What Is Manta Network? Who Is Eligible For The 2024 MANTA Airdrop?

What Is Manta Network?

Manta Network is a modular blockchain ecosystem specializing in zero-knowledge (ZK) applications. It consists of two distinct layers: Manta Pacific, a Layer 2 solution built on Ethereum for scalability and low gas fees, and Manta Atlantic, a Layer 1 chain on Polkadot focused on privacy-preserving credentials and identities. Manta’s ZK-based approach enables users to transact with enhanced privacy and security, while its scalability facilitates wider adoption of ZK technology. The project’s native MANTA token underwent a successful airdrop in early 2024, which saw 50 million tokens distributed.

Key Takeaways

  • Manta Network is a modular blockchain ecosystem that utilizes zero-knowledge (ZK) technology to enhance privacy and security in transactions.
  • Manta’s Layer 2 solution, Manta Pacific, runs on Ethereum, offering scalability and low gas fees while maintaining ZK privacy.
  • Manta’s Layer 1 chain, Manta Atlantic, operates on Polkadot, focusing on privacy-preserving credentials and identities.

What Is The History of the Manta Network?

Manta Network’s journey began in 2020 when a team of experienced blockchain developers and entrepreneurs led by CEO Kenni Li set out to address the growing need for privacy and scalability in the decentralized finance (DeFi) ecosystem1.

Their vision was to create a modular blockchain platform that could seamlessly integrate zero-knowledge (ZK) technology, enabling users to transact with enhanced privacy and security while enjoying the benefits of Ethereum’s network effect.

In 2021, Manta Network launched Manta Pacific, its Layer 2 solution on Ethereum2. Manta Pacific leveraged ZK technology to achieve significant gas fee reductions, making DeFi applications more accessible and affordable for a wider audience. The platform also introduced Universal Circuits, a ZK-as-a-Service framework that simplified the development of privacy-enhanced applications.

2023 marked a pivotal year for Manta Network, as the team made significant breakthroughs in scalability and privacy. In May, Manta Pacific integrated with Celestia3, a modular data availability layer that further reduced gas fees and improved network efficiency. This groundbreaking partnership positioned Manta Pacific as a frontrunner in the Layer 2 scaling space.

Furthermore, Manta Network announced the development of Manta Atlantic, a Layer 1 chain built on Polkadot4. Manta Atlantic is designed to address the fundamental limitations of Ethereum, including its lack of privacy and scalability. By utilizing ZK technology and leveraging Polkadot’s multichain architecture, Manta Atlantic aims to establish itself as a leading platform for privacy-preserving applications and identities.

How Does Manta Network Function?

Manta Network operates on a dual-layer architecture tailored to address different aspects of Web3 development:

  • Layer 2: Manta Pacific (Ethereum Foundation)
    • Designed specifically for EVM-compatible Zero-Knowledge (ZK) apps.
    • Utilizes Celestia for data availability and zkEVM for increased scalability.
    • Features Universal Circuits to simplify ZK app creation with Solidity.
    • Offers a modular structure for scalable growth and minimized gas fees.
    • Developer-focused with SDKs and proof keys for straightforward dApp integration.
  • Layer 1: Manta Atlantic (Polkadot Network)
    • Focuses on ZK compliance tools and privacy-enhancing features.
    • Introduces zkSBTs that empower a confidential, reusable, and verifiable address system known as zkAddresses.
    • Recognized for its interoperability, facilitating cross-project communication without complex cryptography.
    • Backs diverse applications, including zero-knowledge non-fungible tokens (zkNFTs), staking, and other ecosystem initiatives.

Manta Network amalgamates sophisticated cryptographic methodologies with intuitive tools for developers, thus pushing forward the security, efficiency, and ease of access of blockchain systems within the growing Web3 sphere.

The Manta Network’s Yield Strategy Explained

Manta Network has recently introduced an initiative known as the Manta New Paradigm that is transforming how users engage with the Layer 2 Ethereum landscape. This initiative is primarily focused on expanding the potential for yield generation beyond traditional methods.

FeatureDescription
Enhanced Yield OpportunitiesManta offers a variety of yields on investments, going beyond simple multi-signature systems.
Diverse Earnings SourcesPenta Yield model provides five different avenues for earnings, including consistent yield rates, incentives tied to NFTs, and advanced DeFi collaboration potentials within the Layer 2 ecosystem.
Robust Partnerships for GrowthCollaborations with key players like StakeStone and Mountain Protocol strengthen the offering. Users benefit from liquid and reward-bearing assets.
Attractive Token Incentives with NFTsParticipants can collect NFTs via Lucky Boxes and merge them for unique benefits.
Ecosystem Efficiency and Token ComposabilityManta Pacific stands out as the first Layer 2 solution with composability features. It boasts an impressive TVL and supports over 100 projects.
Manta Network has several features focused on yield earning.

How Much Total Value Locked Has Manta Network Accumulated? What Are Its Leading Dapps?

The total value locked on Manta Network has been surging since the end of 2023. According to DeFiLama5, Manta Network smart contracts have $425 million locked across a wide range of dApps. Three of the most notable dApps include the following:

1. LayerBank ($320 million TVL): is a privacy-preserving lending and borrowing platform that leverages Manta’s zero-knowledge technology to enable private and confidential transactions. This platform is designed to provide users with enhanced privacy while maintaining the security of their funds. LayerBank supports a variety of cryptocurrencies, including ETH, USDC, and DAI.

