In June 2022, Manta Network quickly established itself as an innovative player in the blockchain ecosystem, focusing on solutions that bring privacy to the blockchain.
On February 23, 2023, the project reached a significant milestone by winning slot #39 on the Polkadot blockchain, a testament to the community’s trust in the project.
As a reminder, the Pokadot ecosystem allows projects to have their own parachain through an auction model: the community votes and locks $DOT tokens on the best project to help it secure its parachain on the Polkadot network.
In a recent announcement, the Manta team unveiled a new infrastructure, in the form of an Ethereum Layer 2 known as “Manta Pacific”, while renaming their Polkadot parachain to “Manta Atlantic”.
This new infrastructure is expected to provide ZK application developers with a better development experience and lower transaction fees.
In this article, we will delve into the Manta Pacific and Atlantic projects, highlighting their technological innovations that set them apart in the crypto space. We will conclude by examining the project’s tokenomics structure, revealing how Manta Network intends to support its ecosystem and engage its community.
What is Manta Atlantic (formerly Manta Network)?
Manta Atlantic, previously known as Manta Network before the recent introduction of Manta Pacific, is a Polkadot parachain dedicated to privacy preservation, embodying the forefront of blockchain infrastructure.
As a parachain, it benefits from the security and interoperability provided by the Polkadot network, allowing seamless integration with other blockchains in this ecosystem.
Manta Atlantic’s main innovation lies in its native integration of Zero-Knowledge Proofs within the protocol infrastructure itself.
The range of core products and technologies offered by the protocol includes a “zkNFT” module as well as confidential staking and transactions.
Manta also offers a “zkAddress” system. A zkAddress is a reusable and independent address for “private” assets. zkAddresses protect information and enable the creation of zkSBT (Zero-Knowledge Soul-Bound Tokens) and on-chain identities.
What is Manta Pacific?
Manta Pacific embodies the pinnacle of innovation in the blockchain ecosystem, positioning itself as the first ZkEVM application platform, secured by Celestia’s Data Availability layer and the Optmism OP Stack.
Note: Manta plans to leave the OP Stack in favor of Polygon CDK during 2024, as indicated in their roadmap.
This modular chain stands out for its integration of multiple technologies, offering an unprecedented developer experience for privacy-focused applications.
The modular nature of Manta Pacific rests on three fundamental pillars:
- Data Availability with Celestia: Celestia specializes in Data Availability, providing a blockchain with much cheaper block space than Ethereum. “Data availability on a blockchain” refers to the ability for every node in the network to access and confirm all transactions in a block.
- EVM Execution: The Ethereum Virtual Machine (EVM) is the most widely adopted application execution environment in the ecosystem. Its integration on Manta allows any decentralized application to benefit from highly reliable portability without the need to rewrite their software to make it compatible with Manta.
- Validation Consensus with the OP Stack: Manta uses a modified version of the OP Stack, enabling decentralized validation power. The OP Stack also allows for exceptionally fast transaction validation speed.
This highly modular structure utilizes the best of each technology, enabling Manta Pacific to provide cutting-edge technical infrastructure that combines exceptional scalability with very low transaction fees, creating an optimal environment for building and deploying ZK applications.
At the heart of Manta Pacific’s offerings are the Universal ZK Circuits and an extensive circuit library, which greatly simplify the development of ZK applications.
Without this universal library, each developer had to create their application without a template to follow. The introduction of these universal circuits standardizes ZK code, drastically reducing fees and transaction validation time.
In addition to being more cost-effective and faster, these circuits allow any Solidity developer to code their ZK application without delving into the complexities of cryptography.
This approach makes ZK application programming accessible to a wider range of developers, paving the way for innovation and widespread adoption of these applications.
The circuit library is another ZK innovation that Manta Pacific offers, providing developers with a range of pre-designed circuits for specific use cases.
It includes circuits for private payments (zkPayments) for DeFi, on-chain identity verification, and privacy preservation. By making these features easily accessible via APIs, Manta Pacific significantly reduces barriers to entry for ZK application development.
MANTA Token Utility
The MANTA token, at the core of the Manta Pacific and Manta Atlantic projects, has several utilities:
Governance: MANTA token holders play a role in the governance of the network, allowing them to vote on important decisions regarding the evolution of Manta Network. This includes proposals for protocol updates, budget allocations, and strategic directions, ensuring that the network remains aligned with the needs and wishes of its community.
Staking and Network Security: Staking $MANTA directly contributes to the security of Manta Atlantic, encouraging token holders to actively participate in the network’s life. In addition to enhancing security, staking offers participants rewards, creating economic incentives to support network operation and development.
Payment and Gas Fees: Manta Atlantic uses the $MANTA token to pay transaction fees, ensuring that users contribute to the network’s maintenance and operation.
Furthermore, $MANTA serves as native liquidity and collateral within the Manta ecosystem, increasing its utility and demand.
Manta Network Tokenomics
The tokenomics of Manta Network play a crucial role in the project’s success, supporting both network security and user and developer participation.
The native MANTA token has a total supply of 1 billion tokens.
The tokenomics structure provides for an annual creation rate of 2%, starting from token genesis. According to the project administrators, this moderate inflation is designed to encourage participation in network security while maintaining a balanced distribution of tokens over time.
At launch, the initial circulating supply of $MANTA amounts to 251 million tokens, or 25.1% of the total supply. This initial distribution includes allocations for airdrops, public sale, advisors, as well as ecosystem and community needs.
The tokenomics structure of Manta Network is designed to support the continued evolution and expansion of the network, aligning incentives between developers, users, and network participants.
Note: New MANTA tokens are unlocked on the 18th day of each month until January 18, 2030.
Conclusion
Manta Network stands out in the crypto ecosystem for its deep commitment to Zero Knowledge technology and the privacy it brings. Their revolutionary approach promotes the development of privacy-focused decentralized applications.
