What is Manta Network? All You Need to Know About MANTA

Introduction

Modular blockchains are the next generation of blockchain. They can achieve scalability by outsourcing one or more of their functional layers i.e., settlement, execution, consensus, and data availability layers. As a modular blockchain, Manta Network doesn’t develop its custom solutions for all functional layers. Instead, it strategically integrates other chains, to optimize privacy and scalability.

In this article, we will delve into Manta’s unique value proposition and its burgeoning ecosystem.

What is Manta Network?

Source: Manta GitHub

Manta Network is a modular blockchain designed to create decentralized applications using the concept of Zero Knowledge proofs. Manta Network hosts dual-chain interoperable layers: Manta Pacific and Manta Atlantic. Manta Pacific operates as a Layer 2 scaling solution on Ethereum using Universal Circuits and zkEVM for developing EVM-native ZK applications in solidity (programming language for writing smart contracts on Ethereum). Empowering developers to build zero-knowledge applications on Ethereum.

Manta Atlantic, on the other hand, is a Layer 1 blockchain within the Polkadot ecosystem designed for programmable identities and credentials using the concept of zkSoulbound Tokens (zkSBTs), for data verification without compromising sensitive information. Manta Atlantic unveils a novel concept; programmable identities powered by ZK technology. It also hosts an ecosystem, where projects harness Manta’s unique features to develop various applications. While solving scalability for L1 chains like Ethereum, it also solves the likely problems modular blockchains might bring.

Modular blockchains are often referred to as complex to build on and hard to navigate when compared to monolithic (traditional) blockchains. Manta Network brands itself as a scalable, developer-friendly blockchain with low gas fees, creating novel use cases for zero-knowledge technology.

Brief History of Manta Network

Manta Network was founded in 2020 by P0xeidon Labs, a decentralized laboratory building zero-knowledge proofs. As of 2023, P0xeidon Labs was valued at $500M, after raising $25M, in a Series A funding round led by Polychain Capital and Qiming Ventures.

Founders

Shumo Chu holds a doctorate in Computer Science from the University of Washington, with former roles as an assistant professor at UC Santa Barbara, and a System Researcher at Algorand before co-founding P0xeidon Labs and Manta Network.

Kenny Li is the chief operating officer (COO) of Manta Network and co-founder of the P0xeidon Labs, he holds an MBA from The Sloan School of Management at Massachusett with a decade of experience in the field of cryptocurrency.

Victor Ji holds an MBA from Peking University and was formerly a research assistant at Harvard University before co-founding Manta Network.

Manta Network Ecosystem

Manta Network has a growing ecosystem of projects that are building on its platform, including SocialFi platforms, Cross-Chain bridges, decentralized exchanges, data oracles, etc. Projects built on Manta can unlock all of the on-chain features in the network.

Additionally, Manta Network supports projects through the Manta Grants Program, fostering ecosystem growth. Some projects building on the Manta Network are highlighted below.

Aperture Finance

Aperture Finance is a cross-chain investment project with a community-driven marketplace, building Aperture Swap, a fully functional concentrated liquidity V3.5 DEX on Manta Pacific.

Cradles

A multiplayer online role-playing and play-to-earn metaverse game featuring a living, breathing virtual world that continues to evolve, simulating the laws of time and physics just like in real life.

Read ON

Source: DoraHacks

ReadON is a read-fi program aiming to gather and integrate Web3 articles to combine with users’ social media activity while granting NFT copyright to Web3 article authors, and then commercially promote and profit upon having increased readership.

Manta DEX

Source: MantaDex

A decentralized exchange on the Manta Network for low-cost swapping and minimal slippage. A secure and interoperable trading platform, developed with Zero-Knowledge technology.

Celer Network

Source: Capital.com

Inter-blockchain and cross-layer communication platform, housing a non-custodial asset bridge, a liquidity protocol, and an inter-messaging network. Celer’s cBridge will provide cross-chain token bridging between Manta Pacific and Manta Atlantic.

Izumi Protocol

Source: Izumi Finance

A multi-chain DeFi protocol offering liquidity-as-a-service, with features like iZiSwap and Liquid Box, it offers innovative solutions for liquidity management and aims to make DeFi more efficient and accessible for both protocols and users.

Pacific Swap

Source: Manta Network

Pacific Swap is Manta’s native liquidity layer and automated market maker modeled after PancakeSwapV2 and PancakeSwapV3.

POMP

Pomp is a protocol that allows users to verify their on-chain assets and activity while keeping their addresses and sensitive information private using zkSBT.

Manta Wallet

A browser extension that provides access to the Manta ecosystem on your browser.

How Does Manta Network Work?

Source: Manta Network

Manta Network operates as a two-layer interoperable structure: Manta Pacific for L2 solutions on Ethereum and Manta Atlantic for L1 solutions on Polkadot. They both apply zero-knowledge technology in their operations. For an in-depth understanding of Zero-Knowledge Proofs (ZKPs), refer to this article on the subject.

How Do Zero Knowledge Proofs Work?

