Manta Network (MANTA): A Multi-Modular Ecosystem for ZK Apps
As blockchain technology becomes more and more popular, scalability is becoming a major challenge. With so many people using networks, it can be hard to process transactions in a timely and affordable manner. Manta Network's new scaling solution has the potential to let developers easily add zero-knowledge (ZK) solutions to their projects. Keep reading to see how it works and to learn about all of Manta Networkâs exciting uses.
Key Takeaways:
Manta Network is an EVM-equivalent platform for managing zero-knowledge applications. It provides both scalability and security in a multi-modular environment.
Manta Networkâs users have access to two separate blockchains, as well as a variety of web3 development tools.
Looking to trade MANTA tokens? Bybit now offers the MANTA/USDT Spot trading pair. To celebrate this listing, Bybit is holding four exclusive events where you can earn a share of the 130,000 MANTA and 10,000 USDT prize pools.
What Is Manta Network?
Manta Network is an EVM-equivalent platform for managing zero-knowledge applications. It provides both scalability and security in a multi-modular environment. Manta Network users have access to two separate blockchains and a variety of web3 development tools.
History of Manta Network
Manta Network is a project created by p0xeidon labs. This team of developers includes people from Harvard, MIT and Algorand. Their main mission is to explore applications for zero-knowledge proofs. Through this technology, the p0xeidon labs team hopes to encourage web3 innovation and blockchain scalability.
What Does Manta Network Aim to Achieve?
The main mission of Manta Network's developers was to create an EVM-equivalent ZK-application platform. For many years, zero-knowledge proofs have been one of the leading ways of scaling blockchain applications. However, zero-knowledge proofs aren't automatically compatible with Ethereum. This leads to issues when developers try to work with ZK proofs but find that some of their software and smart contracts cannot be processed on the blockchain.
Manta Network was created to be the first fully EVM-equivalent ZK platform. EVM equivalence means that anything developed on the Manta Network can also be run on Ethereum (and vice versa). This added layer of compatibility ensures that Manta Network's projects seamlessly function on the Ethereum virtual machine. It allows developers to use a lot of helpful tools while still enjoying the underlying security and reliability of Ethereum.
How Does Manta Work?
Manta Network's system relies on a mathematical concept called a zero-knowledge proof. ZK proofs involve cryptographically validating a transaction and then sending proof that the transaction is valid, without also sending the full validation information. Manta Network uses Polygon zkEVM rollups to process transactions and generate ZK proofs. All of these ZK proofs are then combined into batches and sent to the Ethereum network to finalize the transaction.
Manta Network also incorporates modularity features from Celestia to break down blockchains into multiple layers, each of which performs one specific function of the blockchain. These modular layers let Manta Network specialize its processes so it can do a better job of storing and providing data.
The final key mechanic of Manta Network relates to the software and smart contracts that combine all of Manta Network's features into a single usable system. This carefully designed ecosystem ensures Manta Network is fully EVM-equivalent. The interface accepts requests from developers and users, processes these requests with Celestia and ZK proofs, logs the transactions on Ethereum and then transmits the results back to the web3 application.
Features of Manta Network
Manta Network offers a broad range of services to its users. Here are some of the helpful features you can find through this system.
Manta Pacific
The Manta Pacific ecosystem is Manta's Layer 2 network. Manta Pacific delivers ZK capabilities alongside low transaction fees. Furthermore, Manta Pacific offers Universal Circuits 2.0, a developer library that makes it easy for people to add ZK contracts to their decentralized applications. In addition to Universal Circuits 2.0, Manta Pacific delivers other developer tools, such as know-your-customer (KYC) verification. The software makes it easy for people to deploy Ethereum projects even without having advanced cryptography knowledge.
Manta Atlantic
Manta Atlantic is the Layer 1 network that hosts most of the Manta Network ecosystem's other projects. Through Manta Atlantic, users can create zero-knowledge NFTs, launch staking projects and mint coins. Manta Atlantic is fully modular and boasts a user-friendly interface. Though Manta Atlantic is not as experimental as Manta Pacific, it's a reliable and stable way to explore some of the scaling solutions that Manta Network offers.
Manta Fest
Manta Network offers a variety of community-building events. Manta Fest gives users a chance to meet each other and earn special rewards. Some features of this five-week-long celebration include exclusive NFT mints and reward points for Manta Pacific users.
Manta Ecosystem Grants Program
The Manta Ecosystem Grants Program is another way of promoting ZK applications. Developers can use it to apply for funding that will help them complete their projects. Grant applicants are more likely to be successful if they can show their projects will help expand the Manta Network ecosystem or advance decentralized privacy.
