MESSARI: One article fully understands Manta Network

Author: Jennifer Obem, MESSARI analyst; Translation: 0xxz@作作作作作作

The main points of this article

Manta Network is a network ecosystem that provides a scalable execution environment for ZK applications.Manta network consists of two different networks: Manta Pacific and Manta Atlantic.Both networks provide ZK tools to simplify ZK applications deployment.
Manta Pacific provides an EVM native execution environment for ZK applications.Modular L2 uses Celestia to provide data availability and provide cheaper transactions.It also provides uniquely provides the native income of ETH and stable currency (USDC).
Since the New Paradigm Bridge was launched in December 2023, users have transferred more than $ 750 million in assets to Manta Pacific through the bridge, with a cumulative TVL of more than $ 1.5 billion.
Manta Atlantic is a Layer-1 that supports ZK on Polkadot. It aims to provide ZK applications with a combined execution environment by supporting ZK Soulbound tokens (ZKSBT).

ZK applications promise to improve user experience and focus on large -scale security.However, the ZK application depends on the zero -knowledge certification (ZKP) to verify the password, which makes their calculation large.Therefore, they need to effectively expand operations to achieve multiple uses without affecting performance.

Manta Network provides a flexible execution environment that can natively meet the different computing needs of ZK applications.Manta Network’s attention to cost efficiency and increased ZK application throughput also make it a popular choice in other decentralized applications (DAPP).Since its launch in September 2023, Manta Network’s L2 network Manta Pacific has launched more than 150 DAPPs, including nearly 15 native ZK applications.With the launch of the New Paradigm Bridge in December 2023, L2 realizes ETH’s native revenue generation and supports stable currency.Less than two months after launch, users have transferred more than $ 750 million in assets to L2.

background

Victor Ji and Kenny Li founded Manta Network in 2020, the goal is to improve the privacy on the chain.In the same year, the founding team operated by P0X Labs received funding from the Web3 Foundation and began their development journey.Since then, Manta Network has developed into a general ZK ecosystem that provides L2 networks for deployment and expansion of DAPP supported by ZK.

By September 2021, Manta had obtained a parallel chain slot on Kusama’s Canary Network Calamanari, which supported ZK.In March 2023, Manta Network launched ZKSBT, which is a new asset category that helps to verify on the security chain.Using its tool infrastructure, Manta Network also released Manta NPO, which is a platform for casting ZKSBT and a wallet extension for storing these assets.

In September 2023, Manta Network launched Manta Pacific, which is a L2 that supports ZK, providing a combined machine for the ZK application in the Ethereum ecosystem.As of writing this article, Manta Network has also obtained a parallel chain slot on Polkadot for its ZK L1 network Manta Atlantic.

In December 2023, Manta Pacific launched the New Paradigm Bridge to introduce a new way to earn additional benefits to users through native income ETH and stable coins.

Manta Network has raised more than $ 60 million from seeds, seeds, communities, and Series A financing.A round of financing valuation is 500 million US dollars.These rounds of well -known investors include Polychain Capital, Qiming Venture Capital, Coinfund, Parafi Capital, Hypersphere Ventures, Defiance Capital, and Multicoin Capital.Although the financing amount has not been made public, Manta Network has also received strategic investment of Binance Labs.

technology

Manta Network’s ecosystem consists of Manta Pacific (Ethereum’s modular L2) and Manta Atlantic (Polkadot -based L1 chain).On each network, Manta Network provides a novel types of tool infrastructure that supports ZK, consisting of Universal Circuits, ZKSBT, and Manta NPOs.

Source: MANTA Network Document

network

Manta Pacific

Manta Pacific is a modular L2 network that provides an scalable and economical and efficient environment for EVM native DAPP (including ZK applications).As of writing this article, Manta Pacific uses Caldera’s OP Stack Rollup as an optimistic ROLLUP for operation and focuses on economic and efficient expansion.In order to further reduce operating costs, Manta Pacific was transformed from a professional DA solution to the use of Celestia from the use of Ethereum to implement data usability (DA) in December 2023.This transformation has greatly reduced L2 network transaction costs and saved more than $ 1.4 million GAS costs.

