The crypto world continues to expand daily as new projects, technologies, and applications emerge. In this situation, it is essential to understand that some resources are more reliable than others, and these resources can assist in effectively exploring the crypto world. One such channel making waves is Manta Network, a privacy-focused blockchain project.
We had the opportunity to interview Shubham, Head of Ecosystem & Co-Founder of The Manta Foundation, to understand their perspective and the future of privacy they are constructing in the crypto realm.
What is Manta Network (MANTA)?
Manta Network involves two principal networks: Manta Pacific, an Ethereum layer two solutions built on Celestia and Polygon zkEVM for cost-effective and scalable ZK applications, and Manta Atlantic, a high-speed ZK L1 chain found on Polkadot that also integrates zkSBTs to facilitate programmable identities.
While both networks emphasize interoperability, low gas fees, and high throughput, the MANTA token facilitates users’ transactions, contract settlements, and governance voting. This modular and networked approach allows Manta to provide a well-functioning and powerful ZK application platform in several blockchains
Origin of Manta Network (MANTA) Quick Overview
Victor Ji, Shumo Chu, and Kenny Li established Manta Network in 2020 to enhance security for DeFi applications. Since then, the firm has attracted $60.4 million worth of investments from the best available web3 venture capital funding sources, such as Polychain Capital, Binance Labs, Qiming Venture Partners, and SevenX Ventures.
Currently, Manta Network uses a multi-modular ecosystem consisting of two networks: Manta Pacific, a Layer 2 solution on Ethereum for EVM-native ZK applications, and Manta Atlantic, which is a Layer 1 blockchain on Polkadot designed with programmable identities and credentials.
The network was officially launched in September 2023 after testing for a few months, and the test network was delivered in July 2023.
Manta Network has been able to launch multiple projects about blockchain privacy and recently made its NFTs with over 300,000 zk-soulbond tokens. It has also positioned itself strategically in Web3 by providing solutions regarding confidentiality.
How Does Manta Network (MANTA) Operate?
Manta Network is a multi-layered blockchain ecosystem that constructs scalable and secure zero-knowledge (ZK) applications. Below is a short overview of how it operates:
- Scalability and Efficiency: Manta Network utilizes a modular architecture that facilitates growth without sacrificing efficiency, enabling high transaction volumes to be processed at low rates.
- Layer 1 & 2 Solutions: Manta Atlantic (L1): A Layer 1 blockchain developed on the Substrate framework, compatible with Polkadot. Manta Pacific (L2): An Ethereum Layer 2 extension built with zkEVM and Celestia Data Availability layers.
- Privacy and Security: Manta Network utilizes conventional methods to manage risk by employing preference networks, a zks_NARK environment that details processes and prevents risk exposure when transactions occur.
- Universal Circuits: Developers can easily use Manta Pacific’s Universal Circuits to add ZK-enabled contracts to the existing Solidity smart contracts and dApps.
- Seamless Communication: Manta Network provides communication capabilities among blockchains, enhancing connectivity and forming an all-inclusive blockchain ecosystem.
- Cost-effective Transaction Processing: Manta Pacific uses Celestia and a modified OP Stack to proffer lower gas fees and improved scalability.
- On-chain Staking: Manta Network depends on community staking to decentralize the protocol, thus allowing people to safeguard the entire network against feasibility problems.
Manta Network’s ZK-enabled applications architecture, ZK technology, and tools that support developers and focus on enabling collaboration between different components make creating and implementing ZK-enabled, scalable, secure applications easier.
What Makes Manta Network (MANTA) Unique From The Others?
“We have around 240 daps already on board, around 600-700 million. Apart from that, we are the first and largest modular L two on the major tech side. Since December, we have saved around $5 million on gas fees. Also, like last week, we announced that multi-DA is a technology where you can use multiple data availability. So right now, Celestia is the base layer, but we can use Eigen; we can use Avail, Newbit, Dell, and OG labs. So these are the lines where, say, if one goes down, our network will still work out, and they will also deploy on some other networks. “Shubham, Head of Ecosystem & Co-Founder of The Manta Foundation, told UseTheBitcoin.
Manta Network is a top-layer-2 solution. In his interview, Shubham highlights some key advantages: a thriving ecosystem with hundreds of dApps and millions of users, gas fee savings for developers and users, a pioneering approach to modularity and redundancy, and a smart way of handling different parts and backups.
By embracing multiple data availability options, Manta ensures resilience and adaptability, positioning itself as a robust and future-proof platform for decentralized applications. Manta has become more reliable and flexible, making it an excellent platform for decentralized apps. These features show that Manta Network is set to play a role in the future of blockchain technology.
Why Choose Manta Network (MANTA)?
From the big statement of Manta’s Head of Ecosystem, Shubham himself, “We are here to support the small dApps as well so that they can be big on Manta.” in his interview with UTB, Manta became well-known for its focus on supporting decentralized applications (dApps) of all sizes, particularly those in their early stages.
Unlike many larger platforms primarily focusing on top-tier dApps, Manta’s multi-chain architecture enables smaller, newer dApps to prosper inside its network. This approach encourages new ideas and helps less well-known projects use Manta’s robust infrastructure, allowing them to grow and become leading solutions in the industry.
Furthermore, Manta’s support for its ecosystem is built on inclusivity, ensuring that all developers and projects have equal opportunity. By supporting large players and smaller apps, Manta allows an atmosphere conducive to innovation at all levels.
What Are The Innovations Of MANTA That They Are Up To?
In his interview, Shubham said, “Like RWAs, we are focused on deep in AI meme coins as well. So, one of the priorities is definitely on the developer side. The second is on the user side because, eventually, dApps are used by the users. Right? And the third one is about investments as well.”
Manta Network is continually exploring new areas of innovation to create a platform for apps that value user privacy. They are also looking into meme coins. On the developer side, they benefit from a private smart contract infrastructure with zero-knowledge proof, dApps decentralized apps, basic tools, and ecosystem support.
Manta intends to give its customers decentralized identity and privacy-enhancing DeFi technologies that enable smooth management and participation in the Web3 economy. Finally, Manta has attempted to attract investors through appealing tokenomics, a growth and progression strategy, and, most importantly, compelling use cases built for their platform to demonstrate the viability of their solution.
Final Thoughts
The interview reveals that Manta Network is a layer two solution on Ethereum that is rapidly developing and has big ambitions. The Manta network emphasizes certain of its cardinal features: being the first and largest modular L2, enjoying huge gas fee savings, and being the first to adopt multi-data availability (multi-DA) for its network security.
This is an essential consideration because it emphasizes the importance of establishing a developer-friendly environment while contributing to the ecosystem through deposits. Manta also embraces this idea and states that it will concentrate on a vast number of modest projects rather than focusing solely on huge ones.
Moving further into the future, Manta is also working towards growth maximization by focusing on RWAs, adding AI meme coins to its arsenal, and making more strides. The Manta Network comes with a well-knit team, and a global outreach espoused by a deliberate vision for Manta Networks puts it in good stead to influence the growing avenues of decentralized applications.
For further information about Manta Network (MANTA) and to stay updated on their announcements, please visit their website and follow their official social media channels provided below:
👉 Website: https://manta.network/
👉 Manta Network Co-Founder’s Twitter/X: https://x.com/shubhamb126
👉 YouTube: https://www.youtube.com/c/mantanetwork
👉 Discord: https://discord.com/invite/uCyrCmVB2t
👉 Instagram: https://www.instagram.com/manta_network/
