1. Introduction to Manta Network
Manta Network is a multi-module ecosystem for zero-knowledge applications, aiming to provide users and developers with a secure, private, and scalable blockchain solution, creating new privacy standards in the cryptocurrency world.
Manta Network consists of two main networks: Manta Pacific and Manta Atlantic.
Manta Pacific: It is a unique L2 ecosystem for EVM-native ZK applications. Manta Pacific aims to address the high transaction fees of platforms like Ethereum, providing a scalable and cost-effective gas fee environment for ZK applications, allowing users to transact at lower costs.
Manta Atlantic: Running on Polkadot, it is one of the fastest zero-knowledge L1 chains in the market. The network provides users with private identities and credentials on web3, making cryptocurrency transactions more secure and private, bringing programmable privacy and identity to web3 through compliant on-chain privacy.
Manta Network has received investments from renowned institutions such as Binance Labs and Polychain Capital. Currently, Manta Pacific has successfully reduced gas fees by over $750,000, demonstrating its achievements in addressing the high fees of Ethereum. Its thriving ecosystem and ample funding have attracted builders and contributors, providing strong support for the development of on-chain tools, market education, applications, and infrastructure. According to L2beat data as of January 27, 2024, Manta Pacific TVL is $1.59 billion, making it the third-largest Layer2 on Ethereum, accounting for 7.55% of the Ethereum Layer 2 market, second only to Arbitrum and OP Mainnet. Additionally, its native token MANTA has resiliently surged to over $3 even in a market downturn.
2. Features of Manta Network
The main features of Manta Network can be summarized as follows:
Privacy: Manta Network utilizes zero-knowledge proof technology to provide users with complete control over their identities and assets, enabling them to conduct cryptocurrency transactions and application interactions without exposing any sensitive information. Manta Network supports users in converting existing ERC20 tokens, ERC721, ERC1155, and other NFT tokens into privacy tokens, enabling privacy transactions, privacy DeFi interactions, privacy LP mining, privacy GameFi, and more. It also provides users with ZK-based identities and credentials, such as zkSBT and zkKYC, allowing users to protect their privacy while enjoying the convenience and advantages of web3.
Scalability: Manta Network achieves efficient transaction verification and storage through the use of Celestia's data availability and ZK as a service, significantly reducing network congestion and transaction fees, and improving throughput and user experience. As a modular L2 ecosystem, Manta Pacific provides a scalable and low-cost environment for Ethereum-based ZK applications, enabling applications to surpass the limitations of traditional EVM. Manta Atlantic, as the fastest ZK L1 chain on Polkadot, brings programmable ZK-driven on-chain identities and credentials to web3 through zkSBTs, providing users with higher security and flexibility.
Interoperability: Manta Network achieves liquidity and value transfer between Manta Pacific and Manta Atlantic through the Celer cross-chain bridge, while also supporting interoperability with other blockchain networks such as Ethereum and Polkadot. Users can freely transfer and use their assets and identities across different networks on Manta Network, enjoying diverse and rich application scenarios and services. Manta Network also provides developers with a compatible and open platform, enabling them to collaborate and integrate with other blockchain projects using Manta's privacy features.
Innovation: Manta Network provides developers with a flexible platform to build various innovative privacy applications using ZK technology, such as MEV-resistant DeFi protocols, ZK-based blockchain games, ZK-driven identities and credentials, and more. It also offers users a diverse ecosystem to experience and participate in various interesting and valuable privacy applications, allowing them to enjoy privacy while gaining profits and enjoyment.
3. Manta Token Economics
The native token of Manta Network is MANTA, used for paying network fees, participating in network governance, maintaining network security, providing local liquidity, and collateral, among other use cases. The initial total supply of MANTA is 1 billion, with an annual inflation rate of 2% starting from the token's initial issuance. Airdrops account for 12.1% of the total supply, conducted in two phases: Into the Blue and New Paradigm.
The token utility of MANTA mainly includes the following aspects:
Governance: MANTA token holders can vote on network governance decisions for Manta Pacific and Manta Atlantic, including proposing referendums, electing council members, and shaping the future of Manta Network.
Staking: Staking MANTA strengthens the overall security of Manta Atlantic and allows token holders to earn network's annualized returns. MANTA token holders can choose to delegate their tokens to Collators or stake MANTA themselves to operate Collators to protect the network.
Network Fees: Manta Atlantic uses MANTA to pay transaction fees, including transaction and contract/parachain execution fees. A portion of the network fees is allocated to ecosystem projects, treasury, and Collators to incentivize the network's development and maintenance.
Medium of Exchange: MANTA serves as the local currency of Manta Network, facilitating peer-to-peer transfers and transactions with contracts/parachains. MANTA can also be used within the network to purchase ZK-based identities and credentials such as zkSBT and zkKYC.
Local Liquidity and Collateral: MANTA tokens can be used as local liquidity tokens and collateral within the Manta ecosystem, supporting the operation and development of various privacy applications such as privacy transactions, privacy DeFi, privacy LP, privacy GameFi, and more.
Cross-Chain Interoperability: The cross-chain interoperability of MANTA tokens is mainly achieved through the Celer cross-chain bridge, connecting the Manta Pacific and Manta Atlantic networks to enable token liquidity and value transfer. Users can freely transfer and use their assets and identities across different networks on Manta Network, enjoying diverse and rich application scenarios and services.
4. Top 10 Projects in Manta Ecosystem
5. Risk Analysis of Manta Ecosystem
Despite demonstrating strong potential, Manta Network faces internal and external risks and challenges, including but not limited to:
Technical Complexity: The core technology of Manta Network is zero-knowledge proof, which is a complex and constantly evolving field that requires high-level expertise and experience. It may face difficulties and uncertainties in technical development, testing, deployment, maintenance, and upgrades. Third-party Dependency: Manta Network relies on third-party technologies and services such as Substrate, Polkadot, Celestia, and Celer. The performance, stability, compatibility, and security of these technologies and services may impact Manta Network.
Intense Competition: Manta Network targets the privacy sector, which has enormous potential but is also highly competitive and challenging. Manta Network needs to compete with other privacy projects and platforms such as Zcash, Monero, Beam, Grin, Aztec, Tornado Cash, Secret Network, etc., which may have more resources, users, partners, and community support.
Six, Prospects of Manta Network
ZK Technology Innovation: Manta Network will continue to leverage ZK zero-knowledge proof technology to provide users and developers with more privacy features and applications, such as privacy lending, privacy synthetic assets, privacy stablecoins, etc. Continuous technological upgrades and performance optimization will drive significant progress for Manta Network in the field of zero-knowledge applications.
Cross-Chain Interoperability: Manta Network will achieve interoperability with other blockchain networks through Polkadot's parachains and cross-chain bridges, providing more liquidity and value transfer. Competition and collaboration with other privacy projects and platforms will collectively drive the development and innovation in the privacy sector.
User Experience: The development of Manta Pacific significantly improves user experience, reduces costs, and accelerates withdrawal times. This technological migration and performance advantage will increase the attractiveness of Manta Network, especially in terms of user usage and retention.
Ecosystem Development: Manta Network covers potential projects in multiple areas, including DeFi, infrastructure, social, digital identity, and GameFi. The development of these projects will further enrich the Manta ecosystem, providing more application scenarios and services.
The ZK narrative and modular narrative are widely regarded as the next blockchain trend. As a combination of these two popular narratives, the Manta Network ecosystem has become a widely watched hotspot, and it is foreseeable that Manta Network will experience a wave of development in the near future.
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