  4. Token Rewards and NFT Dynamics: The New Paradigm event includes token rewards and introduces an NFT element. Users can acquire NFTs through Lucky Boxes, each offering varying rewards levels. Combining these NFTs into The First Modular L2 NFT unlocks special rewards, adding an interactive dimension to earning.
  5. Efficient Ecosystem and Composability: As the first L2 enabling composability for yield-bearing tokens, Manta Pacific ensures optimal efficiency for users depositing ETH and stablecoins. With over $700M in TVL and over 100 projects, it enables users to earn interest by merely holding assets on the network, without the need for staking or contract interaction, enhancing the ecosystem's growth and user engagement.

In essence, Manta's New Paradigm redefines the L2 experience by offering a multifaceted yield model, effective liquidity strategies through partnerships, an engaging NFT framework, and an efficient composability system, all aimed at providing users with significant value and enhanced earnings potential.

What is Manta New Paradigm?

Manta Airdrop and Tokenomics

While the Manta token ($MANTA) is currently not available, participants actively involved in the New Paradigm campaign can look forward to a potential airdrop of up to 50 million tokens. Regular engagement and transactions on both the mainnet and testnet could enhance user eligibility for this forthcoming airdrop. The approach taken by Manta Network is designed to expand its ecosystem and user community in anticipation of the token's introduction.

Manta Founding Team

Manta Network, established in 2020, was founded by Victor Ji, Shumo Chu, and Kenny Li. The network, a privacy-focused protocol operating on the Polkadot blockchain, is a venture of P0x Labs. Recently, Manta Network achieved a notable milestone, reaching a valuation of $500 million following a successful $25 million Series A funding round. This round was led by crypto-centric Polychain Capital and Qiming Venture Partners, a venture firm with a strong presence in web3, known for backing projects like the imToken wallet and InfStones.

Bottom Line

In summary, Manta Network is a key innovator in the modular blockchain arena, skillfully merging advanced technology with strategic initiatives. Its two-pronged framework, Manta Pacific and Manta Atlantic, caters to a range of Web3 development requirements, emphasizing EVM-compatible ZK applications and ZK compliance credentials. 

The New Paradigm campaign highlights Manta's focus on user incentives and engagement, anticipating an airdrop for the forthcoming $MANTA token. Founded by experts and buoyed by significant investment, Manta Network is poised to significantly influence the evolution of blockchain technology, prioritizing privacy, scalability, and user-centric features.

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