Introduction to the advantages and early income opportunities of Manta public chain.
Author: Biteye core contributor Lucky
Editor: Biteye core contributor Crush
01 Introduction to Manta Pacific
The recent surge in the futures price of Blast on Aevo, with the continuous increase of TVL, has risen from a low of $3.5 to $15.5 in just one week, and then fell back to $7. This indicates that the L2 model focusing on native income, which is recognized by the market, has begun.
Can Manta, which also recently introduced native income using New Paradigm, surpass Blast? Let's first take a look at the advantages of Manta and the early entry opportunities for players compared to Blast.👇🏻
Manta Network is a modular blockchain for zero-knowledge (ZK) applications. Manta Network was created by an experienced founding team from prestigious institutions such as Harvard University and the Massachusetts Institute of Technology.
Manta Network has received investments from many top Web3 investment funds, including Binance Labs and Polychain Capital.
Manta Pacific is specifically designed for ZK applications on Ethereum Layer2, currently based on OP Stack, fully compatible with the EVM environment and Solidity development language.
In the future, Manta Pacific will implement zkEVM based on Polygon CDK; meanwhile, it will use Manta's universal circuits to provide ZK as a service and utilize Celestia's modular data availability to offer low gas fees.
It can be said that Manta Pacific provides a perfect environment for supporting ZK applications. Solidity developers do not need cryptographic knowledge or to learn a new language to enable ZK functionality through SDK or API calls.
(Note: Manta's universal circuits are zero-knowledge proof (ZK) circuit libraries designed for general scenarios, providing ZK-as-a-Service for Solidity developers. With just a few lines of code, developers can enable ZK functionality in existing applications, including compliant DeFi payments, Web3 social identity verification, and full-chain game shuffling. Through the universal circuits on Manta Pacific, developers can easily deploy EVM-native ZK applications.)
Manta Pacific launched its mainnet Alpha version on September 12, 2023, and is currently the third largest OP Stack L2, second only to Optimism and Base. Once fully transitioned to zkEVM, Manta Pacific may become the largest L2 network based on Polygon zkEVM in the future.
From the launch of Manta Pacific, its future development will be divided into four different stages:
(1) Manta Pacific Alpha (Ethereum L2)
In the current version, Manta Pacific is based on Ethereum's Optimistic Rollup, using Ethereum's data availability (DA).
It uses Manta Network's universal circuits to enable developers to quickly build and deploy ZK-related applications using Solidity and the universal circuit SDK.
Therefore, all existing Ethereum smart contracts can seamlessly adapt to Manta Pacific, while also opening up new application scenarios based on ZK functionality, such as verifiable DID/KYC, fully on-chain games based on ZK, and collaboration between DeFi and decentralized identities, and more.
(2) Manta Pacific Alpha II (+Celestia DA)
In this stage, Manta Pacific will achieve data expansion by integrating Celestia's modular data availability (DA), significantly reducing the gas fees for users to interact with dApps within the Manta Pacific ecosystem.
Celestia's costs are sub-linear with Ethereum's gas prices, much cheaper than the existing costs on Ethereum.
(3) Manta Pacific Beta (+ Transition to zkEVM)
In this stage, Manta Pacific plans to fully transition to zkEVM and utilize Polygon's ZK provers.
The final stage of network architecture will involve using Manta's universal circuits for built-in ZK features to support a wide range of ZK applications, combined with Validium services, Celestia DA, zkEVM, and Polygon CDK to achieve scalability.
(4) Manta Pacific Production-Level Mainnet I (+ Universal Circuits 2.0)
In the final stage, Manta Pacific will officially launch its mainnet. For the Manta Pacific mainnet, Manta Pacific will further upgrade the universal circuits to achieve lower gas costs, while unlocking new application scenarios using novel ZK technology.
Looking at the roadmap of Manta Pacific, it will become the first L2 to transition from Optimistic Rollup to Validium with zkEVM, using Polygon CDK to achieve this transition, significantly reducing gas fees through Celestia DA, and increasing security through cryptographic proofs of Ethereum consensus and on-chain activities. It can be said that it is currently a very forward-looking L2.
