Manta Network

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Discover Manta Network's fundamentals and latest news.

This content was generated by Whalee (BETA), an AI crypto assitant that analyses cryptocurrencies. Informations can be incomplete and/or erroneous. Please always double check and DYOR.

What is Manta Network?

Manta Network (MANTA) is a modular blockchain designed for zero-knowledge (ZK) applications, focusing on enhancing user privacy and scalability. It consists of two main networks: Manta Pacific, a Layer 2 solution on Ethereum for scalable ZK applications, and Manta Atlantic, a Layer 1 chain in Polkadot for programmable identities and credentials.

How is Manta Network used?

Manta Network (MANTA) is used in various ways across its two networks, Manta Pacific and Manta Atlantic. Here are some key uses:

  • Manta Pacific:

    • Scalable and Low-Cost Environment: Manta Pacific provides a scalable and inexpensive gas-fee environment for EVM-native ZK applications, making it suitable for deploying ZK applications using Solidity.
    • Universal Circuits: It leverages Manta Network's Universal Circuits, a library of zero-knowledge circuits, to enable developers to easily integrate ZK features into their applications with minimal code changes.
    • zkSBTs and zkKYCs: Users can purchase credentials like zkSBTs and zkKYCs within the network, which are used for trustless, decentralized verification without exposing sensitive information.
  • Manta Atlantic:

    • Private Smart Contracts: Manta Atlantic offers a secure and customizable environment for applications demanding ultimate security, including private smart contracts.
    • Programmable ZK Identities: It brings programmable ZK-powered confidential on-chain identities and credentials to web3 through zkSBTs.
  • Token Usage:

  • Native Currency: $MANTA acts as the native currency for Manta Network, facilitating peer-to-peer transfers and transactions with contracts/pallets.

  • Governance: $MANTA token holders have voting rights for on-chain governance decisions on both Manta Pacific and Manta Atlantic.

  • Staking and Collator Delegation: $MANTA tokens are used for staking, which contributes to the overall security of Manta Atlantic, and can be delegated to collators for block production.

These uses demonstrate how Manta Network is designed to provide a comprehensive ecosystem for scalable, secure, and private ZK applications.

How do I store Manta Network?

To store Manta Network (MANTA) tokens, you can use a secure crypto wallet such as Trust Wallet. Here’s how to get started:

  1. Install and Open Trust Wallet:

    • Download and install Trust Wallet on your device.
    • Open the app to begin the setup process.
  2. Create a New Wallet:

    • Choose the option to create a new wallet.
    • Select your preferred backup method or skip it for now.
  3. Deposit Manta Tokens:

  • On the home screen, select the "Receive" option.
  • Search for "Manta" and select it.
  • You can either copy your deposit address to use on another wallet or exchange, or use the "Deposit from exchange" option to transfer funds seamlessly from your exchange account.

Alternatively, you can also use MetaMask to manage your MANTA tokens. To do this:

  1. Add Manta Network to MetaMask:

  2. Add MANTA Token to MetaMask:

    • Obtain the MANTA token's smart contract address from CoinGecko or the Manta Network explorer.
    • On your MetaMask wallet dashboard, click "Import tokens" and paste the token contract address.
    • Click "Next" and then "Import" to complete the process.

By following these steps, you can securely store and manage your Manta Network tokens using Trust Wallet or MetaMask.

How to buy Manta Network?

To buy Manta Network (MANTA) tokens, follow these steps:

  1. Choose a Crypto Exchange: Select a reputable cryptocurrency exchange that supports MANTA tokens, such as KuCoin, Binance, CoinEx, Bybit, gate.io, or MEXC. Research each exchange to compare fees, security features, and supported currencies.

  2. Create an Account: Register a free account on the chosen exchange by providing personal information, including your name and email address. You may need to complete Know-Your-Customer (KYC) verification to increase withdrawal limits and unlock additional features.

  3. Verify Your Account: Complete the verification process by providing required documents and information to ensure the security of your account.

  1. Add Funds: Deposit funds into your exchange account using a supported payment method, such as fiat currencies or other cryptocurrencies.

  2. Place a Buy Order: Navigate to the MANTA token trading page and place a buy order at the desired price. You can set a market order or a limit order depending on your trading strategy.

