Manta Network

Manta Network, a multi-modular ecosystem for zero-knowledge (ZK) applications, was founded in 2020 by co-founders Victor Ji, Shumo Chu, and Kenny Li as the COO and co-founder. The initial goal was to improve privacy among existing DeFi solutions.

The company raised its first funding of $1.1 million from 10 investors, including Polychain Capital, in February 2021. Over time, it conducted four more funding rounds, securing a total of $60.4 million from 30 investors.

Manta Network started its Manta Pacific Testnet on July 19, 2023, and officially launched its mainnet on September 12, 2023. The network is divided into two main components: Manta Pacific, a Layer 2 (L2) scaling solution on Ethereum for EVM-native ZK applications, and Manta Atlantic, a Layer 1 (L1) blockchain within the Polkadot ecosystem focused on programmable identities and credentials.

In January 2024, Manta Network concluded its New Paradigm campaign, distributing airdrops to early adopters and participants. The team continues to develop exciting features, including zkNFTs and a specialized decentralized exchange (DEX) for ZK applications. Collaborations with significant industry players like Binance Labs and Polychain Capital signal strong industry support and confidence in Manta’s future.

The $MANTA token, Manta Network’s native currency, plays a pivotal role in the ecosystem. It is utilized for governance, payment of transaction fees on Manta Pacific, and staking to secure the network while earning rewards.

Manta Network is a multi-modular blockchain ecosystem designed to support the development and deployment of zero-knowledge (ZK) applications. It operates on a two-layer structure, with Manta Pacific focused on Layer 2 (L2) solutions on Ethereum and Manta Atlantic focused on Layer 1 (L1) solutions on Polkadot. Both layers utilize zero-knowledge technology to ensure privacy and scalability.

1. Manta Pacific (Layer 2):

   • Modular Data Availability: Manta Pacific leverages Celestia's modular data availability layer, which uses advanced techniques like 2D Reed-Solomon erasure coding and Namespaced Merkle Trees to reduce data costs and enhance scalability.
   • Universal Circuits: Manta Pacific offers a ZK library for developers to easily integrate ZK features into their existing Solidity smart contracts and dApps. This includes zkContracts like zkShuffle for on-chain gaming and other circuits based on Semaphore technology.
   • Developer-Friendly: The platform provides a multi-modular approach, allowing developers to use Manta's private identity tools across chains and in web2 environments, including mobile apps, with ease.

2. Manta Atlantic (Layer 1):

   • zkSBTs and zkKYCs: Manta Atlantic uses zero-knowledge proofs to enable trustless, decentralized verification without exposing sensitive information. This includes zkSBTs like zkBAB and zkGalxe Passport for seamless on-chain KYC verification.

• Scalability and Low Fees: Manta Pacific's modular stack and Celestia's data availability layer ensure high scalability and low gas fees for users.
• Developer-Friendly Environment: The platform offers a ZK library and SDKs to simplify the integration of ZK features into existing applications.
• New ZK Use Cases: Manta Pacific supports various ZK use cases, such as compliant private identities for DeFi, identity verification for Web3 Social, and zk identity-preserving shuffling for on-chain gaming.
• Non-Invasive Compliance: zkSBTs allow for trustless, decentralized verification without exposing sensitive information.
• Growing Ecosystem: The Manta Ecosystem Grants Program encourages the development of new and valuable use cases to solve real-world pain points.

• Functions: The $MANTA token is used for on-chain activities, funding incentives, buying credentials like zkSBTs and zkKYCs, and rewarding collators for maintaining the network's security.
• Supply and Distribution: The total supply is 1 billion tokens, with a 2% yearly minting rate starting from launch. The initial supply is allocated among various categories, including Airdrop, Public Sale, Advisors, Ecosystem, and Community.

Manta Network provides a comprehensive ecosystem for building and deploying ZK applications, offering a scalable, secure, and developer-friendly environment. Its modular structure and use of zero-knowledge technology make it an attractive platform for a wide range of use cases.

Manta Network (MANTA) boasts several strengths that set it apart in the decentralized finance (DeFi) landscape:

Manta Network is engineered with interoperability at its core, allowing seamless interactions between different blockchains. This design philosophy enhances usability and functionality by bridging gaps between various blockchain ecosystems, providing access to a broader range of DeFi services and assets. Additionally, Manta Network is built with scalability in mind, ensuring it can handle increasing loads without compromising performance. This scalability enhances user experience by ensuring fast and smooth transactions, laying a solid foundation for future growth and expansion.

Manta Network's modular design allows developers to mix and match functionalities across chains, building innovative applications that work together seamlessly. This modular approach provides a high degree of flexibility and customization, making it an attractive platform for developers.

Manta Network prioritizes privacy by integrating it at its core. This integration ensures that privacy isn't just an option but a default state for all transactions. The network proactively masks transaction details, maintaining the integrity and legitimacy of transactions while keeping specifics obscured from public view. This level of confidentiality is particularly appealing to those who prioritize discretion in their financial dealings.

The $MANTA token plays a crucial role in governance, giving holders voting power for making decisions, selecting council members, and shaping the future of the Manta network. This decentralized governance model ensures that the community has a significant say in the direction of the platform.

Manta Network consists of two key components: Manta Pacific and Manta Atlantic. Manta Pacific is a Layer 2 scaling solution on Ethereum, optimized for EVM-native zero-knowledge applications. Manta Atlantic is a Layer 1 blockchain within the Polkadot ecosystem, designed for programmable identities and credentials using zero-knowledge technology. This multi-layered approach provides a comprehensive ecosystem for developers to build a wide range of applications.

The Manta Network team includes experienced founders from prestigious institutions, and the project has received investments from top web3 investment funds, including Binance Labs and Polychain Capital. This strong backing and expertise contribute to the network's credibility and potential for growth.

The $MANTA token has a total supply of 1 billion, with a 2% yearly minting rate starting from launch. The token serves various purposes, including funding incentives, buying credentials, and participating in governance. This well-designed tokenomics ensures a robust and decentralized network.

These strengths collectively position Manta Network as a significant player in the DeFi space, particularly for those prioritizing privacy and scalability.

Manta Network (MANTA) faces several risks, including:

1. DDoS Attacks: Manta Network suffered a distributed-denial-of-service (DDoS) attack during its token issuance, which caused network disruption, longer transaction times, and increased gas prices. The attack led to a 22% drop in the token price.

2. Security Risks: As a multi-modular ecosystem for zero-knowledge (ZK) applications, Manta Network is vulnerable to security breaches and attacks that could compromise user data and financial activities.

3. Market Volatility: The price of MANTA tokens can fluctuate significantly due to market conditions and external factors, which can result in financial losses for investors.

4. Staking Risks: While there is no slashing risk for delegators, collators that do not produce blocks will not earn rewards for themselves and their delegators, which can impact staking returns.

5. Regulatory Risks: As a blockchain ecosystem, Manta Network is subject to changing regulatory environments and potential legal challenges that could impact its operations and adoption.

6. Scalability Risks: Manta Network's ability to scale and handle high transaction volumes without compromising security and performance is crucial. Any scalability issues could negatively impact user experience and adoption.

These risks highlight the importance of careful consideration and risk assessment for investors and users of the Manta Network ecosystem.

• Victor Ji: Co-founder of Manta Network.
• Shumo Chu: Co-founder of Manta Network.
• Kenny Li: Co-founder of Manta Network.