02 New Paradigm Activities
Recently, Manta public chain launched the New Paradigm liquidity incentive activity within its ecosystem, similar to the liquidity staking activity introduced by Blast some time ago. Users can stake their funds to receive future token airdrop rewards.
However, compared to Blast, New Paradigm's advantage lies in its rich ecosystem projects and a shorter payback period. Users can receive token airdrops as early as January 2024, while the airdrop for Blast may not be available until May. In comparison, the capital utilization rate in New Paradigm is much higher than in Blast.
(1) The expected rewards of the activity include the following:
New Paradigm has five sources of income, including fixed income, NFT incentives, and the stacking income brought by the unique DeFi composability within the L2 ecosystem.
After cross-chain transfer of ETH and USDC to the Manta ecosystem, similar to Blast, there will be around 5% interest even if the assets are left idle.
Participating in the activity to stake assets can receive future MANTA token airdrops.
Participating in interactions with projects within the Manta ecosystem can bring potential airdrop opportunities for the projects themselves.
After staking ETH and USDC, the obtained Stone and wUSDM can be used to participate in projects within the Manta ecosystem, such as lending projects, to receive the project's own returns.
Income can be obtained through restaking stETH (optional, will be added to Eigenlayer based on whether there is an open limit for Eigenlayer).
(It is important to note that ETH will be converted to Stone after deposit, and USDC will be converted to wUSDM. If there is no GAS for subsequent interactions, a third-party bridge, such as MiniBridge, can be used to cross-chain to the Manta network, which will save more GAS.
_Participation in the activity requires funds to be deposited through the activity page to receive blind box fragments. However, GAS is required for subsequent interactions within the Manta ecosystem, and a third-party bridge can be used for cross-chain transactions: https://minibridge.chaineye.tools/)
(2) Specific steps are as follows:
1) Cross-chain ETH or USDC to Manta Pacific for deposit to earn returns and box fragments. The deposit period is open until January 2024.
2) Users will receive STONE and wUSDM on Manta Pacific within 24 hours after deposit. The earliest date to receive MANTA token rewards through NFT is January 2024.
3) 69 days after the distribution of MANTA token rewards, users can redeem ETH and USDC using STONE and wUSDM.
For detailed strategies, refer to the Manta New Paradigm Participation Best Strategy Tutorial📚 released by Biteye to maximize returns.
The deposit activity of New Paradigm is in its final sprint stage. For those who want to participate, you can use our Biteye's invitation code.
(Note: Joining Biteye's group can receive exclusive additional rewards. 1. Half of the referral rewards will be given to group members; 2. Biteye has received an official grant of 25%-50% of 25,871 $Manta, which will be given to group members as an incentive.)
03 StakeStone and Mountain Protocol
In New Paradigm, the income from staked ETH comes from the StakeStone protocol, while the income from staked USDC comes from the Mountain Protocol. Next, we will introduce these two key protocols in the Manta ecosystem:
(1) StakeStone
StakeStone is a full-chain LST (Liquid Stake Token) protocol dedicated to building a decentralized all-in-one staking protocol and a cross-chain market for LST liquidity, providing stakers with easy staking services. Backed by Hashkey Capital, it has received an audit from Secure3Audit.
Users can deposit ETH to receive STONE. For example, if user A deposits 100 ETH in exchange for a certain amount of STONE, and after one year, the value of 1 STONE becomes 1.04 ETH, then user A can withdraw 104 ETH using 100 STONE from StakeStone.
When users deposit ETH into StakeStone, they will immediately receive STONE. At the same time, the received ETH will enter the insurance contract and wait for deployment. After deployment, the ETH in the treasury contract will be sent to Lido to exchange for stETH, which will then be stored in StakeStone's strategy treasury.
In the future, sETH may be deposited into Eigenlayer for restaking to earn more income for STONE holders.
Currently, the total amount of ETH deposited in StakeStone is steadily increasing, with a total of 225,498 ETH deposited, approximately $515M.
(2) Mountain Protocol
Mountain Protocol is an institutional-grade compliant and regulated yield stablecoin protocol, with investment from Coinbase Venture and audits from multiple well-known auditing institutions such as OpenZeppelin.
The stablecoin USDM issued by Mountain Protocol is backed by short-term U.S. Treasury bonds, which are one of the safest assets in the world.
