MANTA – Everything You Need to Know and Why I'm Optimistic About It!
In 2023, Manta Network has experienced explosive growth, characterized by remarkable advancements, revolutionary product launches, and an unwavering commitment to innovation in zero-knowledge (ZK) technology. As a revolutionary modular ecosystem suitable for ZK applications, Manta Network has achieved a milestone as the first EVM-equivalent ZK application platform. The ecosystem provides unparalleled experience for developing and adopting advanced web3 applications, thanks to its efficient use of ZK cryptography. Today we'll take a look at the Manta Network ecosystem, exploring its journey to success and what's in store for the network in the future. With a Series A valuation of $500 million, Manta Network has raised over 60 million dollars in pre-seed, seed, community, and Series A funding stages. Notable investors such as Polychain Capital, DeFiance Capital, and Qiming Venture Partners have contributed to its growth. Binance Labs’ strategic support highlights the network’s importance in the industry. Founded in 2020 by Victor Ji and Kenny Li, the founding team, operating under p0x Labs, Manta Network received initial support from a Web3 Foundation grant, marking the beginning of its journey. Stemming from a visionary initiative aimed To overcome the constraints of current blockchain solutions, Manta Network introduces a multimodular ecosystem composed of two blockchain networks. These networks provide advanced ZK tools, streamlining the deployment of ZK applications — Manta Pacific and Manta Atlantic.
NetworksCoverage PacificManta Pacific introduces a native EVM Layer 2 solution with versatile ZK capabilities, enabling exclusive creation of ZK applications via Solidity with Universal Circuits. Leveraging Celestia for DA and OP Stack for developing Solidity-based ZK applications ensures not only efficient scalability, but also a significant reduction in transaction fees. Moving from Ethereum for DA to the specialized DA solution Celestia significantly reduces L2 network transaction fees, resulting in savings of over $1.5 million in gas fees. The upcoming development phase aims to establish a fully modular zkEVM rollup using the Polygon CDK, promising further amplification of Manta Pacific's capabilities. The transition to zkEVM using Polygon CDK is planned for early 2024. Manta Atlantic In contrast, Manta Atlantic emerges as the fastest and most decentralized ZK Layer 1 chain designed, strategically designed to facilitate modular on-chain compliance identities via zkSBT. Officially launched in January 2024, its main focus lies on the ZK conformance identification layer, emphasizing practical application and seamless interoperability. This unique approach allows projects to achieve interoperable identities without requiring direct cryptographic involvement. Manta Atlantic establishes a composable runtime environment suitable for ZK applications and seamlessly integrates Manta Network's ZK tools infrastructure. Built on the Substrate framework, it functions as a parachain within the Polkadot ecosystem, focusing on interoperable identity verification and ZK application deployment.
ZK ToolingUniversal Circuits Manta Network's universal circuits revolutionize the ZK application development landscape by addressing the inherent complexities. Traditionally, developers face daunting learning curves, requiring deep expertise in cryptographic techniques and manually creating complex ZK circuits using languages such as Circom. To overcome these obstacles, Universal Circuits offers a comprehensive library of pre-built ZK circuits for seamless integration into applications, especially those developed using Solidity for Ethereum. This approach simplifies the development process, allowing developers to incorporate ZK features effortlessly, without the need for in-depth cryptographic knowledge. Operating as ZK-as-a-Service, Universal Circuits allows Solidity developers to interact with contracts Manta Pacific through APIs, making it easy to integrate ZK features with minimal adjustments to existing codebases. Notable circuit designs within Universal Circuits include zkContracts such as circuits based on zkShuffle and Semaphore, developed by the Ethereum Foundation's Privacy Scaling and Exploration (PSE) Labs. Manta Network's upcoming initiatives include improving the capabilities of Manta Atlantic, to expand the adoption of zkSBT and MantaPay for Rust developers and to deploy Manta Pacific Testnet to engage a broader community of developers and applications. The goal is to expand the network's impact and provide comprehensive solutions in Web3 and Web2 domains.zkSBT and Manta NPO zkSBTs, known as ZK-compatible SoulBound tokens, are non-transferable NFTs anchored to identities individual users on the blockchain. Leveraging ZKPs for increased user security, these tokens excel in blockchain gaming elements, identity authentication, and asset verification. Additionally, developers can seamlessly integrate zkSBTs into ZK applications without requiring advanced cryptographic skills or ZKP expertise.