Source: Manta Tokenomics

ZKEVM is most suitable for ZK applications because they combine the familiarity of EVM development with the system that has supported the operation code level to the ZK circuit.Manta Pacific plans to transition to ZKEVM Validium to enhance its network performance.Validiums is an Ethereum expansion solution that uses effective proof to verify transactions and use separate DAs other than Ethereum to store transaction data.As ZKEVM Validium, Manta Pacific will use Polygon CDK to execute, while retaining Celestia for DA.This method is designed to increase the network throughput of the deployment of ZK applications, including applications with high transaction volume such as Web3 games and social applications.

On Manta Pacific, users can connect to L2 with a dedicated New Paradigm Bridge and a supported stable currency (USDC).In addition to obtaining the native income of these assets, users can also use these assets on decentralized applications supported on L2 to obtain additional benefits.This measure has resolved major restrictions on the L2 network.Traditionally, stablecoins such as ETH and other assets and USDC will not generate any income on L2, but ETH stored in L1 can bring 4% annual income to users.

By cooperating with StakeStone and Mountain Protocol, Manta Pacific provides its users with liquid pledged tokens and income stablecoins (WUSDM).These integration allows users to deposit ETH and USDC on Manta Pacific and receive Stone and WUSDMW. These currencies can immediately flow and can be used in network DEFI applications.

As of writing this article, the deposit of the bridge has stopped.However, users who have connected ETH and USDC to the network can use the mobile versions of these assets in DEFI applications supported by Manta Pacific to obtain additional benefits.

Mnata Atlantic

Manta Atlantic is a ZK -based L1 chain, launched in January 2024.Manta Atlantic provides a combined execution environment for ZK applications, and the ZK tool infrastructure of the native hosta network.It is built on the Substrate framework as a parallel chain in the Polkadot ecosystem. It focuses on interoperable authentication and ZK application deployment.

Calamari, Manta’s prediction environment

Calamanari is the Canary network of Manta Atlantic. As a parallel chain on Kusama, it promotes the ZK application deployment that can operate in the Kusama ecosystem.It obtained a parallel chain slot through the KSM crowdfunding loan, and distributed 30%(30 billion KMA) of its KMA token to more than 16,000 contributors.Calamanari provides a prediction environment for the application and tool infrastructure that supports ZK developed by Manta.

ZK tool

Universal Circuits

Manta Network’s general circuit simplifies the development of ZK applications by solving the complexity challenges of developing these applications.Traditionally, developers are facing steep learning curves when creating ZK applications.They need to learn more about advanced encryption technology, manually build a complex ZK circuit, and learn new programming languages (such as Circcom).

UNIVERSAL CIRCUITS responds to these challenges by providing pre -constructed ZK circuit libraries. Developers can easily integrate it into existing applications, especially those applications built by Solidity using Ethereum.This method simplifies the development process, allowing developers to add the ZK function to their applications with the least encoding, and does not need to be encrypted knowledge.

ZK library consists of the following directory:

The ZKP circuit is written in the Circcom programming language and used to generate proof.
Solidity smart contracts are used to manage the chain verification of decentralized applications (DAPP) that support ZK.
TypeScript SDK (Alpha) contains the function of simplifying key management.

General circuits enable more wide developers to develop safe and efficient ZK applications.The product also unlocked the asset verification solution supporting the chain of POMP, as well as the chain game that supports ZK in Zypher Games.ZK Library provides game contracts such as ZKSHuffle, allowing developers to create chain games that minimize trust in ZKHOLDEM.

ZKSBT and Manta NPO

Soulbound tokens that support ZK are non -transferred NFTs that are bound to the individual’s identity.ZKSBT uses ZKP to ensure user security.These assets are very suitable for the purpose of gaming items, identity and asset verification on the chain.In addition, developers can seamlessly integrate these assets into ZK applications without the need for password or ZKP.

Manta NPO is a decentralized Launchpad platform for casting and verifying ZKSBT.By using Manta Network’s ZKADDRESS tools and general circuits, the NPO platform provides a user -friendly plug -to -play solution to deploy ZKSBT in ZK applications.

It is worth noting that when writing this article, NPO LAUNCHPAD witnessed more than 1.1 million ZKSBT casting.However, most of the coins occurred in the second quarter of 23 and the third quarter of the 23rd, and the coinage activities in the 4th quarter of the 23rd decreased significantly.

