What is Manta Network (MANTA), and what makes it unique?

Modular blockchain architecture, zero-disclosure proof-of-concept technologies like zkEVM, and Layer 2 protocols for scaling Ethereum and solving key bandwidth issues are gaining popularity in the crypto sector.

However, one of these new projects has distinguished itself, simultaneously covering three of these areas. This is the Manta Network blockchain ecosystem.

What is Manta Network?

Manta Network is a decentralized and privacy-focused modular blockchain ecosystem for scalable applications based on Zero Knowledge (ZK), i.e., operating using zero-disclosure evidence.

The Manta Network project was founded in 2020, but the alpha version didn't launch until three years later. This means that the team has invested a lot of effort into developing their project, confirmed by the statistics, according to which Manta Network ranked among the major projects.

How is the Manta Network blockchain structured, and how does it differ from similar solutions?

The Manta Network ecosystem consists of two blockchains:

Manta Pacific — Layer 2 (L2) network,
Manta Atlantic is the first-level network (L1).

Each of them solves its own set of problems.

Manta Pacific (L2)

Manta Pacific is a native Layer-2 modular blockchain based on the Ethereum Virtual Machine (EVM). The alpha version of Manta Pacific's core network (mainnet) was launched in July 2023. Modular blockchains are one solution to the blockchain trilemma (security, scalability, and decentralization). They are a Lego-like blockchain where each piece can be seamlessly integrated or replaced. This approach allows the network to scale without sacrificing decentralization and security.

Together with Polygon Labs and the project team, the project team is working on building a modular blockchain network based on zkEVM technology. This virtual machine enables the creation of performant and scalable blockchains based on zero-disclosure proof-of-concept (zk-Proof). It also utilizes Polygon Chain Development Kit (CDK) developer tools to make the Manta Pacific blockchain Polygon compliant.

Manta Pacific's Layer 2 network development path will be divided into four phases. Still, the main one will be the last — the launch of the final version of the core network using zkEVM, Polygon CDK, and Celestia Data Availability (DA). This technology provides reliable storage of large amounts of data outside blockchains (off-chain).

The main goal of implementing these technologies is to create the fastest, most scalable, yet secure blockchain network for users. At the same time, the solution also aims to reduce the cost of commissions significantly — this is one of the tasks for which Polygon CDK is used.

The developers of Manta Pacific presented the first zkEVM L2 (second level) technology in the crypto industry. Also, this blockchain became the first second-level platform to use Celestia DA modular technology. According to the project team, more than 80 decentralized applications (dApps) and partners release their solutions daily based on Manta Pacific.

Manta Atlantic (L1)

Another blockchain in the Manta Network ecosystem is Manta Atlantic. It is a Layer-1 blockchain developed on the Substrate framework, the same framework used to create the Polkadot Layer-0 blockchain. As such, Manta Network is compatible with Polkadot and solutions developed based on it, such as:

Chainlink,
Astar Network,
Kusama,
Moonbeam and others.

Like Manta Pacific, Manta Atlantic operates on ZK-Proof technology, which implements zkNFT and staking. Manta Atlantic's blockchain has also introduced a unique confidential address system, zkAddress, which allows users to hide credentials and off-chain identifiers.

Another ecosystem product is Manta New Paradigm, which is focused on increasing returns from Yield Farming. Manta New Paradigm provides enhanced tools that give users more income opportunities in the DeFi market. One such tool is Penta Yield, which covers five unique income streams, including fixed income (analogous to deposits), NFT rewards, and DeFi compounding in the L2 ecosystem. The Manta Network team called it "diversified sources of yield."

MANTA token

The Manta Network ecosystem has a native MANTA cryptocurrency used to pay commissions, steaking, and many other transactions in DeFi. MANTA's maximum amount (issuance) is 1 billion, but only about 25% are circulating in the market.

The remaining tokens are still locked and will be gradually unlocked over the next six years, according to an unlocking schedule defined by the Manta Network team.

The MANTA token was launched in January 2024, but despite this, the asset immediately got into the top 80 cryptocurrencies by capitalization, according to CoinMarketCap. TokenTerminal's analytical data shows that the Manta Pacific network has more than 43 thousand daily active users, which is relatively high for a mainstream network startup.

What are the prospects for the Manta Network?

The second-tier blockchain ecosystem is growing at a rapid pace. Some analysts, such as VanEck, believe that second-tier solutions like Polygon may surpass Ethereum regarding the number of assets blocked in DeFi protocols (TVLs).

The growth will likely affect the Manta Network, which has already ranked relatively high despite its recent launch. In January 2024, right after the release of its token, the Manta Network project ranked 6th among Tier 2 blockchains, behind only:

We should add the support of strong partners, such as Binance Labs and Polychain Capital. Another strength of Manta Network is that the project covers two ecosystems simultaneously: Layer-2 and modular blockchains, which could become a new trend during the coming bullrun. And that's not to mention that interest in zk-Proof-based technologies continues to grow, and it has been endorsed by Ethereum co-founder Vitalik Buterin himself.

However, much will depend on how much the team follows the roadmap, and overall, the project can compete with other tier 2 solutions. Stage 3 — Manta Pacific beta launch — envisages migrating to zkEVM using Polygon CDK, but the exact launch date is unknown.