Manta Network introduces a multi-modular ecosystem consisting of two blockchain networks with a focus on zero-knowledge (ZK) applications.
Today, we will cover the following topics:
- About Manta Network (MANTA)
- How does MANTA work?
- Manta Network Ecosystem
- Technical Analysis
- Why is MANTA The Coin of the Week?
About Manta Network (MANTA)
What is Manta Network?
Manta Network, founded in 2020 by P0xeidon Labs, is a multi-modular ecosystem dedicated to zero-knowledge (ZK) applications.
Rather than developing custom solutions for every functional layer, Manta strategically integrates with other chains to enhance privacy and scalability.
Manta Network, valued at $500M in 2023, received a $25M Series A funding led by Polychain Capital and Qiming Ventures. Its founders come from prestigious institutions like Harvard, MIT, and Algorand.
With investments from Binance Labs and Polychain Capital, and participation in accelerators like Alliance DAO and Berkeley Blockchain Xcelerator, Manta is set to lead the way in web3 innovation and zkApp revolution.
MANTA Token
MANTA serves as the primary currency within the Manta Network, enabling various transactions and functionalities.
MANTA holders wield voting power in decision-making processes, council member selection, and shaping the network's future.
Furthermore, MANTA tokens serve to incentivize collators, ensuring network strength and decentralization.
Stakers receive 2% of the total tokens issued annually for contributing to network security.
Users holding MANTA tokens gain value as the tokens are used for on-chain activities and applications, making the tokens more valuable.
How does Manta work?
Manta Network operates as a two-layer interoperable structure: Manta Pacific for L2 solutions on Ethereum and Manta Atlantic for L1 solutions on Polkadot.
Manta Pacific: A Scalable EVM-native L2
EVM-native ZK Development
Manta Pacific combines programmable zero-knowledge as an EVM-native Layer 2 with Universal Circuits, enabling developers to leverage ZK technology within Ethereum's familiar environment.
Scalability and Data Availability
Manta Pacific utilizes Celestia for data availability and zkEVM for scalability, achieving high scalability and low transaction fees. This reduces costs for end-users while ensuring data availability through innovative coding techniques.
Developer-Friendly Integration
With its developer-friendly ZK library and EVM compatibility, Manta Pacific offers seamless integration for developers. Universal Circuits 2.0 facilitates easy integration of ZK-enabled contracts into existing Solidity smart contracts and dApps, extending usability across various chains and Web2 environments.
Manta Atlantic: The Fastest ZK Layer 1 Chain
Comprehensive ZK Identity Framework
Manta Atlantic introduces zkAddress, a system safeguarding information related to SBT minting, on-chain credentials, and off-chain identities. This promotes real adoption and interoperability, emphasizing ZK compliance credentials.
Enhanced Privacy
Manta Atlantic's Prove Key feature allows users to selectively share zkAddress credentials, preserving privacy during compliance processes.
Diverse Network Support
Manta Network meets diverse user needs with two networks. Manta Pacific prioritizes anonymity and insider trading, while Manta Atlantic offers low fees and scalability, appealing to cost-conscious users.
Manta Network Ecosystem
Manta Network has a growing ecosystem of projects that are building on its platform, including Data oracles, Cross-Chain bridges, Decentralized exchanges, SocialFi platforms, etc.
Highlighted below are a few projects currently developing on the Manta Network:
Manta DEX
A decentralized exchange on the Manta Network for low-cost swapping and minimal slippage. A secure and interoperable trading platform, developed with Zero-Knowledge technology.
Manta Wallet
Manta wallet is an extension that lets you explore the Manta ecosystem in your browser. With the browser extension installed, Manta wallet allows you to engage with Web3 apps on the Manta blockchain.
Pacific Swap
Pacific Swap is Manta’s native liquidity layer and automated market maker modeled after PancakeSwapV2 and PancakeSwapV3.
Cradles
A multiplayer online role-playing and play-to-earn metaverse game featuring a living, breathing virtual world that continues to evolve, simulating the laws of time and physics just like in real life.
Read ON
ReadON is a read-fi program aiming to gather and integrate Web3 articles to combine with users’ social media activity while granting NFT copyright to Web3 article authors, and then commercially promote and profit upon having increased readership.
Technical Analysis
From a technical perspective, MANTA has been trading within a range between $2.5 support and $3.8 resistance.
Currently, MANTA is hovering around the lower bound of the range, prompting us to look for potential buy setups on lower timeframes.
In the 4-hour timeframe, for the bulls to take control, a break above the last major high marked red at $3.15 is needed.
In such a scenario, we anticipate a bullish surge towards the $3.8 resistance level.
Why is MANTA The Coin of the Week?
For this week, we've chosen MANTA because of its innovative features, such as the zkAddress system for enhanced privacy and interoperability, and the Prove Key feature for selective credential sharing.
Its dual-network approach caters to diverse user needs, while its growing ecosystem of projects showcases its potential for widespread adoption and utility.
Moreover, from a technical perspective, it is currently hovering around the lower bound of its range, providing us with an opportunity to capitalize on the upcoming bullish impulse movement.
Thanks for tuning in to this week's coin of the week! We appreciate your readership and enthusiasm for exploring the crypto landscape with us.
See you next week for another coin of the week! 🚀