Token economics

Manta Atlantic’s native currency Manta is used for pledge, trading costs and governance.Unlike Manta Atlantic, Manta Pacific use ETH to pay GAS fees.As of writing this article, token holders can connect Manta to four networks, including Manta Atlantic, Manta Pacific, Polkadot, and Moonbeam.On January 18, 2024, the initial supply of 1 billion MANTA was issued at the tokens generation activity (TGE).Nevertheless, Manta expands at a rate of 2%each year.

Manta’s initial supply of 1 billion pieces is allocated as follows:

Ecosystem: The largest part of the initial total supply (21.19%) is specifically used for ecosystem development.TGE is 23.5%of this part, and the remaining part is unlocked every month within two years.
Foundation: 13.5% of the initial total supply is reserved to the Manta Foundation.Starting in January 2024, the distribution will be unlocked linearly within six years.
Airdrops: New Paradigm Bridge users are distributed 6.5%of the initial total supply.Of these, 50 million pieces are unlocked in TGE, and the rest will be released three months after TGE.Early ecosystem participants were also distributed 5.6%of the initial total supply, and these resources will be completely available on TGE.As of writing this article, the Claim of the airdrop continued.
Public sale and Launchpool: Public offering participants were distributed 8%of the initial total supply.In TGE, 40% of the distribution can be used by participants, and the rest are unlocked linearly within 6 months.In addition, the seed funds of MANTA’s Binance Launchpool account for 3%of the initial supply of the initial TGE.
Private investors: private offerings, strategic sales, and institutional distribution account for 12.94%, 6.17%, and 5.00%of the initial total supply, respectively, with a one -year lock -up period and a three -year linear unlocking period, respectively.
Team and consultant: The project team operated under P0X Labs obtained 10%of the initial total supply, but it has a lock period of 18 months, which is subsequent four -year unlocking period.The consultant was assigned 8.1%of the initial total supply.Among them, 30%were unlocked in TGE, and the remaining 70%had a linear background of 2 years.

Continuous inflation and transaction costs

Manta’s 2% inflation per year is obtained by Manta Atlantic block manufacturers.Only the top 63 registered collectors in general equity can participate as block producers.To obtain the qualifications of collectors, users must release at least 400,000 MANTA as bonds and meet the hardware requirements of the network.Token holders can also participate in block rewards by entrusting Manta to collectors.

The distribution of network transaction costs is as follows:

10% assigned to block producers
18% are included in the community vault of Manta Network to guide network development
72% is reserved as a reward and assigned items in the Manta ecosystem.

Govern

Manta Network’s governance will go through two stages.In the first stage (MANTA Governance 1.0) that has been launched in this article, Manta Network established a community forum for stakeholders to propose and discuss project -related matters.However, the final decision and execution of the proposal lies in the Manta Foundation.

Subsequently, in the second stage (MANTA Governance 2.0), the network will transition to the “Five Council” governance model:

Legislative committee: The committee is composed of Manta token holders, playing a key role in shaping the future of the network.They actively make decisions on network direction, vision, token economy and expected use.
Executive Committee: Managed by the Manta Foundation, the Executive Committee transforms the decision of the Legislative Council into a feasible step.They are responsible for supervising online operations, education plans, and research and development projects.
Judicial Committee: Responsible for supervising allocation of funding allocation and implementing governance tools to ensure fair distribution of network resources and follow democratic procedures.
Supervision Committee: The committee is responsible for managing the election process of members of the Manta Foundation, ensuring democracy in the election process, and holding the responsibility of those in power.
Control Commission: As an audit department, the Control Committee supervises the entire governance process to ensure the transparency, fairness and integrity of the network.

As of writing this article, the project team has not disclosed when Manta Governance 2.0 starts.

Network activity

Since the launch of the main network in September 2023, Manta Pacific has handled more than 10 million transactions.Although it is a relatively new L2, it has attracted more than $ 1.5 billion TVL, and ranks in the top three positions in L2 when writing this article.This surge is mainly driven by the New Paradigm Bridge launched in December 2023.According to reports, the introduction of new users who have attracted more than 200,000 Manta Pacific participants, accounting for more than 70% of the network TVL.