2. Shoebill V2 ($51 million TVL): is a decentralized exchange (DEX) that utilizes Manta’s zkSBT technology to provide private and confidential trades. This platform is designed to protect user privacy by hiding transaction details, such as the sender, receiver, and amount of funds being exchanged. Shoebill V2 supports a variety of cryptocurrencies, including ETH, ERC20 tokens, and Manta zkSBTs.

3. ApertureSwap ($14 million TVL): is a cross-chain DEX that enables users to swap tokens between different blockchains, including Ethereum, Polygon, and Polkadot. This platform utilizes Manta’s Universal Circuits framework to provide seamless and private cross-chain swaps. ApertureSwap supports a variety of cryptocurrencies, including ETH, USDC, DAI, and DOT.

Manta has seen an impressive rise in TVL in the past few months.
Manta has seen an impressive rise in TVL in the past few months. Source: DeFi Lama

What Are The Tokenomics and Use Cases of Manta?

The Manta token ($MANTA) is the native cryptocurrency of the Manta Network. Although the token is not yet trading on exchanges, the following use cases are expected:

  • Pay for network fees: Manta tokens are used to pay for gas fees on the Manta Network, which are the fees required to send transactions and interact with smart contracts.
  • Stake on the network: Manta tokens can be staked on the network to earn rewards, which are paid out in Manta tokens.
  • Participate in governance: $MANTA holders can participate in the governance of the Manta Network by voting on proposals6. This gives them a say in how the network is developed.

In addition to these core use cases, Manta tokens can also be used to:

  • Purchase NFTs: Manta tokens can be used to purchase zkNFTs, which are non-fungible tokens that are secured by zero-knowledge proofs.
  • Access private DeFi services: Manta tokens can be used to access private DeFi services, such as private lending and borrowing.
  • Make anonymous payments: Manta tokens can be used to make anonymous payments, which are payments that cannot be traced back to the sender or receiver.

The Manta Network Airdrop Explained

Manta Network conducted an airdrop7 in January 2024 to reward early adopters, supporters, and users of the Manta ecosystem. The airdrop was distributed to eligible participants in two phases:

Phase 1: Into the Blue

The Into the Blue airdrop was open to participants who had engaged with the Manta Network in various ways, including using its Layer 2 solution, Manta Pacific, participating in the New Paradigm program, and engaging with other Manta-related activities. A total of 30 million MANTA tokens were distributed in this phase.

Phase 2: Great Treasure Hunt

The Great Treasure Hunt airdrop was a gamified element of the Into the Blue airdrop. Participants could earn additional MANTA tokens by completing tasks and participating in community challenges. A total of 20 million MANTA tokens were distributed in this phase.

The Manta Network airdrop was a successful event that rewarded a large number of users for their contributions to the ecosystem and the distribution of 50 mil1lion tokens8. It also helped to raise awareness of Manta Network and its innovative technology.

Here are some of the key eligibility criteria for the Manta Network airdrop:

  • Had interacted with Manta Pacific, including transactions, swaps, and deposits
  • Participated in the Manta New Paradigm program
  • Engaged with other Manta-related activities, such as joining the community Discord channel and participating in social media contests

The Manta Network airdrop was a valuable opportunity for users to earn free MANTA tokens and show their support for the project. It also helped to build a strong community of early adopters and supporters.

Users can check their eligibility for the MANTA airdrop through the official website.
Users can check their eligibility for the MANTA airdrop through the official website. Source: MantaNetwork

Final Thoughts on Manta Network

The Manta Network is still in the early stages of its full deployment. The airdrop appears to have attracted plenty of attention, but the market value of the MANTA network is not yet clear. Despite being in the early stages of the launch, the network has already accumulated an impressive amount of TVL, and the growth of its dApp ecosystem suggests there’s plenty of interest from developers. Furthermore, the yield systems being deployed could well help Manta Network develop a large DeFi fanbase, and the fact that it has received investment from Binance Labs9 adds to its profile.

Frequently Asked Questions

What is Manta Network?

Manta Network is a modular blockchain ecosystem specializing in zero-knowledge (ZK) applications. It offers two distinct layers: Manta Pacific, a Layer 2 solution built on Ethereum for scalability and low gas fees, and Manta Atlantic, a Layer 1 chain on Polkadot focused on privacy-preserving credentials and identities.

How does the Manta New Paradigm enhance yield generation?

Manta New Paradigm introduces a Penta Yield model that offers five distinct ways to earn, including fixed yields, NFT incentives, DeFi composability, and additional partner rewards. This provides a more diversified and lucrative yield generation strategy.

Where Can You Buy MANTA?

For now, it isn’t possible to trade MANTA tokens, but people who participated in the airdrop can claim tokens for free. Keeping a close eye on the Manta Network social networks is the best way to find out about listings.

Peter Barker

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Peter Barker

Peter is an experienced crypto content writer and a DeFi enthusiast with more than 3+ years of experience in the space. Previously a journalist and news editor at a leading European news sourcing agency.

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