Manta Network: for zk Applications

By Rayna Ishihara | Crescent City Capital Market Analyst Intern

What is Manta Network

Manta Network is a privacy-focused multi-modular ecosystem for zero-knowledge (ZK) applications. It offers two networks, Manta Pacific and Manta Atlantic, which provide scalable, secure, and cost-effective environments for deploying ZK applications on Ethereum and Polkadot, respectively. The project was founded by a team of experienced individuals from prestigious institutions and has received investments from top web3 investment funds. With a focus on privacy, scalability, and secure transactions, Manta Network aims to bring the next generation of web3 application development and adoption through the application of zero-knowledge cryptography.

Manta Network operates as a privacy-preserving decentralized finance (DeFi) platform, built on the Substrate framework used by Polkadot. By prioritizing privacy and scalability, Manta addresses concerns related to transaction privacy and speed, ensuring that user data remains confidential and secure. Its innovative blockchain technology allows for faster transaction processing, addressing scalability issues commonly faced by other cryptocurrencies.

Manta Network’s unique selling points lie in its privacy-centric approach and advanced cryptographic techniques. It offers users and investors the assurance of data security and anonymity in their digital dealings. Additionally, the project tackles scalability challenges by leveraging its underlying technology, enabling it to handle more transactions per second compared to traditional blockchains. The governance token, MANTA, plays a crucial role within the network, facilitating governance decisions and potentially offering other utility functions. Overall, Manta Network presents itself as an emerging player in the world of digital currencies, with its focus on privacy, scalability, and secure transactions making it a cryptocurrency worth monitoring for both investment and practical use.

What is Manta Pacific

Manta Pacific is a Layer 2 blockchain platform designed specifically for zero-knowledge (ZK) applications on Ethereum. By leveraging technologies like Celestia and Polygon zkEVM, it focuses on scalability and security. The platform offers lower gas fees, higher scalability, and efficient development and deployment of decentralized applications (dApps) using Solidity and the Universal Circuits SDK. Manta Pacific fills the gap in the market for a dedicated home for ZK applications, prioritizing user safety and providing a modular and cost-effective environment for ZK app experiences. With its emphasis on accessibility and groundbreaking advantages, Manta Pacific aims to be the go-to solution for developing and deploying ZK applications on Ethereum.

What is Manta Atalantic

Manta Atlantic is a high-speed Layer 1 blockchain on the Polkadot network that specializes in providing programmable zero-knowledge (ZK)-powered confidential on-chain identities and credentials for web3 applications. It aims to offer the fastest ZK L1 chain on Polkadot, delivering enhanced transaction speeds and efficiency. Through the use of zkSBTs (zero-knowledge scalable blockchain technologies), Manta Atlantic ensures privacy and confidentiality in on-chain activities. By leveraging its technological advancements, Manta Atlantic enables developers and users to create and utilize confidential identities and credentials within the web3 ecosystem, further enhancing privacy and security in decentralized applications.

Manta Token

MANTA token holders enjoy various benefits within the Manta Network ecosystem. They have the opportunity to participate in governance and voting for both Manta Atlantic and Manta Pacific projects, allowing them to have a say in the decision-making processes. Additionally, MANTA token holders can utilize their tokens to pay for transaction fees on the Manta Atlantic network. They can also engage in staking activities, further enhancing their involvement in the network.

Token holders benefit from the value accrual of MANTA tokens through the productive re-deployment of sequencer revenue and gas savings from modular decentralized applications (DA). This revenue and savings contribute to on-chain activities and drive the demand for blockspace, fostering the growth and adoption of zk applications within the ecosystem.

Builders and contributors within the Manta Network ecosystem also receive direct benefits. They gain from retroactive on-chain activities funding, which facilitates the development of tools, education, apps, and infrastructure. The ecosystem’s well-funded state attracts builders, creating a symbiotic relationship that supports innovation, early-stage projects, and the adoption of cutting-edge technologies. Revenue generated within the ecosystem is distributed to ecosystem projects and public goods funding, continuously incentivizing growth and supporting the broader community.