Key Features of zkSBTs:👉On-Chain Data Verification: zkSBT acts as a streamlined solution for on-chain data verification, especially beneficial for mobile applications. Despite the existence of user-friendly wallets like Particle and Unipass, validating data such as KYC details, credentials, and assets still poses challenges on mobile platforms.👉Decentralized Compliance: KYC, rated at around 1 600 billion dollars, is crucial for web platforms, requiring the distinction between real users and bots. Tools like zkBAB and zkGalxe allow users to authenticate their legitimacy without disclosing personal data or connecting to a wallet. Many applications leverage zkSBT for this verification purpose.👉Credential verification for on-chain activities: Galxe and Cyberconnect handle significant on-chain activities but struggle with privacy concerns. zkSBT provides a solution enabling verification of private credentials without the need for constant wallet logins. It also supports multi-chain verification.👉Game/Social Objects: zkSBTs can serve as game objects or assets on social platforms. Notable examples include Ultiverse and ReadON zkSBTs, created on the Manta Chain and used in various applications.👉Asset Verification: zkSBTs play a crucial role in asset verification applications. Tools such as POMP allow users to create zkSBT, providing confidential on-chain reporting to verify their assets. This functionality proves valuable in traditional and decentralized financial contexts.
Manta Network's Robust Ecosystem Manta Network's focus on cost efficiency and improved throughput for ZK applications, has quickly become a preferred choice among decentralized applications (dApps). Since its launch in September 2023, Manta Pacific's L2 network has seamlessly integrated more than 150 dApps, nearly 15 of which are native ZK apps. Manta Pacific's mainnet has facilitated the processing of more than 10 million transactions since he started. Despite recently entering the L2 scene, the network has accumulated an impressive total value locked (TVL) of over $1.5 billion, securing a top position among L2s according to L2 Beat. The significant increase in TVL can be attributed to the successful launch of the New Paradigm Bridge in December 2023, which attracted over 200,000 new users. Just two months after launch, users had linked more than $750 million in assets to the L2 network. Manta Pacific's rollout strategy began with MantaFest, a dynamic 5-week promotional campaign launched alongside its debut on the main network. This initiative aimed to reinvigorate the network's activity by introducing users to a diverse range of newly integrated dApps spanning Bridging, DeFi, SocialFi, and GameFi. MantaFest attendees had the opportunity to accumulate points, which could be redeemed for MANTA rewards during the Token Generation Event (TGE). Additionally, in October 2023, just one month after Manta Pacific's mainnet alpha launch, Manta Network unveiled the Uncharted Grants program, further fueling ecosystem growth and fostering innovation.
Looking forward to the future of the Manta Network After its mainnet debut, Manta Pacific revealed a comprehensive four-phase roadmap to guide its development trajectory after the mainnet debut. The team aims to achieve each milestone in collaboration with the wider Manta Network ecosystem and community. Currently, Manta Pacific has successfully concluded the second phase, operating as an OP Stack stack with Celestia for DA. The imminent full transition to a validium zkEVM using the Polygon CDK is a central goal for 2024. If Manta Network executes its roadmap effectively, it is poised to become a preferred choice for developers entering the dApp ecosystem. Manta Network's continued evolution underscores its commitment to refining its offerings, expanding its influence, and bridging the Web2 and Web3 domains while ensuring user privacy and data security. Rather bullish the $MANTA and anything happens 🔥🔥 #MantaRWA
