In 2023, Manta Network experienced explosive growth, characterized by significant progress, groundbreaking product launches, and a firm commitment to innovation in zero-knowledge (ZK) technology. As the first ZK application platform to achieve equivalence with the Ethereum Virtual Machine, Manta Network achieved a significant milestone in the field of zero-knowledge applications. The ecosystem effectively utilizes ZK cryptography to provide an unparalleled experience for the development and adoption of advanced Web3 applications. Today, we will delve into the development process of the Manta Network ecosystem and the prospects for the future network.
Manta Network secured over $500 million in Series A valuation and received funding of over 60 million US dollars, covering the seed stage, seed round, community, and Series A financing stages. Notable investors include Polychain Capital, DeFiance Capital, and Sequoia Capital, providing financial support for its development. Strategic support from Binance Labs further underscores the network's important position in the industry. Manta Network was founded by Victor Ji and Kenny Li in 2020, and as the founding team, they are affiliated with p0x Labs. Initially, the network received support from the Web3 Foundation, marking the beginning of its entrepreneurial journey.
Originating from a visionary initiative to surpass the limitations of current blockchain solutions, Manta Network introduced a multi-module ecosystem, including two blockchain networks. These networks provide advanced ZK tools and optimize the deployment process of ZK applications—Manta Pacific and Manta Atlantic.
Image source: Manta Network
Networks
Manta Pacific
Manta Pacific is a Layer 2 solution that introduces multi-functional ZK capabilities for EVM localization, enabling the exclusive creation of ZK applications through Solidity and Universal Circuits. Utilizing Celestia for data availability and OP Stack for Solidity-based ZK application development ensures not only efficient scalability but also significantly reduces transaction fees.
By transitioning from Ethereum to Celestia's specialized data availability solution, Manta Pacific has significantly reduced L2 network transaction fees, resulting in gas cost savings of over 1.5 million US dollars. The upcoming development phase aims to establish a fully modular zkEVM rollup using Polygon CDK, further enhancing the capabilities of Manta Pacific. The transition plan for zkEVM using Polygon CDK is scheduled to be implemented in early 2024.
Manta Atlantic
In contrast, Manta Atlantic is the fastest and most decentralized ZK Layer 1 public chain, aiming to achieve convenient modular on-chain compliance identity through zkSBTs. The chain was officially launched in January 2024, focusing primarily on the ZK compliance credential layer, emphasizing practical applications and seamless interoperability. This unique approach empowers the project to obtain interoperable identities without directly involving cryptography.
Manta Atlantic has established a composable execution environment tailored for ZK applications and seamlessly integrates Manta Network's ZK tool infrastructure. It is built on the Substrate framework, operating as a parachain within the Polkadot ecosystem, with a focus on interoperable identity verification and the deployment of ZK applications.
ZK Tools
Universal Circuits
Manta Network's Universal Circuits has fundamentally changed the landscape of ZK application development by addressing inherent complexities. Traditionally, developers faced a steep learning curve, needing to delve into cryptographic techniques and manually create complex ZK circuits using languages like Circom.
To overcome these barriers, Universal Circuits provides a comprehensive, pre-built ZK circuit library that can be easily integrated into applications, especially those developed using Solidity. This approach simplifies the development process, enabling developers to seamlessly integrate ZK functionality into applications without requiring in-depth knowledge of cryptography.
As a ZK-as-a-service, Universal Circuits allows Solidity developers to interact with contracts on Manta Pacific through an API, seamlessly integrating ZK functionality into existing codebases without significant adjustments. Notable circuit designs in Universal Circuits include Semaphore-based circuits developed by the Ethereum Foundation's Privacy Extension and Exploration Labs (PSE Labs) and zkShuffle ZK contracts.
