Manta Network: Binance Labs-Backed Project Empowering Users with Remarkable Features

Overview

Manta Network is a Layer-1 blockchain built on the Substrate framework and supports Polkadot’s entire DeFi ecosystem. Manta Network uses zk-SNARKs technology to provide complete end-to-end anonymity with high throughput and cross-chain interoperability. Some Manta Network features coming in the future:

• Decentralized exchange 
• Private Payment protocol 
• Lending protocol 
• Synthetic asset protocol

In addition, Manta currently has two projects running on two different chains but with the same code base. Both projects are in testnet stage, that is:

• Manta Network running on Polkadot blockchain.
• Calamari Network – acts as a separate Layer-1 blockchain running on the Kusama network.

Highlights of Manta Network

Anonymity

DeFi is a real-world use of blockchain since it offers a substitute for conventional finance and all the advantages of transaction decentralization. DeFi still has several drawbacks, though, including a lack of scalability, security risks, and access to new user data.

Manta Network was created to effectively address these issues. Users can decide whether to disclose their information to third parties and retain complete control over their assets, including money and wallet addresses. The project will also issue a privacy token that will be 1:1 tied to the value of other underlying tokens and stablecoins. The DeFi devices from Manta Network will make use of these privacy tokens.

Current products of Manta Network:

• Decentralized Anonymous Payment (DAP) protocol: This is a decentralized anonymous payment protocol that allows users to exchange tokens on Polkadot into privacy tokens based on zk-SNARKs technology. Users will pay with privacy tokens on Manta Network’s DeFi products and can be redeemed for native tokens.
• Decentralized Anonymous Exchange (DAX) protocol: Users can anonymously trade privacy tokens with each other on the platform of Manta Network. The exchange’s privacy token pricing method will be similar to that of traditional AMMs.

Interoperability and combination

Manta Network offers customers complete asset privacy while being compatible with Parachain tokens (including stablecoins), in contrast to decentralized exchanges (DEXs) like Uniswap and Curve. Manta Network may communicate with other Layer-1s in the Polkadot ecosystem by using the cross-consensus messaging (XCM) technique.

Manta Network is able to accommodate more cross-chain assets in Polkadot’s ecosystem than public blockchains like Findora that use Zero-Knowledge Proof (ZKP) technology. Manta Network also lessens repetitious work in the development of Polkadot’s consensus layer ecology at the same time.

The only anonymous DeFi product available at the moment that works with all asset classes, including stablecoins, and offers security via cryptography rather than hardware is Manta Network.

Information about MANTA token

• Token Name: MANTA Token
• Token: MANTA
• Blockchain: Polkadot
• Token Standard: Updating
• Contract: Updating
• Token uses: Administration, Utilities
• Total Supply: 1,000,000,000 MANTA
• Circulation Supply: Updating

Token Allocation

MANTA token distribution chart

• Mint Mining: 38%
• Long-term development fund: 18%
• Backers: 16.5%
• Strategic Round Token Sale: 4.5%
• Development team: 10%
• Public Token Sale: 8%
• Advisor: 5%

What is MANTA token used for?

• Staking: Users can use MANTA to participate in staking and receive rewards
• Burning: MANTA tokens will be burned depending on the market situation and this is the deflation mechanism of the project
• Governance: MANTA holders will be able to vote on important issues in the network

Roadmap

Currently, Manta Network is launching the MantaPay testnet on the Calamari network and at the same time confirmed on Twitter that the project is attending the ZK event at ETH Denver. It is expected that Manta Network will launch the mainnet in the near future.

Team

The development team of Manta Network is a collection of professors and scholars with extensive experience in the cryptocurrency market. Prominent members of the project team include:

• Shumo Chu (Co-Founder): He is an Assistant Professor at UC Santa Barbara and a Systems Researcher at Algorand. He has experience working with the world’s top crypto researchers who have won the Turing Prize (computer science association award).
• Kenny Li (Co-Founder & COO): He graduated with an MBA from MIT Sloan and has more than 10 years of experience in expanding Startup companies. He has known Bitcoin since 2013 and has a lot of experience working in different Blockchain projects.
• Victor Ji (Co-Founder): He holds a master’s degree in economics from Harvard and is the president of the Blockchain and Cryptocurrency Club of the Harvard Kennedy School.

Investors

The project is noted for the presence of two reputable investment funds, Binance Labs and Polychain Capital. There are also other famous investment funds such as ParaFi, Coinfund, etc.

Partner

Prominent partners of Manta Network include Acala, ChainX, Parallel, etc.

FAQs

1. What is MANTA token used for?
   • Staking: Users can participate in staking using MANTA tokens and earn rewards.
   • Burning: MANTA tokens will be burned based on market conditions, serving as a deflation mechanism for the project.
   • Governance: MANTA holders can vote on important network issues.
2. How does Manta Network ensure anonymity? Manta Network employs zk-SNARKs technology, allowing users to retain control over their assets and decide whether to disclose their information to third parties. Privacy tokens tied to the value of underlying tokens and stablecoins are utilized within Manta Network’s DeFi products.
3. How does Manta Network achieve interoperability? Manta Network adopts the cross-consensus messaging (XCM) technique to communicate with other Layer-1s in the Polkadot ecosystem, enabling compatibility with Parachain tokens, including stablecoins.
4. What are the current products of Manta Network?
   • Decentralized Anonymous Payment (DAP) protocol: Enables users to convert tokens on Polkadot into privacy tokens based on zk-SNARKs technology, which can be used for transactions within Manta Network’s DeFi products.
   • Decentralized Anonymous Exchange (DAX) protocol: Allows users to anonymously trade privacy tokens on the Manta Network platform, with a pricing mechanism similar to traditional AMMs.
5. Who are the notable members of the Manta Network team?
   • Shumo Chu (Co-Founder): Assistant Professor at UC Santa Barbara and a Systems Researcher at Algorand.
   • Kenny Li (Co-Founder & COO): MBA graduate from MIT Sloan with extensive experience in expanding startup companies and blockchain projects.
   • Victor Ji (Co-Founder): Holds a master’s degree in economics from Harvard and serves as the president of the Blockchain and Cryptocurrency Club of the Harvard Kennedy School.

Conclusion

Manta Network is a groundbreaking Layer-1 blockchain built on Substrate, providing complete end-to-end anonymity, high throughput, and cross-chain interoperability within Polkadot’s DeFi ecosystem. By leveraging zk-SNARKs technology, Manta Network addresses scalability, security risks, and user data access concerns. With innovative protocols like DAP and DAX, Manta Network offers decentralized anonymous payment and exchange functionalities. It stands out as the only anonymous DeFi product supporting all asset classes while prioritizing privacy through cryptography. As Manta Network progresses towards its mainnet launch, it continues to attract top-tier investors, build strategic partnerships, and assemble a team of experienced professionals.

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