As far as DAPP activities are concerned, more than 2.5 million DAPP transactions have been on Manta Pacific in the past three months from::

DEFI -1 million transactions (39.8%) comes from Defi Dapp from Apertureswap Dex, PacificSwap AMM, Layerbank currency market agreement and Quickswap Dex.As of writing this article, Layerbank is leading in this category, accounting for more than 25% of Manta Pacific $ 1.5 billion.
Bridges – 651,000 transactions (26.%) from Bridges such as Orbiter, DAPPOS, Rhinofi, and Owlto.As of writing this article, the total value of Manta Pacific has exceeded 900 million US dollars, and the official bridge of L2 has more than 40,000 independent users.
GameFi – 603,000 transactions (accounting for 24.1%) from Gamefi DAPP, such as Element NFT market, ZKHOLDEM game and Gabby World virtual world.
Social -363,000 transactions (13.6%) from social DAPPs such as DMAIL network notification service and POMP chain asset verification device.

Ecosystem

Manta Pacific announced the launch of MantaFest when it was launched in September 2023, which is a 5 -week promotional activity to guide online activities.This event allows users to come into contact with various new integrated DAPPs in the fields of Bridging, DEFI, SocialFi, and Gamefi.Participants of Mantafest can get points, and points can be rewarded at TGE exchanges.

In October 2023, one month after the launch of the Manta Pacific main network, Manta Network launched the Uncharted Grants program.The initiative aims to guide the early adoption and participation of Manta Pacific by rewarding an ecosystem project built on Manta Pacific.It allocates 5 million MANTA tokens to top ecosystems projects in various categories, including bridges, social, Gamefi and Defi.It also reserves 1.5 million MANTA for Mantafest participants (30%of the allocation distribution).

Source: Manta Network Medium Post

Defi

In the DEFI category, the top ecosystem projects have received 30% of funding (1.5 million MANTA).As of writing this article, the leading projects on Manta Pacific are the Layerbank and Shoebill V2, which account for 42.2% and 10.5% of TVL’s 42.2% and 10.5%, respectively.The surge in TVL is mainly due to the New Paradigm incident increased the liquidity of ETH and stable currency on the network.Quickswap and AperturesWap are the next outstanding DEFI category, although they account for less than 5%of the Internet TVL.

bridge

Since the launch of Manta Pacific’s main network, multiple bridge protocols have launched bridges support for Manta Pacific, including Layerzero, DAPPOS, Orbiter, Rhinofi, and OWLTO.These integrations significantly improve the interoperability of the network, achieve more efficient cross -chain liquidity, and enhance the user experience of centralized applications on L2.

Similar to the DEFI field, the startup activity of the New Paradigm Bridge in December 2023 played a key role in the increase in Manta Pacific cross -chain transfers.As of writing this article, since the incident, the Manta Pacific Bridge has promoted more than 280,000 ETH (worth about 700 million US dollars) and $ 132 million USDC deposits.

Gamefi and agency

Manta Pacific’s positioning is to attract performance dense DAPP, including gamefi and DAPP in the social field.As of writing this article, the leading GameFi platform, including Element NFT markets, Gabby World and ZKHOLDEM, attracted an average of 50,000 independent users per month.In the social field, the Dmail network notification service and the POMP chain asset verification device had more than 30,000 unique active addresses in the same period.

Zk application

Some ecosystem projects use Manta Network tools and infrastructure to build applications that support ZK.The famous project includes:

My participation certificate (POMP) -The platform can privally verify the assets such as the assets of the chain, identity and cryptocurrency, NFT, and SBT.POMP runs on Calamanari and Manta Pacific, which can ensure that there is no need to trust verification without leaking sensitive information such as user wallet address.
ZKHOLDEM-CALAMARI and decentralized online gaming platforms provided by Manta Pacific.It uses Manta Network’s zkshuffle contract to promote point -to -point virtual poker games.
ASMATCH-Asmatch is positioned as SocialFi applications on Calamanari and SocialFi on Manta Pacific to use users for various purposes, including dating, social networks, and professional networks.It integrates the content of artificial intelligence, zero -knowledge certificate (ZKP) and ZKSBT, which provides unique matching and earning models and token -based incentives.
The automation liquidity management tool provided by Aperture-Manta Pacific aims to optimize liquidity operations.
Zypher Games-The game platform on Calamanari is supported by Manta’s ZKP tool infrastructure and AI, providing scalable game infrastructure for the start-up chain games.