Additionally, Manta Network's upcoming initiatives include enhancing the capabilities of Manta Atlantic, expanding the application scope of zkSBT and MantaPay to meet the needs of Rust developers, and launching the Manta Pacific testnet to attract a wider range of developers and applications. The aim is to expand the network's influence and provide comprehensive solutions in the Web3 and Web 2 domains.
zkSBTs and Manta NPO
zkSBTs, or Zero-Knowledge-enabled SoulBound Tokens, are non-transferable NFTs anchored to individual user identities on the blockchain. By leveraging ZKP to enhance user security, these tokens excel in on-chain gaming items, identity verification, and asset validation. Additionally, developers can easily integrate zkSBTs into ZK applications without requiring advanced cryptographic skills or expertise in ZKP.
Key features of zkSBTs:
On-chain data validation: zkSBTs serve as a simplified on-chain data validation solution, particularly beneficial for mobile applications. Despite user-friendly wallets like Particle and Unipass, validating data such as KYC details, certificates, and assets on mobile platforms remains challenging.
Decentralized compliance: KYC holds a value of approximately $1.6 trillion in the network platform, crucial for distinguishing genuine users from bots. Tools like zkBAB and zkGalxe enable users to verify their legitimacy without revealing personal data or associating with wallets. Many applications leverage zkSBTs to achieve this verification purpose.
On-chain activity credential validation: Galxe and Cyberconnect handle a large volume of on-chain activities, but privacy has always been a challenge. zkSBTs provide a solution, enabling private credential validation without frequent wallet connections and supporting multi-chain validation.
Gaming/Social items: zkSBTs can serve as in-game items or assets on social platforms. Some notable examples include Ultiverse and ReadON zkSBTs minted on the Manta chain, widely used in various applications.
Asset validation: zkSBTs play a crucial role in asset validation applications. Tools like POMP enable users to create zkSBTs, providing a confidential on-chain statement for verifying their asset holdings. This functionality holds significant value in both traditional and decentralized finance contexts.
Manta NPO (NFT Private Placement Offering) is a decentralized launch platform designed specifically for minting and validating zkSBTs. Leveraging Manta Network's zkAddress tool and Universal Circuits, the NPO platform offers an intuitive, plug-and-play solution for deploying zkSBTs in ZK applications. It is worth noting that as of the writing of this article, the NPO launch platform has already minted over 1.1 million zkSBTs.
Ecosystem
Image source: Manta
Manta Network focuses on improving the cost-effectiveness and throughput of ZK applications and has quickly become the preferred choice in decentralized applications (dApps). Since its launch in September 2023, Manta Pacific's L2 network has seamlessly integrated over 150 dApps, with nearly 15 being native ZK applications.
Since its initial debut, Manta Pacific's mainnet has processed over 10 million transactions. Despite its recent entry into the L2 space, according to L2 Beat data, the network has accumulated an impressive total locked value (TVL) of over $1.5 billion, establishing a significant position in the L2 network. The significant growth in TVL is attributed to the successful launch of New Paradigm in December 2023, which attracted over 200,000 new users. Just two months after its launch, users have cross-linked over $7.5 billion in assets to the L2 network.
Manta Pacific also introduced the MantaFest initiative, a vibrant 5-week promotional event launched alongside its mainnet debut. The initiative aims to stimulate network activity by introducing users to various new integrated dApps such as cross-chain bridges, DeFi, SocialFi, and GameFi. Participants in MantaFest have the opportunity to accumulate points and redeem them for MANTA rewards during the token generation event (TGE). Additionally, in October 2023, just one month after the alpha release of Manta Pacific's mainnet, Manta Network launched the Uncharted Grants program to further drive ecosystem growth and foster innovation.
Future Outlook for Manta Network
Following the launch of the Manta Pacific mainnet, the project unveiled a comprehensive four-stage roadmap aimed at guiding its development trajectory post-mainnet launch. The team plans to collaborate with the broader Manta Network ecosystem and community to achieve each key stage. Currently, Manta Pacific has successfully completed the second stage as an OP Stack rollup using Celestia for DA. The upcoming comprehensive transition to zkEVM validium using Polygon CDK is a key objective for 2024.
Image source: Manta Network
If Manta Network successfully implements its roadmap, it will become the developer's preferred entry into the dApp ecosystem. The ongoing development of Manta Network reflects its commitment to optimizing products, expanding its influence, and bridging the gap between the Web2 and Web3 domains while maintaining user privacy and data security.
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