Zero-knowledge proofs (ZKPs) are cryptographic methods that allow an entity (the prover) to prove a fact to another (the verifier) without sharing any new information. A good example is unlocking a door by combination without necessarily sharing the combination code with your friend.

Zero-knowledge proofs are implemented as rollups for scaling Layer 1 blockchains, processing transactions faster by handling them off-chain. It uses ZK-proofs to ensure that these transactions are valid without revealing specific details about those transactions, such as addresses and transaction amounts.

Manta Network uses Polygon zkEVM rollups to process transactions and generate ZK proofs. These ZK proofs are then combined into batches and sent to the Ethereum network to finalize the transaction.

Manta Pacific

Source: Manta Network

Manta Pacific is an L2 Ethereum Virtual Machine-native modular execution layer for ZK applications. It combines a data availability layer from Celestia (TIA), zkEVM, and its novel Universal Circuit to create an enabling environment for Zero-Knowledge applications, as current systems demand high gas costs that require developers to learn languages that are not easily integrated into the Ethereum chain.

Universal Circuit

Universal Circuits was created as a dedicated platform for developing EVM-native ZK applications. It is a versatile library of ZK circuits designed for a wide range of use cases. Easily integrated into Ethereum as developers do not need to construct circuits manually. Thus they can enable ZK features in their applications with just a few lines of code using only Solidity.

Furthermore, Universal Circuit can be adopted to create decentralized applications such as compliant private payments for DeFi, identity verification for Web3 social, and privacy-preserving shuffling for on-chain gaming.

DA (Data Availability) with Celestia

Celestia (TIA) is a modular blockchain that specializes in providing consensus and data availability for blockchains, guaranteeing that the information on the ledger is visible and accessible to everyone.

Manta Pacific will achieve data scaling by integrating Celestia’s modular DA layer to reduce gas fees for users interacting with dApps within the Manta Pacific ecosystem.

Celestia’s data availability layer introduces two features in its scaling solutions: data availability sampling (DAS) and Namespaced Merkle trees (NMTs).

zkEVM

zkEVM implements zero-knowledge proofs within the Ethereum Virtual Machine. The goal is to enhance privacy and scalability in decentralized applications (dApps) by leveraging zk-SNARKs (Zero-Knowledge Succinct Non-Interactive Arguments of Knowledge).

Consequently, zkEVM “creates zero-knowledge proofs to confirm the accuracy of programs as well as the reliability of inputs and outputs utilized in the operation. They are L2 scaling solutions for Ethereum that increase throughput through off-chaining computation and state storage. ZkEVMs are created with zero-knowledge technology in mind, allowing them to carry out smart contracts’’. Learn more about zkEVM in the article, What Is zkEVM?

Furthermore, zkEVM aims to allow for private and efficient smart contract execution on the Ethereum network. By employing zero-knowledge proofs, zkEVM enables the validation of computations without revealing the actual data processed in those computations. This can be particularly useful in preserving privacy while still ensuring the integrity of transactions and computations on the blockchain.

Manta Atlantic

Manta Atlantic is a decentralized ZK L1 chain on Polkadot that focuses on providing modular on-chain compliance identities and credential layers through zkSBTs. It features zkNFTs, staking, and ecosystem projects that improve the user experience of ZK-enabled applications.

It introduces a novel zkAddress system, which has both a public account-based address system and a UTXO-based private address system. This zkAddress system shields information related to SBT (soul-bound tokens) minting, on-chain credentials, and off-chain identities.

zkSBT (Zero-Knowledge Soul-Bound Tokens)

Soulbound tokens (SBTs) are digital identity tokens that represent the characteristics of a person or entity. Manta Network’s zkSBT (Zero-Knowledge Soulbound Token) is a type of verifiable credential that uses zero-knowledge proofs to provide additional privacy and security. Verifying these tokens only requires proof keys, ensuring the process is secure without revealing any wallet information.

zkSBTs can be minted on Manta Atlantic using the Manta Atlantic NPO (NFT Private Offering). Users can mint zkSBTs that verify their on-chain identity and activities without needing a wallet.

In addition, zkSBT is a powerful method for privately verifying on-chain data, which is especially beneficial for mobile applications.

Manta Network’s documentation highlights four main use cases for zkSBTs:

Decentralized User-Friendly KYC

KYC (Know Your Customer) is an important verification process in both Web2 and Web3. For example, with zkGalxe, users can prove they are KYC-verified without revealing personal information or connecting their wallets. This allows users to use existing KYC info at platforms like Galxe in both traditional and blockchain-based apps.

Private Credentials for On-Chain Activities Campaigns

zkSBT ensures privacy in verifying on-chain credentials, allowing verification without connecting a wallet. This process can be carried out across multiple chains or platforms.

zkSBT for Game/Social Items

Projects on Manta’s ecosystem like Ultiverse and ReadON have adopted zkSBTs as game items usable on Manta and in their respective mobile apps.

Assets Verification

zkSBT can be used to prove ownership of token assets or NFTs.

