Introduction to the $MANTA network
The $MANTA network can be thought of as providing two major features.
MANTA Pacific – A L2 solution which claims to be the first EVM-equivalent ZK-application platform that is scalable and secure through Celestia DA and Polygon zkEVM.
$MANTA Atlantic – A L1 solution built on top of Polkadot and universal circuits used for ZK ids mostly.
How does $MANTA pacific differ from existing solutions?
Existing solutions inadequately cater to the requirements of ZK applications for scalable deployment and user growth. Conventional Virtual Machines (VMs), Ethereum Virtual Machine (EVM) blockchains, and zkEVM lack the necessary tooling for the seamless development and deployment of ZK applications. Even if successfully deployed, users may face the challenges of elevated gas costs and sluggish performance. ZK networks offering VM environments compel developers to adopt new languages, confining applications to specific ecosystems with restricted user bases.
Features of $MANTA Pacific
Manta Pacific utilizes Celestia and a customized OP Stack to provide a state-of-the-art technical infrastructure that boasts exceptional scalability and minimal gas fees. Enhanced by Manta Pacific’s Universal Circuits, the platform offers an unparalleled environment for creating and deploying ZK applications and decentralized applications (dApps).
In layman terms – Better scalibility with lower ETH fees.
Manta Pacific provides Universal Circuits, a ZK library designed to simplify the process for developers to invoke ZK-enabled contracts within their current Solidity smart contracts and decentralized applications (dApps). The foundational circuit designs within Manta Pacific’s Universal Circuits encompass essential zkContracts, including zkShuffle tailored for on-chain gaming applications.
Applications spanning DeFi, gaming, and social realms deployed on Manta aim to deliver optimal experiences and value to actual users. The Manta Ecosystem Grants Program is strategically crafted to delve into and expand novel, valuable use cases, addressing challenges encountered by real users.
Distinguished as the inaugural EVM-equivalent ZK-application platform, Manta Pacific achieves scalability and security through Celestia DA and Polygon zkEVM. Leveraging the groundwork laid by the Manta team in the realm of ZK, this platform seamlessly integrates and applies these advancements directly into a scalable EVM environment tailored explicitly for deploying ZK applications.
Manta Atlantic positions itself as the fastest and most decentralized ZK Layer1, offering robust support for modular on-chain compliance identities. Its array of core products and technologies, including zkNFTs, staking, and ecosystem projects, actively facilitates user-friendly access to potent ZK-enabled use cases.
In contrast to zk identity layers that focus on building zk smart contract languages, Manta Atlantic prioritizes the ZK compliance credential layer. Its commitment to real-world adoption and interoperability actively streamlines the process for other projects, enabling them to integrate interoperable identities without engaging in intricate cryptographic work.
Manta’s zk circuit and infrastructure, developed over two years, actively feature a public account-based address system and a UTXO-based private address system known as zkAddress. This pioneering zkAddress actively shields information related to SBT minting, on-chain credentials, and off-chain identities. It stands out as the first reusable, independent, and auditable private address system. Notably, it actively supports multiple NFTs, featuring its own seed phase and synchronization across different devices. With the integration of Prove Key, users can actively share specific credentials of the zkAddress without compromising the confidentiality of the zk identity.
The $MANTA Token
The $MANTA token has different uses on the Pacific and Atlantic networks.
Manta Pacific has been intricately designed to thrive through on-chain activities, delivering substantial value to diverse stakeholders, including token holders, contributors, builders, and users:
Value Accrual for Token Holders:
Token holders benefit from the efficient re-deployment of sequencer revenue and gas savings generated by modular DA. Sequencer revenue and DA gas fee savings play a crucial role in funding on-chain activities and zk applications, thereby fostering increased demand for blockspace.
Builders and Contributors:
Builders and contributors experience direct advantages through retroactive funding from on-chain activities, leading to the expansion of associated markets. This symbiotic relationship unfolds as a well-funded ecosystem becomes an attractive hub for builders, nurturing the development of tools, education, apps, and infrastructure.
The platform thoughtfully distributes revenue to ecosystem projects and public goods funding, creating a perpetual cycle of incentives that drive innovation, support early-stage projects, and promote the adoption of cutting-edge technologies throughout the Manta ecosystem.
$MANTA actively assumes several key roles within the Manta Atlantic ecosystem:
Network Usage Fee:
- Transactions and contract/pallet executions entail a usage fee.
- 72% of network usage fees are directed towards ecosystem projects, providing enhanced incentives for applications built on Manta.
- 18% contributes to the treasury, governed to incentivize network development and future parachain auctions.
- 10% is distributed to collators producing blocks containing transactions.
Medium of Exchange:
- $MANTA serves as the native currency for Manta Network, facilitating peer-to-peer transfers and transactions involving contracts/pallets.
- $MANTA can be utilized to acquire credentials like zkSBTs and zkKYCs within the network.
- $MANTA serves as the voting weight for on-chain governance decisions.
- It actively participates in proposing referenda, electing council members, and shaping the future trajectory of the Manta network.
- Collators play a crucial role in bundling transactions and supporting block liveness.
- $MANTA tokens serve as incentives for collators, ensuring the maintenance of a robust and decentralized network.
- The network allocates an annual 2% of the total issuance to stakers for their contribution to maintaining network security.
The two major airdrops Manta will be following will be as follows as per their tokenomics article –
Airdrop — 5.60%
Read the Airdrop announcement for detailed eligibility criteria. The airdrop will be claimable for a period of 6 months starting on January 18, 2024 until June 18, 2024 at 11:59PM UTC.
- 50,000,000 $MANTA of “Into the Blue” event token airdrop will unlock during TGE.
- During the Token Generation Event (TGE), the platform will unlock and distribute 6,000,000 $MANTA to users participating in the Binance Parachain auction.
- In the case of any unclaimed rewards after the specified claim period, the platform will redistribute these unclaimed rewards back into the ecosystem funds. Community governance will determine how to reappropriate the unclaimed rewards.
New Paradigm (Airdrop 2) — 6.5%
To position Manta as a leading Layer 2 solution in the Layer 2 landscape, we have introduced our groundbreaking product, New Paradigm. This innovative Layer 2 offering not only delivers real yield but also grants users a range of benefits. New Paradigm Participants will receive an allocation of 6.5% of the total $MANTA supply.
Read the details about the New Paradigm.
- Base Reward: 3% of total supply
- Special Rewards: 2% of total supply
- Ecosystem incentives: 1.5% of total supply
- The release plan for $MANTA rewards is as follows:
- At the Token Generation Event (TGE), the platform will distribute 50,000,000 $MANTA NFT rewards.
- An additional 15,000,000 $MANTA ecosystem incentives are scheduled for release three months after the TGE.
- If any rewards remain unclaimed after the specified claim period, the platform will reallocate these unclaimed rewards back into the ecosystem funds. Community governance will decide the redistribution of these unclaimed rewards.
An amazing video for you to follow for learning more about and participating in the airdop is here by CryptoCove
Conclusion and Final Words
There seems to be a lot of hype around the $MANTA network and most of it seems to be justified. A lot more is there to be built by the team but they seem to be on the right track.
If they follow the roadmap to the right extent and the airdrop generates a good buzz, prices may pump drastically.