What is Manta Network in Blockchain

About Manta Network

Manta Network is a privacy-preserving decentralized banking network based on the Substrate foundation, comparable to Polkadot. It prioritizes privacy and scalability while resolving concerns about transaction privacy and speed. Manta employs powerful cryptography algorithms to keep transactions secret and safe. The Manta network in blockchain enables quicker transaction processing, solving scalability concerns for many cryptocurrencies. Manta Network also has a governance token, MANTA, for governance decisions and various network functions.

What is Manta Blockchain?

The manta network in blockchain is divided into two separate networks, Manta Pacific and Manta Atlantic, each of which serves specific functions within the ecosystem.

1. Manta Pacific

Manta Pacific is a Layer 2 Ethereum Virtual Machine (EVM) platform for zero-knowledge apps that prioritizes scalability and security. It employs Celestia for data availability and Polygon zkEVM for improved execution. The Manta network in blockchain enables reduced gas prices and more scalability, making it an ideal platform for decentralized apps.

• Manta Testnet

In July 2023, Manta Network announced the Manta Pacific Testnet, which is the first EVM-native modular execution layer. Celestia provides modular DA, whereas Manta’s Universal Circuits provide ZK-as-a-Service. Since its introduction, it has had substantial growth, with 4 million transactions and 200,000 wallet addresses enabled. Manta Pacific has partnered with Celer, Polyhedra, iZUMi, DODO, and zkHoldem, and over 251 projects and developers have been set up on the testnet.

• Manta Renew Paradigm

Renew Paradigm, which builds on the popularity of Manta New Paradigm, provides 3,000,000 MANTA in incentives across 11 projects. Participating in projects also has its benefits. Eco-Staked assets can be swung into Renew Paradigm to receive special NFT incentives. Manta Pacific, the biggest modular L2, collaborated with Celestia and zkEVM to develop an efficient infrastructure. Within the Renew Paradigm ecosystem, users may have more than triple the return from MANTA, STONE, and wUSDM.

Features of Manta Pacific

• Introduces programmable zero-knowledge as an EVM-native Layer 2, which layer is manta network, thus allowing developers to employ ZK technology in the familiar Ethereum environment.

• Universal Circuits enable ZK application development exclusively through Solidity, enabling a more diverse developer community.

• Uses Celestia for data availability and zkEVM for scalability, resulting in excellent scalability and minimal transaction fees.

• Delivers a ZK library so that ZK-capable contracts can be easily integrated into already-existing Solidity dApps and smart contracts.

2. Manta Atlantic

Manta Atlantic is a decentralized, rapid ZK Layer 1 platform that specializes in modular on-chain compliance identities. It provides zkNFTs, staking, and ecosystem initiatives, as well as a one-of-a-kind private address system (zkAddress), to safeguard sensitive data such as SBT minting and on-chain credentials.

Features of Manta Atlantic

• Integration of public account-based and UTXO-based private address systems while protecting information about SBT minting, on-chain credentials, and off-chain identities.

• The first private address system which is recyclable, autonomous, and auditable.

• Implements the Prove Key functionality for selective credential sharing.

• Ensures a non-invasive compliance process.

Manta Network Token or Manta Network Coin

Manta Network Crypto has witnessed a huge gain in Total Value Locked (TVL) during the previous quarter, topping $1 billion. The spike is due to the network’s “Renew Paradigm” effort, which lifted $850 million in just three weeks. The boom in TVL has resulted in greater user involvement, with over 540,000 active wallet addresses and 8.2 million transactions. Manta Atlantic, Polkadot’s fastest zero-knowledge Layer 1 chain, provides intuitive entry into powerful ZK-enabled use cases. The network recently conducted an airdrop of the MANTA token, giving 3% of the Manta token’s entire supply to Manta Atlantic and Manta Pacific users and enthusiasts.

Steps to use Manta Network in Blockchain

1. Stake your MANTA, STONE, or wUSDM in Renew Paradigm to achieve Box Pieces that will be given after 30 days.

2. After 69 days, you may withdraw your assets.

3. Claim MANTA token bonuses and token rewards from 11 ecosystem projects using NFTs following each project’s Token Generation Event.

Conclusion

Manta Network, in summary, proves to be a strong decentralized financial network that protects privacy, and it provides two unique solutions inside its ecosystem: Manta Pacific and Manta Atlantic. The network guarantees privacy and execution, with Manta Pacific offering scalable, secure Layer 2 solutions and Manta Atlantic offering quick ZK Layer 1 functions. Manta Network strengthens its position as a prominent player in the blockchain arena by encouraging user interaction and rewarding participation through its Renew Paradigm project and MANTA token airdrop.