On the in-house project POMP, users generate zkSBTs that serve as an on-chain bank statement while maintaining privacy. This information can be utilized in credit score systems, applicable in both traditional and decentralized finance.

What is MANTA Token?

$MANTA is the main currency on the Manta Network with varying functions across its two layers.

On Manta Pacific

1. Users holding $MANTA tokens gain value as the tokens are used for on-chain activities and applications, making the tokens more valuable. $MANTA will be used to fund incentives that benefit the community.

2. Builders and contributors to Manta’s ecosystem benefit directly from the funds generated by on-chain activities as the demand for $MANTA tokens creates income. The initial funds go to the Manta Foundation, which then redistributes them. Future funds may come from selling participation rights, which helps sustain the Manta ecosystem, encouraging innovation and using advanced technologies.

On Manta Atlantic

1. Financial transactions and interactions with smart contracts will attract fees generated in $MANTA and divided as follows;

• 72% of these fees support projects in the ecosystem, encouraging the development of apps on Manta.
• 18% goes to the treasury for network development and future improvements.
• 10% is given to collators, who help create blocks containing transactions.

1. $MANTA can be used to buy credentials like zkSBTs and zkKYCs within the network.

2. $MANTA holders have voting power for making decisions, selecting council members, and shaping the future of the Manta network.

3. $MANTA tokens will also be used to reward collators, ensuring a strong and decentralized network. The network rewards stakers with 2% of the total tokens issued annually for helping maintain the security of the network.

Proposed Tokenomics

Source: Manta Network — Manta network will initially have a total supply of 1 billion $MANTA distributed among the categories outlined in the table above

The $MANTA token has a total supply of 1 billion, with a 2% yearly minting rate starting from launch. The initial supply will be 251 million tokens allocated for Airdrop, New Paradigm (Airdrop 2), Public Sale, Advisors, Ecosystem, and Community.

The current circulating supply will be determined by the rate of liquidity flow based on the total number of unlocked tokens from both Manta Atlantic and Manta Pacific; the tokens will be either locked or unlocked in the Celer bridge’s liquidity pool.

Tokens on Manta Atlantic are dedicated to the Public Investors, Private Investors, Strategic Investors, Institutional Investors, Foundation, Team, and Advisors. Manta Pacific has a contract that locks its supply of tokens allocated for Atlantic. As the Atlantic tokens are unlocked according to vesting, the Pacific contract will deploy the corresponding unlocked tokens into the Celer liquidity pool. By doing this, token holders can bridge between the two networks.

Tokens allocated to Airdrop 1 (Into the Blue), Airdrop 2 (New Paradigm), the Binance Launchpool, and Ecosystem/Community will be distributed and unlocked on Manta Pacific. Similarly as described above, a contract will lock and unlock tokens through the Celer liquidity pool.

Is Manta Network (MANTA) a Good Investment?

Manta Network is a Modular blockchain operating across two ecosystems, optimizing the use of zero-knowledge technology, and allowing developers to build scalable projects. It has the potential to become a widely adopted solution for developing decentralized applications. It is also worth noting that modular blockchains like Manta Network have not been extensively tested like traditional blockchains—Ethereum and Bitcoin—so their strengths and weaknesses are yet to be guaranteed.

Investors are encouraged to do their research and evaluate their risk tolerance before investing in the project. Like any investment, particularly cryptocurrency, investing in Manta Network (MANTA) carries certain risks. Therefore, investors should take into consideration the volatility of the cryptocurrency market and potential regulatory changes.

News on Manta

Manta Network Ranks Top 10 by TVL, Displacing Base

A few months after launch, Manta Network has rapidly risen through the ranks as one of the top ten protocols by total value locked (TVL), much of this is attributed to its New Paradigm campaign, a yield farming solution on its Layer 2 chain, Manta Pacific.

The New Paradigm campaign promised a “Penta Yield,” five yield earning sources, including fixed yields, NFTs, and a token airdrop as an additional incentive. This campaign coupled with a token launch on January 18, 2024, saw a huge volume of liquidity moved on-chain. As of the time of writing, Manta ranks 9th on Defillama Top Ten Chains by Total Value Locked with a TVL of $475M.

MANTA Network Faced DDoS Attack During Token Launch

During Token issuance on January 18, Manta Network was hit by a distributed denial of service (DDoS) attack where the attacker flooded Manta’s RPC (remote procedure call) nodes with bug requests, leading to longer transaction times and increased transaction fees on the network.

Manta Network acknowledged this attack via its X account (formerly called Twitter) the following day and proceeded to resolve it, further promising to reimburse gas fees for transactions carried out during the time of the attack.

How to Own MANTA

You can buy MANTA from a centralized cryptocurrency exchange. For example, Gate.io offers traders the following trading pair: MANTA/USDT. To own the token, create a Gate.io account, and complete the registration process. Also, you need to fund your spot trading account and go through the steps to buy MANTA.

Take Action on MANTA

Check out MANTA price today and start trading your favorite currency pairs:

• MANTA/USDT