Modular blockchain becomes a market trend: Overview of Manta Network's value ecosystem project

Introduction

As Celestia (TIA) started to increase 10 times after being listed on Binance, the discussion on the concept of modular blockchain has become increasingly heated, and a large number of modular projects have frequently appeared in the eyes of investors again, such as Fuel, Eclipse, Caldera, dYmension, and Omni Network wait. Several CEXs, including Binance, have also launched Manta Network and AltLayer, projects on the same track, while the iron is hot.

Among them, Manta Network performed well. Not only did Manta Pacific TVL rise to exceed US$1.6 billion, but its project token MANTA also managed to rise above US$3 despite the market crash. In addition, in January this year alone, Manta Network received investment from two institutions, Newman Capital and ArkStream Capital.

So what exactly does Manta Network do? What potential ecological projects are there on the chain that deserve attention?

1. What is Manta Network?

Founded in 2020 and developed specifically for zero-knowledge (ZK) application development, Manta Network is a groundbreaking modular blockchain with a two-layer structure. Namely MantaPacific and Manta Atlantic.

Manta Pacific is on Ethereum for layer 2 solutions; Manta Atlantic is on Polkadot for layer 1 solutions. It specializes in zero-knowledge application development, leveraging technologies like Celestia to improve data availability, and zkEVM to improve scalability.

Manta Pacific is an L2 ecosystem on Ethereum optimized for EVM native ZK applications. It provides a scalable and cost-effective environment for deploying ZK applications, primarily using Solidity.

Manta Pacific is the EVM equivalent ZK application platform that is scalable and secure with Celestia DA and Polygon zkEVM. Manta Pacific solves data availability issues with a modular infrastructure design that allows modular DA and zkEVM to be seamlessly integrated so that information grows over time without weakening the user experience.

And Manta Atlantic operates as a fast ZK layer 1 (L1) chain on Polkadot, focusing on programmable identities and credentials.

This layer is centered around ZK compliance credentials, introduces zkSBTs (zero-knowledge soul-bound tokens), and implements a private, reusable and auditable address system called zkAddresses. The distinguishing feature of Manta Atlantic is its interoperability, allowing seamless interaction with other projects without the need for complex encryption processes. This layer supports a variety of applications, including zkNFT, disk-marking, and various ecosystem projects.

Overall, users can build and deploy any Solidity-based decentralized application on Manta and leverage its technology stack to provide faster transaction speeds than L1 and lower gas costs than L2.

Manta Network was founded in 2020 by Victor Ji, Shumo Chu and Kenny Li. In addition, its expert team comes from famous universities such as Harvard University, MIT and Algorand, and has obtained patents from leading entities in the Web3 field such as Binance Labs and Polychain Capital. Invest heavily.

In March 2023, Manta Network was launched on the mainnet; in July 2023, it completed a US$25 million Series A financing with a valuation of US$500 million; in February 2022, it completed strategic financing with an undisclosed amount; in October 2021, it completed US$5.5 million in financing; in February 2021, US$1.1 million in financing was completed. Total funding raised exceeds $31.6 million.

As of writing, according to L2beat data, Manta Pacific TVL is US$1.63 billion, accounting for 7.96% of the Ethereum Layer 2 market, ranking third, second only to Arbitrum and OP Mainnet.

In addition, according to the official website of Manta Network, the current total transaction volume of the network is 13.71 million, and the project ecology is 196.

2. Value ecosystem projects

1、DeFi

Manta DEX: It is the native DEX on the Manta network, providing low fees, fast and user-friendly functions.

Aperture Finance: Manta’s native project is a multi-chain structured product that provides users with complex income strategies.

Alchemy Pay: is a payment solutions provider that connects fiat and crypto economies for consumers, merchants, developers and institutions around the world.

ZKEX: is a decentralized multi-chain order book exchange (DEX) for buying and selling cryptocurrencies from multiple blockchains. ZKEX is decentralized, trust-minimized and non-custodial, with transactions secured by zero-knowledge proofs.

zkLink: is a transaction-centric multi-chain L2 network with unified liquidity secured by ZK-Rollups. dApps built on the zkLink L2 network leverage seamless multi-chain liquidity to provide rapid deployment solutions for decentralized and non-custodial order books, AMMs, derivatives and NFT exchanges.

Bifrost: is a decentralized derivatives protocol that provides cross-chain liquidity for pledged assets. By leveraging Cross Consensus Messages (XCM), it can provide cross-chain liquidity staking services for multiple chains. Bifrost’s mission is to provide standardized cross-chain interest-bearing derivatives for Polkadot relay chains, parachains, and heterogeneous chains bridged with Polkadot.

Shoebill Finance: is an LST mortgageable loan protocol on the Wemix, Klaytn and Manta Pacific networks. Investors borrow assets held with Shoebill to maximize the size of their investment and pay interest. The protocol aims to maximize user returns by establishing and expanding a cyclic structure where investors and savers mutually support returns.

Jumbo Shrimps: a native decentralized financial pledge project on the chain.

iZUMi Finance: is a multi-chain DeFi protocol that provides one-stop liquidity as a service (LaaS). iZUMi has launched three on-chain liquidity products: LiquidBox, iZiSwap and iUSD. LiquidBox uses Uniswap V3 to provide programmable Liquidity as a Service (LaaS).

LayerBank: is a lending protocol designed to serve as a centralized liquidity center for all EVMs, providing a universal, permissionless banking solution in the OmniChain ecosystem.

