The launch of the MANTA token has garnered attention since the beginning of 2024. MANTA emerged as the anticipated token following the launch of the Manta Pacific mainnet platform in September 2023. Surpassing Base, Manta Pacific claimed the position of the third-largest Ethereum L2 blockchain by Total Value Lock (TVL). Manta Pacific represents one of the main networks (mainnet) within the Manta Network ecosystem, alongside Manta Atlantic. In this article, we’ll delve into the essence of Manta Network, particularly Manta Pacific, and the reasons behind its rapid growth and increasing significance in the blockchain sector.
Article Summary
- ⛓️ Manta Network is a modular blockchain developed specifically for zero-knowledge (ZK) applications.
- 🌊 There are two main networks in the Manta Network: Manta Pacific and Manta Atlantic. Manta Pacific is an Ethereum Layer 2 (L2) protocol that supports Ethereum Virtual Machine (EVM) for ZK applications, while Manta Atlantic is a Layer 1 (L1) protocol with ZK capabilities in Polkadot.
- 🥇 Manta Pacific operates using OP Stack Rollup and utilizes data availability (DA) from Celestia (stage 2 of the Manta Pacific roadmap). It makes Manta Pacific the first Ethereum L2 to utilize Celestia.
- ✨ Since its inception in September 2023, Manta has emerged as the third-largest Ethereum L2, boasting a total TVL of 1.5 billion US dollars. Moreover, it has processed over 12 million transactions and has over 200 ZK applications within its ecosystem.
What is Manta Network (MANTA)?
Manta Network is a modular blockchain built for zero-knowledge (ZK) applications. ZK applications are the next-generation dApps that focus on user privacy in a Web3 world.
Two main networks are operating within the Manta Network, Manta Pacific and Manta Atlantic. Both networks offer ZK tools that simplify the implementation of ZK applications. This is because implementing ZK applications still involves complex computing systems.
Some ZK projects or applications that use Manta infrastructure and tools are Proof of My Possessions (POMP), zkHoldem, AsMatch, Zypher Games, Aperture, and others.
Manta Pacific utilizes the Celestia blockchain for data availability (DA). This strategic move allows the platform to reduce the expenses associated with ZK implementation. It also marks Manta as the first Ethereum L2 to use Celestia.
At present, Manta Pacific utilizes the OP Stack Rollup (stage 2 of the Manta Pacific roadmap). Furthermore, the Manta Pacific mainnet will eventually transition entirely to zkEVM using Polygon CDK.
Manta Atlantic is a Layer 1 (L1) protocol with ZK capabilities in Polkadot. It provides a ZK application deployment environment through SoulBound tokens (zkSBT). As the fastest ZK L1 chain in Polkadot, Manta Atlantic allows identities and credentials in Web3 to be programmable through zkSBT.
Discover additional insights into the Soulbound Token concept, an innovative identification technology within the Web3 domain, by delving into this article.
Who are the Founders of Manta Network?
Manta Network was created in 2020 by a team comprising Kenny Li, Victor Ji, and Shumo Chu. They are experienced individuals from various leading institutions, such as MIT, Harvard, and Algorand.
Subsequently, they established P0x Labs, a decentralized laboratory focused on developing zero-knowledge technologies. In March 2023, they unveiled zkSBT alongside Manta NPO, a platform facilitating zkSBT minting, and its associated wallet extension.
Manta introduced the Manta Pacific testnet on July 19, 2023, and officially launched its mainnet on September 12, 2023. Shortly after, in December 2023, Manta introduced the New Paradigm, offering a means to earn rewards from native ETH and stablecoins through various dApps within the Manta Pacific ecosystem.
The project has raised a total funding of 60 million dollars from token sales and Serie A funding. Among Manta’s supporters are Polychain, Qiming Ventures, CoinFund, ParaFi Capital, Binance Labs, and various other entities.
How Does Manta Pacific Work
Manta Pacific empowers developers to develop and deploy ZK applications at a minimal cost. Moreover, it provides users with access to a rapid and secure environment to engage with the expanding DeFi ecosystem.
Manta Pacific provides a scalable and cost-efficient environment for Ethereum Virtual Machine (EVM)-native applications, including ZK applications
Manta Pacific's mainnet is currently undergoing a transition to a full zkEVM implementation with the use of Polygon CDK. Presently, Manta Pacific operates using OP Stack Rollup and data availability (DA) from Celestia.
Here’s how Manta Pacific works:
- Optimistic Rollup: Currently, Manta Pacific operates using OP Stack Rollup technology. By using optimistic rollup, Manta Pacific can process transactions efficiently by bundling multiple transactions into a single block.
- Data Availability (DA): To ensure the availability of transaction data, Manta Pacific previously used Ethereum, but in December 2023, it switched to a dedicated data availability solution provided by Celestia. It allows Manta Pacific to reduce L2 network transaction fees and save gas fees for users.
- Bridge deployment: Users on Manta Pacific can use New Paradigm bridges to connect assets such as ETH and stablecoins (e.g., USDC) from Layer-1 (L1) to Layer-2 (L2). It allows users to earn additional yield by utilizing their assets within DeFi applications supported on Manta Pacific.
- Universal Circuits: Manta Pacific launched Universal Circuits to enhance the developer experience in integrating ZK applications into EVM. Through the Zk Library, developers can seamlessly invoke ZK contracts for Solidity smart contracts and pre-existing applications.
Advantages of Manta Pacific
- EVM Interoperability: Manta Pacific enables interoperability with various other EVM blockchains. It can expand the flexibility and connection of its ecosystem.