The main reserves behind USDC and USDT are also short-term U.S. Treasury bonds. According to the risk rating report from stablecoin rating agency Bluechip, the risk rating of USDM is the same as DAI. Therefore, Mountain has both security and compliance.
In New Paradigm, users who deposit USDC will automatically receive wUSDM (Wrapped USDM) on Manta Pacific, similar to Lido's wstETH.
During the New Paradigm activity, users can consider using wUSDM in other protocols for yield farming. wUSDM can be used to interact with various smart contracts, decentralized applications, and wallets on L2, just like any other ERC20 token.
Currently, the issuance of USDM has reached $136M according to DefiLlama's data, significantly increasing after collaborating with Manta.
Mountain Protocol on DefiLlama
04 Ecosystem Data and Overview of Ecosystem Projects
According to L2 Beat data, the current TVL of Manta has reached $559M, surpassing other popular L2 public chains such as Linea and Starknet, and currently ranks sixth.
From on-chain data, the number of transactions in the Manta ecosystem has reached nearly 7 million, with a total of 446,454 wallet addresses, and a significant increase in on-chain daily activity over the past three months.
(https://analytix.web3go.xyz/layout/dashboardDetail/3a6f41b3-bb1c-43b1-a1e8-bd1158033e31)
Currently, there are over 200 ecosystem projects on Manta Pacific, with most projects not yet launching their own tokens. It is foreseeable that the New Paradigm event has brought in a large number of new users to Manta, and a significant amount of funds have been deposited on-chain. These funds will continue to circulate within the ecosystem, interacting with projects in the Manta ecosystem, gradually cultivating loyal users on the chain.
Here are introductions to some key ecosystem projects on Manta:
QuickSwap: QuickSwap is the largest DEX in terms of trading volume in the Manta ecosystem and is also one of the largest and most well-known DEXs in the Polygon ecosystem.
iZUMi Finance: iZUMi is a multi-chain DeFi protocol that provides Liquidity as a Service (LaaS) and has innovatively proposed a discrete liquidity automatic market-making model. It has raised over $50M in funding from investors including IOSG Ventures, Distributed Capital, Hashkey Capital, and BIXIN Ventures.
LayerBank: LayerBank is currently the largest lending protocol in the Manta ecosystem. The protocol has been audited by Peckshield and currently has a TVL of $265M, deployed on Linea and Scroll, with the majority of TVL distributed in Manta.
Symbiosis: Symbiosis is a cross-chain DEX and liquidity protocol that has raised $2M in funding from DWF Labs, Shima Capital, Binance Labs, Dragonfly, and Amber Group.
PacificSwap: PacificSwap is a DEX protocol based on the ve(3,3) model and developed based on the Pancake Swap model, using the innovative CLAMM algorithm.
AsMatch: AsMatch is an online dating application based on zero-knowledge proof (ZK). Users can swipe left or right to match or not match with other users, and can also input the ZK Proof Key of zkSBT into the app to verify on-chain behavior and identity. It falls under the Social category in Manta.
Orbiter Finance: Orbiter Finance is a decentralized Rollup bridge for transferring Ethereum native assets, providing infrastructure for Layer 2. It is one of the largest cross-chain bridges and has raised $3.2M in funding from Starkware, Amber Group, and others.
Minibridge: Minibridge is a cross-chain bridge optimized for small-value transfers, with the advantage of low fees and fast transactions. It has been rated as the favorite bridge by users on dappsheriff and offers a 50% discount on fees during the New Paradigm event. MiniBridge is the award-winning team at Ethereum Shanghai 2023.
05 Summary
As the launch of the MANTA token approaches in 2024, the airdrop brought by it will undoubtedly further contribute to the topic of L2 in the first quarter of 2024. Additionally, with Manta's integration with Celestia in the next phase, the dual characteristics of modular blockchain and ZK EVM can bring unique advantages to Manta.
Therefore, at this stage, with most projects in its ecosystem not yet launching their own tokens, and with the strong backing of Binance investments, the level of on-chain activity is much lower compared to chains like Zksync. Participating more in interactions on this chain, increasing asset returns, and anticipating future airdrops from ecosystem projects can be considered a very cost-effective operation.
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