PacificSwap: PacifiSwap is a DEX protocol using the ve (3,3) model. It is developed based on the Pancake Swap model and uses the innovative CLAMM algorithm.

2. Infrastructure

Caldera: Focused on building high-performance, customizable and application-specific layer 2 blockchains. These custom blockchains (Caldera Chains) offer high throughput, low latency, and customizable features to optimize performance and user experience for decentralized applications, and are capable of processing hundreds of transactions per second and sub-second confirmations time. Caldera enables anyone to get up and running a dedicated, high-performance layer 2 blockchain “Rollup”.

Dmail Network: It is the next generation of email based on blockchain. It builds a comprehensive platform that integrates the functions of message communication, asset management and data storage.

Virtual Labs: is providing next-generation blockchain infrastructure to overcome the limitations of blockchain computing. It uses a ZK state channel called “Virtual Rollups” to provide dApps with the ability to achieve zero gas, instant and seamless transactions on any chain.

Phala Network: is an interoperable cross-chain confidential smart contract platform based on Substrate, designed to provide private computing and data confidentiality services to all users and companies.

DappOS: is an intent-centric operating protocol designed to make dApps as user-friendly as mobile apps. As a unified operating protocol for Web3, it builds a layer between users and cryptographic infrastructure such as public chains and cross-chain bridges, allowing users to complete verification and execution in the decentralized world by simply interacting with dappOS.

RedStone: is a cross-chain data oracle technology that provides fast and cost-effective data access, a complete historical audit trail and an insurance-backed decentralized dispute mechanism to provide users with traceability in the event of inaccurate data provision. Claim rights. The Arweave blockchain project is used to save data and track reputation.

DeversiFi: is a decentralized Layer 2 trading protocol that allows users to trade, send, and invest on an easy-to-use platform without paying Ethereum network fees. DeversiFi aims to be a multi-chain DeFi hub. DeversiFi was originally incubated by Bitfinex.

POMP: On-chain native private asset validator.

3. Social

AsMatch: It is an online dating application based on zero-knowledge proof ZK. Users can choose to match or not match other users by swiping left or right. They can also fill in the ZK Proof Key of zkSBT into the App to verify the behavior and identity on the chain. It belongs to Social category in Manta.

DappBack: is a Web3 platform for community growth and loyalty. Users can earn money by undertaking mission trips to projects and communities.

Instap: It is a brand new creative dating software. This Instap software is different from other dating software. You can use the mobile phone device to quickly add friends by touching it. Users can set it according to their own preferences and choose to share multiple or single social media. Software, even if the other party does not have the instap APP installed, they can easily get your homepage and add friends through other applications.

Gosleep: is a Web3 lifestyle app focused on HealthFi. In-game token rewards are determined based on the rarity and properties of the NFTs players own, as well as their sleep score.

4. Digital identity

Aspecta: is a digital identity ecosystem powered by AI. It builds Aspecta ID for trailblazers and others to demonstrate, connect and explore. By linking accounts in Web2 and Web3 spaces, such as GitHub, Twitter, and wallet addresses, Aspecta ID includes AI-generated web pages, soul-bound tokens, and Metaverse avatars.

Carv: aims to establish a user-owned game identity, achieve achievement display, friends and game discovery, and direct monetization.

Cred Protocol: is a decentralized credit scoring protocol that makes decentralized finance more accessible to users, allowing anyone with an internet connection and a good financial reputation to obtain a loan. By using machine learning to evaluate time-based account attributes and analyze users’ past trading behavior, Cred Protocol generates a health factor score that predicts the likelihood of an individual address being liquidated in the future.

FirstBatch: is a Web3 identity generator that provides data-driven attestation instead of claims-based attestation and brings ZKIdentity extensibility to identity protocols, middleware, dapps, and Metaverse. DApps, DAOs, Socials, and protocols use FirstBatch to interact with users’ interest data, create segments, and measure social relationships while protecting privacy.

KaratDAO: is Web3’s cryptographic native engine that provides a bilateral service data market to help users control their web2 and web3 data while receiving rewards. With Karat Network, its decentralized data identity protocol, users can own, control and manage their data while enjoying the benefits of a permissionless and secure data trading platform.

5、GameFi：

Cradles: is a prehistoric virtual world game that provides players with a living, breathing virtual world that continues to evolve and progress, simulating time and the laws of physics just like in real life. Cradles is also a subscription-based blockchain game, and players need to purchase a monthly subscription card to enter the game.

Bingo0x: On-chain betting game platform.

GaFin: It is a Web3 game platform that applies Zk-rollup technology. It uses artificial intelligence to assist in building and automating tournaments, aiming to create a blockchain game platform that brings players together.

Getaverse: It is a blockchain credit system based on the development and deployment of multiple public chains. It aims to build a Metaverse ecological service platform based on the Web3 digital authentication engine protocol. Getaverse works by providing a window into the WEB3 world on a decentralized identity system, and provides additional support and rewards to all participants who maintain this window.

Meta Merge: It is a metaverse that combines AIGC, NFT, DeFi and Gaming. Through intense PvP and PvE battles, users will have the chance to become an arena legend. Create stronger and more unique creatures by capturing, collecting and merging monsters.

Summary

Since the Modular Summit in Paris in late July last year, research and discussion on modular projects have been ongoing. Many experts believe that it will become the next hot trend. However, it is important to note that the modular narrative is diverse and complex in design, posing significant challenges to network technology and security. Additionally, the already diverse second-tier solutions continue to diverge, which means that platform investors’ funds are once again spread across multiple options.

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