What is Manta Network?

What is Manta Network?

Manta Network focuses on zero-knowledge (ZK) application development with two main parts: Manta Pacific and Manta Atlantic.

Manta Pacific operates as a Layer 2 solution on Ethereum, designed for EVM-based ZK applications. It uses Celestia’s data availability and zkEVM for scalable, cost-efficient deployment, primarily with Solidity. Manta Atlantic is a Layer 1 chain on Polkadot that emphasizes ZK programmable identities and credentials, offering decentralized cryptographic interoperability.

The team behind Manta Network includes experts from Harvard, MIT, and Algorand. Supported by investments from Binance Labs and Polychain Capital, Manta Network aims to lead in web3 development, leveraging zero-knowledge cryptography to enhance security and user experience in decentralized applications.

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How Does Manta Work?

Manta Network operates with a two-layer structure tailored for advanced Web3 development:

• ‍Manta Pacific (Layer 2 on Ethereum): This segment is built for Zero-Knowledge (ZK) applications running on the Ethereum Virtual Machine (EVM). Leveraging Celestia for data availability and zkEVM for scalability, it focuses on features like Universal Circuits to simplify the creation of ZK apps with Solidity. It aims for a developer-friendly environment with SDKs and proof keys, ensuring low gas fees and seamless on-chain identity integration.‍
• Manta Atlantic (Layer 1 on Polkadot): This layer specializes in ZK compliance credentials, utilizing zkSBTs (Zero-Knowledge Simple Barter Tokens) to enable private, reusable addresses known as zkAddresses. Designed for interoperability, Manta Atlantic supports smooth integration with other projects and applications such as zkNFTs and staking without complex cryptographic requirements.

By combining Manta Pacific and Manta Atlantic, Manta Network offers robust cryptographic tools and a developer-focused approach, enhancing blockchain security, scalability, and usability for Web3 innovations.

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Manta Tokenomics

$MANTA is the core token of Manta Network, with a total supply of 1 billion and a 2% annual inflation starting from January 30, 2024. It operates within two main networks: Manta Pacific on Ethereum and Manta Atlantic on Polkadot.

$MANTA in the Ecosystem:

• Governance: Holders can vote on decisions affecting both Manta Pacific and Manta Atlantic.
• Staking: $MANTA can be staked to secure the network.
• Transaction Fees: Used to pay transaction fees on Manta Atlantic.
• Liquidity & Collateral: Functions as native liquidity and collateral across the network.

Network Utility:

• Manta Pacific: Designed for scalable zero-knowledge (ZK) applications on Ethereum, offering low gas fees and a supportive environment for developers.
• Manta Atlantic: Focuses on ZK compliance credentials on Polkadot, enabling private zkAddresses and smooth interaction with other projects.

Token Allocation:

• Initial Supply: 1 billion tokens.
• Distribution: Public and private investors mainly on Manta Atlantic; airdrops and community incentives mainly on Manta Pacific.
• Transparency: Metrics will be visible via a future dashboard, with verified on-chain contracts.

The MANTA token integrates key functionalities like governance, transaction fees, staking, and liquidity provision, promoting security, scalability, and development within the Manta Network.

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Manta Founding Team

Founded in 2020 by Victor Ji, Shumo Chu, and Kenny Li, Manta Network is a privacy-focused protocol running on Polkadot, developed by P0x Labs. Achieving significant growth, Manta Network recently reached a $500 million valuation after securing $25 million in a Series A funding round. This funding was led by Polychain Capital and Qiming Venture Partners, both notable investors in the Web3 space, with Qiming Venture Partners also known for backing projects like imToken and InfStones.

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Bottom Line

Manta Network combines innovative zero-knowledge cryptographic solutions with a dual-layer architecture—Manta Pacific and Manta Atlantic—to enhance Web3 development. With robust support from industry experts and significant investment, Manta Network offers scalable, secure, and user-friendly blockchain applications. The $MANTA token facilitates governance, staking, and transaction fees, underpinning the network's growth and security.