  3. Store Your MANTA Tokens: Once you have purchased MANTA tokens, store them securely in a cold wallet or a non-custodial wallet to ensure the safety of your assets.

  1. Monitor Your Investment: Keep track of your MANTA token investment performance and adjust your strategy as needed to manage risk and maximize returns.

By following these steps, you can successfully buy and manage your Manta Network (MANTA) tokens.

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History of Manta Network

Manta Network, a multi-modular ecosystem for zero-knowledge (ZK) applications, was founded in 2020 by co-founders Victor Ji, Shumo Chu, and Kenny Li as the COO and co-founder. The initial goal was to improve privacy among existing DeFi solutions.

The company raised its first funding of $1.1 million from 10 investors, including Polychain Capital, in February 2021. Over time, it conducted four more funding rounds, securing a total of $60.4 million from 30 investors.

Manta Network started its Manta Pacific Testnet on July 19, 2023, and officially launched its mainnet on September 12, 2023. The network is divided into two main components: Manta Pacific, a Layer 2 (L2) scaling solution on Ethereum for EVM-native ZK applications, and Manta Atlantic, a Layer 1 (L1) blockchain within the Polkadot ecosystem focused on programmable identities and credentials.

In January 2024, Manta Network concluded its New Paradigm campaign, distributing airdrops to early adopters and participants. The team continues to develop exciting features, including zkNFTs and a specialized decentralized exchange (DEX) for ZK applications. Collaborations with significant industry players like Binance Labs and Polychain Capital signal strong industry support and confidence in Manta’s future.

The $MANTA token, Manta Network’s native currency, plays a pivotal role in the ecosystem. It is utilized for governance, payment of transaction fees on Manta Pacific, and staking to secure the network while earning rewards.

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How Manta Network works

Manta Network is a multi-modular blockchain ecosystem designed to support the development and deployment of zero-knowledge (ZK) applications. It operates on a two-layer structure, with Manta Pacific focused on Layer 2 (L2) solutions on Ethereum and Manta Atlantic focused on Layer 1 (L1) solutions on Polkadot. Both layers utilize zero-knowledge technology to ensure privacy and scalability.

Key Components
  1. Manta Pacific (Layer 2):

    • Modular Data Availability: Manta Pacific leverages Celestia's modular data availability layer, which uses advanced techniques like 2D Reed-Solomon erasure coding and Namespaced Merkle Trees to reduce data costs and enhance scalability.
    • Universal Circuits: Manta Pacific offers a ZK library for developers to easily integrate ZK features into their existing Solidity smart contracts and dApps. This includes zkContracts like zkShuffle for on-chain gaming and other circuits based on Semaphore technology.
    • Developer-Friendly: The platform provides a multi-modular approach, allowing developers to use Manta's private identity tools across chains and in web2 environments, including mobile apps, with ease.
  2. Manta Atlantic (Layer 1):

    • zkSBTs and zkKYCs: Manta Atlantic uses zero-knowledge proofs to enable trustless, decentralized verification without exposing sensitive information. This includes zkSBTs like zkBAB and zkGalxe Passport for seamless on-chain KYC verification.
Functionality and Use Cases
  • Scalability and Low Fees: Manta Pacific's modular stack and Celestia's data availability layer ensure high scalability and low gas fees for users.
  • Developer-Friendly Environment: The platform offers a ZK library and SDKs to simplify the integration of ZK features into existing applications.
  • New ZK Use Cases: Manta Pacific supports various ZK use cases, such as compliant private identities for DeFi, identity verification for Web3 Social, and zk identity-preserving shuffling for on-chain gaming.
  • Non-Invasive Compliance: zkSBTs allow for trustless, decentralized verification without exposing sensitive information.
  • Growing Ecosystem: The Manta Ecosystem Grants Program encourages the development of new and valuable use cases to solve real-world pain points.
$MANTA Token
  • Functions: The $MANTA token is used for on-chain activities, funding incentives, buying credentials like zkSBTs and zkKYCs, and rewarding collators for maintaining the network's security.
  • Supply and Distribution: The total supply is 1 billion tokens, with a 2% yearly minting rate starting from launch. The initial supply is allocated among various categories, including Airdrop, Public Sale, Advisors, Ecosystem, and Community.
Overall

Manta Network provides a comprehensive ecosystem for building and deploying ZK applications, offering a scalable, secure, and developer-friendly environment. Its modular structure and use of zero-knowledge technology make it an attractive platform for a wide range of use cases.