Users and community members of the Manta Network benefit from ongoing ecosystem incentives and project incentives funded by MANTA tokens. The value they receive stems from the advantages provided by on-chain activities and zk applications, contributing to a thriving and dynamic community.

Furthermore, the MANTA token serves as a source of revenue generation. The demand for MANTA blockspace generates revenue, with initial funding coming from the sequencer and subsequently being redistributed by the Manta Foundation. Future funding may be obtained through the sale of participation rights in Manta’s decentralized sequencing network, further fueling the ecosystem’s growth and sustainability.

Summary

Manta is a blockchain ecosystem consisting of Manta Pacific and Manta Atlantic. Manta Pacific is a Layer 2 platform for scalable and secure zero-knowledge (ZK) applications on Ethereum. Manta Atlantic is the fastest ZK Layer 1 chain on Polkadot, offering privacy-focused on-chain identities. The MANTA token provides governance participation, transaction fee payment, and staking opportunities. Manta aims to be a home for ZK applications, fostering innovation, supporting builders, and driving adoption in the web3 ecosystem.

Recent Updates

The live MANTA price on February  10th  is $2.82 USD with a 24-hour trading volume of $211,486,806 USD. It has a circulating supply of 212,195,609 MANTA tokens.

The price of MANTA has decreased by 7.51% in the past 7 days, and increased by 24.28% in the past months. MANTA is 27.72% below the all time high of $3.84.

Market Analysis

Manta Network is still in the early stages of its journey, having officially launched in January 2024 as the fastest zero-knowledge layer one chain. Since its recent launch, Manta Network has experienced significant growth and adaptation, with a market capitalization of over seven hundred million. This demonstrates a healthy and growing ecosystem with strong market interest.

While the coin has only been in circulation for a month, it is important to focus on the fundamental aspects of Manta Network. Firstly, Manta utilizes zk roll-up technology, enabling scalability and providing an ideal environment for building zk applications and apps. Secondly, the network prioritizes data security through zero-knowledge proof technology, ensuring sensitive information remains protected. Additionally, Manta Network offers developers tools and a library of information to facilitate the integration of privacy solutions into their applications. Lastly, users can make private and secure transactions using zero-knowledge proof technology.

The Manta Network ecosystem boasts several advantages, including the fastest zk proofing speed among layer one blockchains, low gas fees, and decentralization. The ecosystem grants program allows developers to apply for funding to support their projects, with a higher chance of success if they contribute to the Manta ecosystem.

Within the Manta Atlantic ecosystem, various sectors are covered, including DeFi payments and identity wallets. Notable projects include Manta Dex, the main decentralized exchange, Pomp, which enables on-chain activity verification while maintaining privacy, and Trust Wallet, a highly secure web3 wallet.

Manta Network governance is also noteworthy, employing a groundbreaking model with a five-tier system of checks to balance efficiency and democracy. The Penta Power governance structure consists of legislative, executive, judicial, examination, and control councils, each playing a vital role in the network’s operations and direction. Manta token holders remain central to the decision-making process, ensuring scalability, expansion, and long-term growth.

From a technical perspective, as the token is still in its early stages, development and adoption are ongoing processes that will require time to fully unfold.

Regarding the price analysis, the indicated green area on the chart represents a potential entry point ranging from $0.37 to $0.65. However, it is unlikely for the price to decrease to such levels. A more reasonable entry level is the blue region from $0.92 to $1.21. While it is still early to analyze the price trend of Manta Network, the chart suggests a possible resistance line reached on February 6th at $2.54, indicating a potential period of price recovery. Thus, it is advisable to wait for the price to decrease to the ideal entry level, preferably between $0.92 and $1.21.

Please note that investment decisions should be made based on thorough research and analysis, and this post does not constitute financial advice.

References

https://docs.manta.network/docs/mantaToken/

https://www.techopedia.com/what-is-manta

https://coinmarketcap.com/currencies/manta-network/

https://www.tradingview.com/chart/zrsQqqcn/?symbol=BINANCE%3AMANTAUSDT