Manta Network

Manta Network is a modular blockchain ecosystem built for zero-knowledge (ZK) applications. It operates two networks: Manta Pacific, an EVM-equivalent Layer 2 on Ethereum that uses Celestia for data availability and zkEVM technology for scalability, and Manta Atlantic, a Polkadot-based Layer 1 focused on ZK-SNARK-powered on-chain compliance identity and credentials such as zkSBTs and zkKYCs. A related Calamari Network is also reported alongside these chains. Developers can deploy Solidity-based decentralized applications and call ZK-enabled contracts through Manta's ZK library and "Universal Circuits," which are presented as abstracting cryptographic complexity so that existing Solidity contracts and dapps can use ZK features.

The company describes a progression from building a ZK stack on Polkadot in 2020, to launching what it calls the first modular Ethereum L2 leveraging Celestia data availability in 2023, to user-facing programs such as CeDeFi and Gas Gain in 2024, and current work on faster finality for Manta Pacific using BTC and MANTA restaking. Manta Pacific's testnet began on 19 July 2023 and the mainnet launched on 12 September 2023. Supporting infrastructure and applications cited include MantaPay, a mobile payment service using a bring-your-own-token model, the Subscan explorer for Substrate-based data, and AsMatch, an astrology-based Web3 social matching app using AI-generated content, zero-knowledge proofs and zkSBTs.

MANTA is the native token, with a total supply of 1 billion issued on Manta Pacific plus a BSC derivative. Stated token utilities are network usage fees (allocated 72% to ecosystem projects, 18% to treasury and 10% to collators), a medium of exchange for transfers, contract interactions and purchases of credentials such as zkSBTs and zkKYCs, governance voting on referenda and council elections, and network security through collator incentives with 2% of annual issuance directed to stakers. Reported supply allocation includes 21.19% ecosystem/community, 13.50% foundation treasury, 12.94% private round, 10% team, 8.10% advisors, 8% public sale, 6.5% New Paradigm airdrop, 6.17% strategic investors, 5.60% airdrop, 5% institutional investors and 3% Binance Launchpool.

Founding story

The founders set out in 2020 to improve privacy in existing decentralized finance solutions using zero-knowledge cryptography, initially building a ZK stack on Polkadot. Co-founder Victor Ji, a former YC China researcher, holds an MPA from the Harvard Kennedy School and an MBA from Peking University's Guanghua School of Management and leads product. Co-founder Shumo Chu is an assistant professor at UC Santa Barbara, holds a PhD from the University of Washington, was a research scientist at Algorand, and co-founded p0x labs. Kenny Li serves as co-founder and COO.

Business model

Manta Network operates public blockchain networks whose usage is paid for in the MANTA token; network usage fees are allocated across ecosystem projects, the foundation treasury and collators. The networks are secured by proof-of-stake collation and staking, with a portion of annual token issuance directed to stakers, and governed on-chain by token holders.

Network transaction and contract fees are paid in MANTA and allocated 72% to ecosystem projects, 18% to the treasury and 10% to collators. MANTA is also used to purchase credentials such as zkSBTs and zkKYCs.

Traction

Manta reports 204 ecosystem projects on its site (described elsewhere as 200+ projects building on the network). MANTA has approximately 209,450 holders per CoinMarketCap, circulating supply of about 479.65M of a 1B total supply, 24-hour trading volume of roughly $1.7-1.8M across 38 exchanges and 51 markets, and total value locked of about $26.6M per DefiLlama data on CoinGecko. Ecosystem participants and integrations listed include Orbiter Finance, Pyth and other DeFi and SocialFi applications.

Latest developments

Current work centers on fast finality for Manta Pacific using BTC and MANTA restaking, with a stated future direction of building products bridging Web2 and Web3. The Manta CeDeFi campaign is ongoing, while Gas Gain, Manta Expedition, Restaking Paradigm, RenewParadigm and New Paradigm have ended. The MANTA token traded near $0.0595 with a market cap around $28.5M, having set an all-time low in the $0.0537-0.0542 range.