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Manta Network's strengths

Manta Network (MANTA) boasts several strengths that set it apart in the decentralized finance (DeFi) landscape:

Interoperability and Scalability

Manta Network is engineered with interoperability at its core, allowing seamless interactions between different blockchains. This design philosophy enhances usability and functionality by bridging gaps between various blockchain ecosystems, providing access to a broader range of DeFi services and assets. Additionally, Manta Network is built with scalability in mind, ensuring it can handle increasing loads without compromising performance. This scalability enhances user experience by ensuring fast and smooth transactions, laying a solid foundation for future growth and expansion.

Modular Architecture

Manta Network's modular design allows developers to mix and match functionalities across chains, building innovative applications that work together seamlessly. This modular approach provides a high degree of flexibility and customization, making it an attractive platform for developers.

Privacy by Default

Manta Network prioritizes privacy by integrating it at its core. This integration ensures that privacy isn't just an option but a default state for all transactions. The network proactively masks transaction details, maintaining the integrity and legitimacy of transactions while keeping specifics obscured from public view. This level of confidentiality is particularly appealing to those who prioritize discretion in their financial dealings.

Governance and Community Involvement

The $MANTA token plays a crucial role in governance, giving holders voting power for making decisions, selecting council members, and shaping the future of the Manta network. This decentralized governance model ensures that the community has a significant say in the direction of the platform.

Multi-Layered Ecosystem

Manta Network consists of two key components: Manta Pacific and Manta Atlantic. Manta Pacific is a Layer 2 scaling solution on Ethereum, optimized for EVM-native zero-knowledge applications. Manta Atlantic is a Layer 1 blockchain within the Polkadot ecosystem, designed for programmable identities and credentials using zero-knowledge technology. This multi-layered approach provides a comprehensive ecosystem for developers to build a wide range of applications.

Strong Team and Funding

The Manta Network team includes experienced founders from prestigious institutions, and the project has received investments from top web3 investment funds, including Binance Labs and Polychain Capital. This strong backing and expertise contribute to the network's credibility and potential for growth.

Tokenomics

The $MANTA token has a total supply of 1 billion, with a 2% yearly minting rate starting from launch. The token serves various purposes, including funding incentives, buying credentials, and participating in governance. This well-designed tokenomics ensures a robust and decentralized network.

These strengths collectively position Manta Network as a significant player in the DeFi space, particularly for those prioritizing privacy and scalability.

Manta Network's risks

Manta Network (MANTA) faces several risks, including:

  1. DDoS Attacks: Manta Network suffered a distributed-denial-of-service (DDoS) attack during its token issuance, which caused network disruption, longer transaction times, and increased gas prices. The attack led to a 22% drop in the token price.

  2. Security Risks: As a multi-modular ecosystem for zero-knowledge (ZK) applications, Manta Network is vulnerable to security breaches and attacks that could compromise user data and financial activities.

  3. Market Volatility: The price of MANTA tokens can fluctuate significantly due to market conditions and external factors, which can result in financial losses for investors.

  1. Staking Risks: While there is no slashing risk for delegators, collators that do not produce blocks will not earn rewards for themselves and their delegators, which can impact staking returns.

  2. Regulatory Risks: As a blockchain ecosystem, Manta Network is subject to changing regulatory environments and potential legal challenges that could impact its operations and adoption.

  3. Scalability Risks: Manta Network's ability to scale and handle high transaction volumes without compromising security and performance is crucial. Any scalability issues could negatively impact user experience and adoption.

These risks highlight the importance of careful consideration and risk assessment for investors and users of the Manta Network ecosystem.

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Did Manta Network raise funds?

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Manta Network’s team

  • Victor Ji: Co-founder of Manta Network.
  • Shumo Chu: Co-founder of Manta Network.
  • Kenny Li: Co-founder of Manta Network.

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