It is worth noting that Zkholdem and POMP are the top three projects of the GAMEFI and SocialFi DAPP activities.This trend may indicate the emergence of applications on the new type of new chain using zero -knowledge (ZK) technology.

Quality verification on the chain

So far, users and blockchain ecosystems such as Binance, Galxe, Linea, Cyber Connect, and Readon have published ZKCREDENTIALs through the NPO platform of Manta to conduct security and confidential chain assets and authentication.Manta also integrates its chain verification tools with other networks such as Arbitrum, so as to achieve a secure chain identity verification.

Competitive pattern

Manta Pacific is known for its first -integrated Celestia to achieve data availability and the first L2 to support ETH and stable currency (USDC) native income.

Cost efficiency is an important factor for developers when choosing an application deployment network.Manta integrates Celestia to achieve data availability measures to provide lower trading costs than the overall L2, which may make it a good choice for developers.However, it may face fierce competition from other L2 with other DA solutions.For example, Celo is using Eigenlayer’s DA to transition to L2, and L2 such as StarkNet and ZKSYNC is constructing a hybrid DA solution.

As of January 2024, MNATA PACIFIC has provided unique combined mobility for native income assets.However, this status has been challenged by Blast, which is about to launch in February 2024, and the product has accumulated more than $ 1 billion of TVL.Although BLAST’s future products that exceed basic income are uncertain, Manta Pacific currently provides multiple income opportunities for these assets among more than 100 applications on its network.After the BLAST is launched, the competitive dynamics between Manta Pacific and Blast will be very interesting.

Looking forward to the future, Manta Pacificic plans to transition to ZKEVM Validium via Polygon CDK.Although it is not the first one in this field, its goal is to distinguish itself from competitors such as Immutablex through its general circuit.

Roadmap

Manta Pacific is using Polygon CDK to transition from OP Stack Rollup to Zkevm Validium.This transformation expands the ability of the network to provide an EVM native execution environment for ZK applications, while improving the final nature of the network.

Source: Manta documentation

The transition will be divided into four stages:

Manta Pacific Alpha -At this stage, Manta Pacific is an optimistic Rollup, which uses Ethereum to provide data usability.
Manta Pacific Alpha II and Celestia Da-At this stage, Manta uses Celestia to provide data availability.
The third stage (Manta Pacific Beta and transition to ZKEVM) -In this stage, Manta transitions from OP Stack Rollup to ZKEVM Rollup.The network can use the multiple proof framework to combine these two proofs before the ZK proof of Polygon.
The fourth stage (MANTA PACIFIC Main Network Production I (+Universal Circuits 2.0) -Universal Circuits will be upgraded to introduce ZK to aggregate. This will further reduce GAS costs, improve user experience, and support more use cases that support ZK.

As of writing this article, Manta Pacific has completed the second phase of transition as OP Stack Rollup with Celestia with data availability.The full transition to ZKEVM Validium is still the core priority of the team in 2024.

By the end of January 2024, the Manta Pacific plans plan to start the New Paradigm Bridge startup event, so as to withdraw the native benefits deposit on L2.

in conclusion

Manta Network stands out of the field of L2 and ZK development by providing scalable and flexible environment tailored for ZK applications.Since L2, which launched Manta Network in September 2023, Manta Pacific has launched more than 150 DAPPs, including nearly 15 native ZK applications.With the launch of the New Paradigm Bridge in December 2023, L2 realizes the generating native income of ETH and stablecoin.In less than two months since its launch, users have transferred more than $ 750 million in assets to L2.

Manta Pacific’s future strategy includes the use of Polygon CDK to transition to ZKEVM Validium to enhance network throughput and endability to meet a wider range of ZK applications.It also plans to expand its tool infrastructure, such as general circuits to simplify the development of ZK applications.This can make it an ideal choice for creating efficient and secure ZK applications, especially in high trading fields such as web3 games and social applications.In order to achieve long -term growth and success in the competitive ZK and L2 fields, Manta needs to cultivate continuous user participation through New Paradigm and Mantafest measures.