What is Manta Network? Manta Network used to be a popular Layer 1 platform on Polkadot but has now transformed to become Layer 2. Despite changing its development direction, Manta Network still receives attention from investors. So where does the appeal of Manta Network come from? Let’s find out together in the article below.
Overview of Manta Network
Development history of Manta Network
In the past, Manta Network was a Blockchain platform on the Polkadot ecosystem with the ambition to bring privacy to users with Zero-knowledge technology. Manta Network itself also proved its appeal when it reached the TOP 8 of successful Parachain auction projects on Polkadot in the first days.
But Polkadot’s short-lived joy has clearly revealed many weaknesses and its development is not in accordance with its proposed roadmap. In such a context, Manta Network decided to change direction.
What is Manta Network?
Manta Network is now a Layer 2 platform built on zkRollup technology and retains the goal of putting privacy in the hands of users through zkSNARK. According to Manta Network’s development team, zkSNARK brings both privacy and scalability to users.
Some of the features of Manta Network include:
- Manta Network is EVM-oriented with a zkEVM platform that helps Ethereum developers easily build DApps on Manta Network.
- Manta Network uses Celestia’s DA layer and OP Stack to improve scalability.
- Manta Network also wants to make its platform a platform that brings Passive Income to everyone with LSD and RWA protocols on its ecosystem.
Manta Network’s first development plan
Manta Network approaches and attracts its users with two clear strategies: Passive Income and Airdrop. First with Passive Income:
- User ETH on Manta Network will be staked using the LSD StakeStone protocol.
- Stablecoins of users on Manta Network will be carried into the Mountain Protocol. Mountain Protocol will use this USDC to buy US government bonds and then share profits with users.
In both cases, users receive LP Tokens representing their assets in the protocol and use it to earn more profits in DeFi. Besides, Manta Network will also have Incentive by MANTA for these users.
Next is Airdrop, Manta Network introduces a program to deposit assets to the network to receive 6 different types of NFTs, each type of NFT brings a different MANTA value and when combining 6 types of NFTs, it will become a special NFT.
Manta Network ecosystem
The Manta Network ecosystem has just begun to be developed with some basic pieces as follows:
- The infrastructure: Celer Network, Caldera, Web3Go, Ontropy,…
- DEX: DODO, QuickSwap, iZi Swap, Parcific Swap, Aperture Swap,…
- Lending & Borrowing: LayerBank, Shoebill, Goku Money, Keom Protocol,…
- Yield Aggregator: Rivera Money, Range Protocol, Steer Protocol,…
- Derivatives: Realperp, KiloEx, APX Finance,…
Development Roadmap
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Investor
- February 2, 2021: At the Pre Seed round, the project successfully called for $1.1M with the leadership of Polychain in addition to the participation of 3AC, Multicoin Capital, Alameda Research, Genblock Capital,…
- October 19, 2021: At the Seed round, the project successfully called for $5.5M with the leadership of CoinFund, ParaFi Capital, besides the participation of Zee Prime Capital, SNZ Holding, SkyVision Capital, Moonrock Capital,…
- November 17, 2021: In an undisclosed round, the project successfully raised $28.8M with undisclosed information.
- July 19, 2023: At the Series A round, the project successfully raised $25M with the leadership of Polychain, QiMinng Venture Partners, besides the participation of Coin Fund, Alliance DAO, SevenX Ventures,…
Core Team
Victor Ji: Co Founder
- Victor studied Business Administration at Copenhagen Business School, earned a Master’s degree in Public Administration – MPA, International Development at Harvard Kennedy School, earned a Master’s degree in Business Administration – MBA at Peking University and studied about Money & Blockchain for Gary Gensler to teach.
- Victor worked as a research assistant at Harvard University and Harvard’s Belfer Center before founding Manta Network in October 2020.
Tokenomics
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Exchanges
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Project Information Channel
Summary
Manta Network promises to become a formidable Layer 2 platform in the near future with a development team with many years of experience. Hopefully through this article, everyone can understand more about what Manta Network is?
