To Mantalorians, dear members of the Manta community:

Hello everyone, in the month of April after the TGE, I would like to share our progress from the perspective of the founder. For us, users and the community are everything. We hope to communicate through voice, text, and various other means to show everyone the continuous development of Manta and to gather more feedback.

First, let's talk about the TVL that everyone is most concerned about. There has been a significant decrease from 2 billion to around 800 million. We believe this is related to the excessively high yield rates offered by various L2 and restaking projects in the current market. Many have been learning from Manta's New paradigm, turning the lock-up airdrop paradigm into a basic operation for every L2 (even regardless of how long it takes to go live on the mainnet). Although Manta has continued to develop the renew paradigm to provide better opportunities for projects within the ecosystem, we have found that many users are not interested in ecosystem projects and are only expecting chain yields. This has led us to either provide a staggering amount of Manta to maintain TVL or choose to lose TVL. However, when we discovered the lack of attraction for ecosystem projects within the renew paradigm, we chose another direction:

1) With the launch of Manta CeDefi today, we are bringing the yield of funding rates, which is the highest in this market-neutral, to on-chain BTC, ETH, and stablecoins. All assets can rely on CeDeFi products to obtain relatively high native yields. This is more sustainable and stable than subsidizing Manta tokens. As more and more L2s go live and their market value decreases, we can see that the era of incentivizing TVL with native tokens is basically over. In addition to CeDeFi, Manta is also very focused on the development of the RWA ecosystem. We have already cooperated with the most compliant native yield stablecoin USDM in the United States, and you will also see further developments after this cooperation. In Asia, we have joined Cyberport in Hong Kong and will further promote the behavior of financial institutions on-chain.

2) We will further develop the Manta ecosystem. Our ecosystem projects have increased to over 200, and there are also over 50 DeFi projects in the defilama, demonstrating that Manta has a comprehensive ecosystem without any obvious missing pieces. However, Manta also needs builders who are truly committed to continuously building better products within the ecosystem. Currently, Manta's problem is the same as Ethereum and all EVMs, with many builders but not enough cooperation within the ecosystem to iterate products. We have seen some potential in the zk app accelerator, such as nimble and gull, which are very distinctive projects native to Manta. In addition, there have been various issues in the coordination of ecosystem projects in the previous renew paradigm, such as the delayed airdrop of zerolend and stakestone not receiving eigenlayer points, but ecosystem projects will have some limitations in terms of product and technology iteration. We apologize to the community for this and will learn from it to promote the landing of related yields earlier. In short, Manta has a very good foundation, very low gas fees, direct deposit and withdrawal of ETH on Binance, and a very open ecosystem environment. However, we will also further hold hackathons, open up governance systems and grant application mechanisms, and work with the community to promote truly large-scale applications.

3) In terms of infrastructure development, we are also in the process of integrating type1 provers, striving to make Manta the first L2 within opstack to implement multiprover. At the underlying level of zk applications, we are also striving to integrate products related to RWA scenarios. In addition, we are also exploring more decentralized aspects such as decentralized sequencers. Manta is currently going through a very difficult period, but it is far from the difficulties we faced in early 2023. Manta still has a strong global community. We have been seen in New York, Bali, Hong Kong, and Korea, with people coming to communicate with us after seeing the Manta logo. This year, the founders of Manta moved to Asia, and further cooperation with enterprises and the promotion of large-scale landing have also begun to show results. We continue to build, just as we have done for the past four years. We may not be the first in all areas, but we continue to deliver products to make it more interesting for the community, users, and builders to participate. We continue to hold events with ecosystem partners and even competitors without charging admission, building a positive and open brand. Just as we achieved the first modular L2 and the first native yield L2 to go live, we continue to iterate rapidly and launch new products quickly. There are many L2s, but just as we participated in the NFT of the new paradigm, being a tier1 backer is the least valuable, but Manta is the only one with the first modular L2. This stems from our team's continuous efforts in development and the community's continuous support. We look forward to the Manta ecosystem and to seeing more of you within the ecosystem.

Best, Victor Ji Co-founder of Manta Network

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