Manta (MANTA)
From a commissioned Messari report (3-8-2024):
"Manta Network (MANTA) is an ecosystem of networks offering scalable execution environments for ZK applications. It consists of two distinct networks: Manta Pacific, a modular L2 for Ethereum, and Manta Atlantic, a ZK-based L1 chain on Polkadot. Both networks offer ZK tooling to simplify ZK application deployment: Universal Circuits, zkSBTs, and Manta NPO on each network.
With the introduction of the New Paradigm bridge in December 2023, the L2 implemented native yield generation for ETH and supported stablecoins. Manta Network formed strategic partnerships with prominent entities such as BlackRock’s BUIDL Fund."
Basics
History
Audits & Exploits
- Bug bounty program can be found [insert here].
Bugs/Exploits
Governance
Admin Keys
DAO
"Manta Network's governance will evolve through two phases. In the first phase (Manta Governance 1.0), Manta Network established a community forum for stakeholders to propose and discuss project-related matters. However, the ultimate decision-making and execution of proposals rest with the Manta Foundation.
Subsequently, in the second phase (Manta Governance 2.0), the network will transition to a "Five Council" governance model:
- Legislative Council: This council, composed of MANTA tokenholders, makes decisions regarding the network's direction, vision, tokenomics, and intended use.
- Executive Council: Managed by the Manta Foundation, the Executive Council translates decisions made by the Legislative Council into actionable steps. It oversees network operations, educational initiatives, and research and development projects.
- Judicial Council: Responsible for overseeing grant distribution and implementing governance tools, the Judicial Council ensures that network resources are allocated fairly and democratically.
- Examination Council: This council manages the election process for Manta Foundation members, ensuring that the selection process is democratic and those in positions of authority are held accountable.
- Control Council: Serving as the audit branch, the Control Council oversees the entire governance process, guaranteeing transparency, fairness, and the integrity of the network.
As of the end of the quarter, the project team has yet to disclose when Manta Governance 2.0 will begin."
Notable Governance Votes
Treasury
Token
Launch
Token Allocation
"After launching in January, 33.5% of MANTA’s genesis supply was liquid by the end of Q2, a 20.2% QoQ increase. The genesis supply includes the 1 billion MANTA initially allocated but not staking rewards.
Another 3.3% of MANTA’s genesis supply is set to unlock in Q3’24:
- Ecosystem (56.2% of Q3 unlocks): Based on MANTA’s price at the end of Q2, $16.5 million will unlock to the ecosystem and treasury bucket in Q3. Of this, 64.3% will be allocated to the Community via grants, boosted yield, and ambassador programs. Also, 35.7% of this will allocated to the protocol’s treasury held by the Manta Foundation.
- Public Sale (23.8% of Q3 unlocks): Based on MANTA’s price at the end of Q2, $7.0 million will unlock to the public sale bucket. Public sale tokens will finish vesting on July 18.
- Advisors (20.0% of Q3 unlocks): Based on MANTA’s price at the end of Q2, $5.9 million will unlock to the advisors’ bucket. The team has an 18-month cliff and will not receive tokens until July 18, 2025."
Inflation
MANTA allocates 2% of total issuance annually for staking rewards.
Utility
Beyond being used for staking and paying transaction fees, MANTA is used for governance.
Burns
Other Details
Coin Distribution
Technology
- Whitepaper or docs can be found [insert here].
- Code can be viewed [insert here].
- Consensus mechanism: Ethereum and Polkadot
- Algorithm:
- Virtual Machine:
- Development language used:
Transaction Details
How it works
Fees
"The network’s transaction fees are distributed as follows:
10% goes to block producers.
18% accrues to Manta Network's community treasury to bootstrap network development.
72% is reserved as incentives to be distributed to projects within the Manta ecosystem."
Upgrades
Staking
Validator Stats
Liquidity Mining
Scaling
Interoperability
Other Details
Oracle Method
Their Other Projects
Roadmap
- Can be found here.
Revenue
- Between Q1 and Q2 2024 it had $2M in revenue. This was a 56.5% decrease compared to before. TVL and marketcap also fell.
Usage
Projects that use or built on it
Competition
Pros and Cons
Pros
Cons
Team, Funding and Partners
Team
- Full team can be found [here].
Funding
"Manta Network has raised over $60 million from a pre-seed, seed, community, and Series A round. The Series A round was held at a $500 million valuation. Notable investors across these rounds include Polychain Capital, Qiming Ventures, CoinFund, ParaFi Capital, Hypersphere Ventures, DeFiance Capital, and Multicoin Capital. Although the amount raised was undisclosed, Manta Network has also received a strategic investment from Binance Labs.
Manta Network launched the $50 million EcoFund, the Moon Mission Meme Grants, and the introduction of Manta AI. These initiatives aim to support innovative blockchain projects, foster meme culture, and provide comprehensive AI tools."
Partners
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