- Scalability and Cost Efficiency: Using data availability (DA) from Celestia and zkEVM, Manta Pacific provides a scalable and cost-efficient environment for ZK applications.
- Universal Circuits 2.0: The use of Universal Circuits will give developers powerful tools to build ZK applications faster and more efficiently.
- Community and Token Holder Support: Manta Pacific provides advantages to token holders, contributors, and users through continuous rewards for on-chain activities and incentives that enhance the ecosystem’s value.
MANTA Token as an Investment
MANTA is the Manta Network’s native token that plays an important role on the Manta Pacific and Manta Atlantic networks. On Manta Pacific, the MANTA token is designed to grow with on-chain activities that provide value to token holders, contributors, developers, and users.
Below are several roles of MANTA within the Manta Pacific ecosystem as a utility and governance token:
- Access to services and functionalities offered within the Manta ecosystem.
- Rights to participate in decisions shaping the future of the protocol.
- Investment opportunity in fostering the expansion of the Manta ecosystem.
- Incentives for contributions towards ecosystem development.
- Passive earnings from sequencer profits and gas fee reductions.
- Utilization as a medium of exchange for transactions conducted within the Manta ecosystem.
The MANTA tokens launched on January 18, 2024, with an initial supply of 1 billion tokens. Each of the Pacific and Atlantic networks will possess 1 billion tokens. As liquidity moves between the networks, the tokens will be locked and unlocked in the Celer bridge liquidity pool.
As of February 7, 2024, MANTA tokens are priced at 2.5 US dollars with a daily trading volume of nearly 180 million US dollars. Despite being newly launched in early 2024, the MANTA token has quickly risen to the 94th position based on a total market capitalization of 650 million US dollars.
With Manta Pacific’s ‘game changer’ innovations, Manta has quickly caught the attention of the crypto community. It is evident by the increase in TVL from 10 million US dollars to 20 million US dollars between October and November 2023. Currently, Manta Pacific’s TVL has reached 1.5 billion US dollars!
Since its launch in September 2023, Manta Pacific has processed over 12 million transactions and attracted over 200,000 new users. This increase is due to the launch of the New Paradigm Campaign.
The New Paradigm Campaign enables users to deposit ETH on the Manta platform, wherein the system will stake ETH and reward users accordingly. In case users deposit USDC stablecoins, the system will offer returns from US Treasuries via the platform's partner, Mountain Protocol.
Furthermore, collaborations with leading partners like Celestia, Polygon, and LayerZero have contributed to Manta Pacific’s ascent to being the third-top Ethereum L2. It underscores its rapid expansion within a relatively brief timeframe.
The Manta Pacific Roadmap
In Manta Pacific’s roadmap, there are plans to enhance L2 scalability by transitioning from OP Stack Rollup to zkEVM Validium using Polygon CDK in the future. This strategic move aims to facilitate dApp development within a familiar ecosystem (Polygon), potentially leading to broader adoption of Manta.
There are four phases in the transition, which you can see in the image above. Currently, Manta Pacific has completed the second phase, which means that Manta Pacific is operating using OP Stack Rollup and utilizing data availability (DA) from Celestia.
The transition will be the primary focus for Manta in 2024. Moreover, Manta intends to broaden its infrastructure tools, including Universal Circuits, which simplify ZK application development.
Conclusion
Manta Network (MANTA) is a modular blockchain designed for zero-knowledge (ZK) applications within the Web3 ecosystem. Consisting of two networks, Manta Pacific and Manta Atlantic, Manta Network offers ZK tools that simplify the deployment of ZK applications.
Since its launch in September 2023, Manta has emerged as the third-largest Ethereum L2, boasting a total TVL exceeding 1.5 billion US dollars. Additionally, more than 200 ZK applications have already been integrated with Manta Pacific. With rapid growth in a relatively short period, Manta Network has become a notable focal point within the crypto community.
How to Buy MANTA Tokens on Pintu
After knowing what Manta Network is, you can start investing in MANTA by buying it on the Pintu app. Here is how to buy crypto on the Pintu application:
- Create a Pintu account and follow the process of verifying your identity to start trading.
- On the homepage, click the deposit button and top up the Pintu balance using your preferred payment method.
- Go to the market page and look for MANTA.
- Click buy and fill in the amount you want.
- Now you have MANTA!
In addition to MANTA, you can safely and conveniently purchase a wide range of cryptocurrencies such as BTC, ETH, SOL, and others safely and easily on Pintu. Pintu diligently evaluates all its crypto assets, highlighting the significance of being cautious.
Pintu is also compatible with popular wallets such as Metamask to facilitate your transactions. Download the Pintu app on the Play Store and App Store! Your security is guaranteed because Pintu is regulated and supervised by Bappebti and Kominfo.
Aside from buying and trading crypto assets, you can expand your knowledge about cryptocurrencies through various Pintu Academy articles. Updated weekly, all Pintu Academy articles are made for knowledge and educational purposes, not as financial advice.
References
- Manta Network, Manta Network: 2023 — A Year of Innovation and Scaling, Medium, accessed 8 February 2024.
- Manta Network, Manta Network Docs, Manta, accessed 5 February 2024.
- Manta Network, $MANTA Tokenomics, Medium, accessed 6 February 2024.
- Jennifer Obem, Understanding Manta Network: A Comprehensive Overview, Messari, accessed 6 February 2024.
- Tim Copeland, Manta co-founder on why Manta Pacific became the third-largest Layer 2 network by TVL, The Block, accessed 6 February 2024.