Manta Network Road Map
Throughout 2023, Manta Network focused on the mainnet launch for Manta Pacific. Now that Manta has successfully released its basic network to the public, the hope is to start implementing all the other features that Manta Network has discussed.
The Manta Pacific road map for 2024 consists of three more stages of release: A plan to integrate more modular data availability, transition fully to zkEVM on the Manta Pacific ecosystem and upgrade its smart contract system to support more ZK-enabled utilities. Ultimately, the goal is to increase the amount of modularity and decentralization that Manta Pacific offers while lowering gas costs and transaction times. There are also plans to find new ways of integrating ZK technology into Manta Networkâs system.
MANTA Tokenomics
To help run their system, Manta Network has recently released the MANTA token. This token helps to reward community members and process payments from developers who use Manta Network features. It's an ERC-20 token that can be staked, held as collateral, or used to vote in Manta Network decisions.
MANTA has a total supply of 1 billion tokens and a 2% yearly minting rate. It's distributed in the following manner:
Ecosystem: 21.19%
Foundation treasury: 13.5%
Private investors: 12.94%
Manta Network team: 10%
Manta advisors: 8.1%
Public investors 8%
Airdrop 2: 6.5%
Strategic investors: 6.17%
Airdrop 1: 5.6%
Institutional investors: 5%
Binance Launchpool: 3%
MANTA Price Prediction
MANTA was just launched in January 2024, so there's not a lot of pricing history available to analyze yet. Its price mostly shifted back and forth between $2.10 and $2.40 before suddenly rising to its all-time high of $3.30 on Jan 25, 2024. Manta Networkâs most recent market cap is $813 million and its 24-hour trading volume is $630 million.
According to experts at DigitalCoinPrice, MANTAâs price could increase to $7.05 by the end of 2024 and $23.80 by 2030. This positive sentiment is at least partly supported by analysts at CoinCodex, who believe that MANTAâs price could reach $4.19 in 2025 and $10.54 in 2030.
Where to Buy MANTA
Looking to trade MANTA tokens? Bybit now offers the MANTA/USDT Spot trading pair. To get started, youâll first need to register for a Bybit account, fund it with cryptocurrency and navigate to the MANTA/USDT Spot trading page.Â
To celebrate this listing, Bybit is holding four exclusive events where you can earn a share of the 130,000 MANTA and 10,000 USDT prize pools.
The first event is known as Token Splash/Deposit and Earn. The first 5,333 new users who complete the following two steps between Jan 18, 2024, 10AM UTC and Jan 31, 2024, 8:59AM UTC will receive 7.5 MANTA each:
Sign up for a Bybit account and complete Identity Verification.
Accumulate a deposit volume of at least 50 MANTA, or deposit 100 USDT and use your Bybit account to buy any amount of MANTA via your first trade.
If youâre already a Bybit user (prior to Jan 18, 2024, 10AM UTC), no worries â because you can still earn 2.5 MANTA! Simply accumulate a deposit volume of at least 50 MANTA, or deposit 100 USDT and buy at least 100 USDT worth of MANTA using your Bybit account. Please note that rewards will be distributed on a first-come, first-served basis to the first 4,000 existing users.
The second event, Trade to Earn, is being held from Jan 18, 2024, 10AM UTC through Jan 31, 2024, 8:59AM UTC. Simply trade the MANTA and accumulate a Spot trading volume worth at least 200 USDT during the event period to grab a share of the prize pool.
Please note that your ranking will be determined by your trading volume. If you rank higher, youâll receive more rewards in return.
The third event, MANTA Lucky Draw, was held from Jan 18, 2024, 10AM UTC to Jan 25, 2024, 9:59AM UTC.Â
The fourth event, MANTA xReferral Boost, requires you to invite your friends to sign up for a Bybit account with your referral code and complete both steps above for new users in the first event. Youâll receive 1 MANTA for every successful referral.Â
Is MANTA A Good Investment?
MANTA has faltered since its release. Investors were initially calling it an exciting project that could result in very valuable tokens. However, Manta Network has struggled to perform well lately as it failed to fend off some malicious DDoS attacks, resulting in a significant loss of public confidence. Because of the volatile nature of cryptocurrencies, itâs important that you be cautious and research MANTA thoroughly before buying any tokens.
Closing Thoughts
Manta Network's concept of combining ZK technology and EVM equivalency has already attracted a lot of fans. The Manta Network ecosystem has the potential to offer developers an especially convenient way of scaling their projects. However, with its disastrous token launch and unfinished technology, MANTA is struggling to take off. Only time will tell if this token becomes a popular investment.
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