How does Manta Network work? (MANTA Tokenomics simply explained)

Low fees and high scalability. Imagine a cryptocurrency that works as an express lane of a highway, offering a scalable and secure route for developers to launch their apps with low fees and high scalability. It’s like building a superhighway, where transactions move fast, thanks to its use of Celestia’s Data Availability and Polygon’s zkEVM. This is where Manta Network comes in!

Manta Network, also known by the market ticker MANTA, is a layer-1 and layer-2 scaling solution for blockchains and is the first EVM-equivalent ZK-application platform that is both scalable and secure, thanks to its use of Celestia’s Data Availability and Polygon’s zkEVM.

Designed with low fees and high scalability in mind, Manta aims to be both developer-friendly and app-agnostic.

But, that is quite a lot of buzzwords for an introduction, so what exactly does all that mean? And how does Manta Network work exactly?

Today we find out!

What is Manta Network?

Manta Network was founded by Victor, Shumo and Kenny in 2020 and was launched as an ERC-20 token on the Ethereum network.

At its core, Manta Network is a Layer-1 and Layer-2 scaling solution for EVM-based blockchains and currently offers two networks:

The first, Manta Pacific, is a Layer-2 ecosystem on Ethereum for EVM-native ZK applications, which provides a scalable and inexpensive gas fee environment for ZK applications to be deployed.

Second, Manta Atlantic is a ZK Layer-1, and currently the fastest ZK Layer-1 chain on Polkadot, which brings programmable identities and credentials to web3 through zkSBTs.

But that really is a lot of buzzwords, so let’s break down some definitions to ensure we’re all on the same page.

First, a blockchain’s layer refers to its placement in the network’s hierarchy.

Typically, Layer-1 is the foundation from which everything else is built.

Platforms like Ethereum are Layer-1 networks and applications built on top of that are Layer-2s as they run on top of the Layer-1 and help with a specific task, such as processing transactions.

Second, the EVM refers to the Ethereum Virtual Machine which is essentially software that is responsible for essential roles like running and maintaining smart contract code.

Third, ZK stands for “Zero Knowledge” and in the context of blockchain technology and cryptography, Zero Knowledge refers to a cryptographic technique where one party, known as the prover, can prove to another party, known as the verifier, that a statement is true without revealing any information beyond the fact that the statement is true.

There are many forms of ZK technology, such as ZK-SNARKs and ZK-Rollups, but today we’re focusing on Polygon’s zkEVM.

For clarity, the Polygon zkEVM is a ZK scaling solution that is equivalent to an Ethereum Virtual Machine, but with lower cost and higher performance.

Fourth, Celestia’s Data Availability refers to the mechanism responsible for ensuring that data, particularly transaction data and the state of the blockchain, are reliably accessible to all participants in the network.

Next, zkSBTs refer to Zero-Knowledge Soulbound Tokens, which are a type of token design that provides privacy-preserving features and secure storage of private data on any EVM blockchain.

Finally, App-Agnostic is when the method or format of data transmission is irrelevant to the device or program’s function. This means that the device or program can receive data in multiple formats and from multiple sources, and still be able to process that data effectively.

Now we’re all on the same page, let’s talk about how Manta works.

How does Manta Network work?

As mentioned, Manta is formed of two main networks:

First, Manta Pacific was launched in tandem with Celestia’s Data Availability and Polygon’s zkEVM, and is the layer-2 part of the Manta Network.

In short, by leveraging the data-availability layer provided by Celestia, Manta Pacific builds out an accessible ZK development environment in a modular, scalable manner.

To achieve this, Manta Pacific utilises Universal Circuits 2.0, which boosts the developer experience specifically for deploying EVM-native ZK applications.

Through these Universal Circuits, Manta Pacific offers a Software Development Kit, with a large ZK library for developers to easily create ZK-enabled contracts for their existing Solidity smart contracts and applications.

This multi-modular approach provides developers the flexibility to leverage Manta’s private identity tools across various blockchains and also in web2 environments, such as on mobile apps.

Manta Atlantic, on the other hand, is the fastest and most decentralised ZK Layer-1 supporting modular on-chain compliance identities.

Manta Atlantic is focused on the ZK compliance credential layer to make other projects have interoperable identities without dealing with any cryptographic work.

The zkAddress on the Manta Network shields information including SBT minting, on-chain credentials, off-chain identities, and it is the first private address system that is auditable, independent, and reusable.

Through Manta’s Prove Key, users can share certain credentials of the zkAddress without leaking the ZK identity, giving users an extra layer of privacy. But what makes Manta Network really unique?

What makes Manta Network unique?

For Manta Pacific, it has modularity, low gas fees, and high scalability.

By leveraging Celestia’s modular data availability, Manta Pacific delivers a rapidly deployable infrastructure for a fraction of the cost of traditional layer-2s.

For Manta Atlantic, it is Manta’s Universal Circuits infrastructure and UTXO-based private address system, which are the zkAddresses I mentioned earlier.

MANTA Tokenomics

As MANTA is an ERC-20 and Proof-of-Stake based token, it can be used for all the classics like payments, staking, and governance.

At launch, 1 billion MANTA tokens were created, but the network also comes with a 2% yearly minting rate.

The initial distribution was as follows: 21% went to the Ecosystem and Community, 14% to the Foundation Treasury, 13% to private investors, 12% was donated in airdrops, with 10% going to the Team, 8% to Advisors, 8% to Public Investors, 6% to Strategic Investors, 5% to Institutional Investors, and finally, 3% to the Binance Launchpool.

To support its operations, and encourage users to host the network, transactions and smart contracts incur a usage fee.

72% of this network usage fees are allocated to ecosystem projects, which enhances incentives for developers to build apps on the Manta network.

A further 18% goes to the treasury, which is governed by the stakers.

The final 10% is distributed as a reward to those producing the blocks containing transactions.

Conclusion

If you’re looking for an EVM-compatible, modular, and scalable platform with low fees to launch or utilise ZK functions, Manta looks to have you covered.

By offering an array of Layer-1 and Layer-2 options, Manta certainly does not appear to be going anywhere soon.

Consequently, assuming there are no major mishaps in management, it seems likely the best days still lay ahead for Manta.

But, of course, as always, nothing is ever guaranteed in crypto.

How to create a Manta wallet

Step 1: Visit https://trustwallet.com If you already have a Trust Wallet, skip to Step 5.

Step 2: Download and install Trust Wallet from your mobile app store or your browser.

Step 3: Open Trust Wallet and create a new wallet or import an existing one.

Step 4: Once your wallet is set up, tap on the “Add Token” button.

Step 5: In the search bar, type “MANTA” to find the token.

Step 6: Tap on the MANTA token and select “Add to Wallet” to add it to your Trust Wallet.

After adding MANTA to your Trust Wallet, you will be able to view your MANTA balance and perform transactions with the token.

If you want to support the blog, please donate $MANTA to this address: 0x926f05Cafd858CA824152dAe62d359cC60e804c5

Manta Network FAQ