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Manta Network (MANTA), a privacy-focused multi-modular ecosystem for zero-knowledge (ZK) applications, is emerging as a strong contender in the world of digital currencies. With its focus on privacy, scalability, and secure transactions, the cryptocurrency continues to gather momentum.
Manta Network’s native token, MANTA, has also been recently trending. The token has gained more than 6% over the past day and more than 11% over the past week, according to data from CoinMarketCap.
While its future in the volatile cryptocurrency market is not certain, Manta’s current performance and market capitalization indicate a promising trajectory. Whether for investment or practical use, Manta is a cryptocurrency worth watching.
Key Takeaways
- Manta Network is a platform dedicated to building scalable decentralized applications.
- The project consists of two networks, including Manta Pacific, the native layer 2 modular blockchain, and Manta Atlantic, which is claimed to be the fastest zero-knowledge (ZK) Layer 1 chain on Polkadot.
- Both networks have recently experienced exponential growth, sweeping past competing Layer 2 Base in TVL.
- The MANTA governance token has soared by 11% in a week, with an airdrop drawing the crypto crowd’s attention.
What is Manta Network?
Manta Network is a privacy-preserving decentralized finance (DeFi) platform. It is built on the Substrate framework, the same framework used for Polkadot (DOT), suggesting that Manta Network aims to be compatible with the Polkadot ecosystem.
The project is designed with a focus on privacy and scalability. Unlike some of its predecessors, Manta addresses common concerns about transaction privacy and speed.
By leveraging advanced cryptographic techniques, it ensures that transactions remain confidential and secure. This privacy-centric approach is a significant draw for users and investors who prioritize data security and anonymity in their digital dealings.
Moreover, Manta’s underlying technology allows faster transaction processing, addressing many cryptocurrencies’ scalability issues. Its innovative use of blockchain technology enables it to handle more transactions per second than traditional blockchains.
Like many DeFi platforms, Manta Network also has its own governance token. The token, with the ticker MANTA, is used for governance decisions within the network and can also have other utilities.
Manta is Composed of Two Separate Networks
Manta Network comprises two separate networks, which include Manta Pacific and Manta Atlantic, each serving distinct purposes within the ecosystem.
1. Manta Pacific
Manta Pacific is an Ethereum Virtual Machine (EVM)-equivalent platform for ZK (Zero-Knowledge) applications. The network operates on a Layer 2 basis, focusing on scalability and security. It leverages technologies such as Celestia for data availability and Polygon zkEVM for enhanced performance.
Manta Pacific’s design enables lower gas fees and higher scalability, making it an efficient environment for developing and deploying decentralized applications (dApps). It supports Universal Circuits, allowing developers to craft ZK-enabled apps using Solidity and the Universal Circuits SDK.
2. Manta Atlantic
This network operates as a ZK Layer 1, offering a decentralized and fast platform with a focus on modular on-chain compliance identities. Manta Atlantic’s suite of products includes zkNFTs, staking, and various ecosystem projects.
Manta Atlantic stands out for its focus on ZK compliance credentials and interoperability. It features a unique private address system (zkAddress), which shields information such as SBT minting, on-chain credentials, and off-chain identities.
Why is $MANTA Rising? Will The Rally Last?
Manta has been making waves across the crypto market recently. For instance, Manta Pacific, launched just under four months ago, has witnessed a massive increase in Total Value Locked (TVL) over the last quarter.
According to data from L2Beat, the network’s TVL has now surged past $1.48 billion, flipping Base, an Ethereum layer 2 solution backed by Coinbase, to become the third largest layer 2 scaling solution in the market.
The explosive growth in TVL can be attributed to Manta Network’s strategic initiative known as the “New Paradigm” campaign, which saw a staggering $850 million bridged within a mere three weeks.
This influx of funds has also resulted in a substantial increase in user engagement, with over 540,000 active wallet addresses and 8.2 million total transactions with an average of 140,000 daily transactions.
Likewise, Manta Atlantic is the fastest zero-knowledge (ZK) Layer 1 chain on Polkadot. Its core products and technologies suite, including zkNFTs and staking and ecosystem projects, offers user-friendly access to powerful ZK-enabled use cases.
Last week, Manta Network also carried out its highly anticipated airdrop of the MANTA token. The event took place on January 18 and saw 3% of the total token supply, or 30,000,000 MANTA tokens, allocated to Manta Atlantic and Manta Pacific users and supporters.
What is the Market Cap of Manta?
Currently, MANTA is trading at $2.49, up by over 6% over the past day. The token currently has a CoinMarketCap ranking of #103, with a live market cap of $579,253,419. It has a circulating supply of 251,000,000 coins and a maximum supply of 1,000,000,000 coins.
Where Can I Buy Manta?
For those interested in buying Manta, there are several platforms where it can be purchased. The token is available on major cryptocurrency exchanges, including Binance, LBank, Bitget, Bybit, and Bitrue.
The Bottom Line
Manta Network is a platform dedicated to building scalable decentralized applications.
The project consists of two networks, including Manta Pacific, the native Layer 2 modular blockchain, and Manta Atlantic, the fastest zero-knowledge (ZK) Layer 1 chain on Polkadot, both of which have recently experienced exponential growth.
