Manta Building Innovation in ZK to Improve Transaction Speed

Manta Network is the ecosystem for zero-knowledge (zK) applications with a multi-modular system. It has two separate networks, namely Manta Pacific and Manta Atlantic. 

Both networks together offer an unmatched experience for the next generation of Web3 application development and adoption, with the implied use of zero-knowledge cryptography.

Manta Pacific is the unique L2 ecosystem built on Ethereum for Ethereum Virtual Machine (EVM) native zK applications. It provides an inexpensive gas-fee environment along with scalability for zK applications to utilize with Solidity.

Manta Atlantic is the speedy zK L1 chain on Polkadot. It brings programmable credentials and identities to Web3 through zero-knowledge soulbound tokens (zkSBT).

The creators of the Manta Network are a team of founders from recognized institutions such as Harvard, MIT, and Algorand. It has attracted investments from renowned Web3 investment funds, including Binance Labs and Polychain Capital.

The Manta Network has received participation from Alliance DAO and Berkeley Blockchain Xcelerator. It is dedicated to bringing the next generation of Web3 users together while ushering in a new era of Web3 zkApp applications.

Need of Manta Pacific (Layer 2)

The current L1 solutions do not comprehend the needs of ZK applications to deploy and grow users with scalability. The existing VM, EVM blockchain and zkEVM don’t provide tools to build and develop zero-knowledge applications. It has high gas fees and a lower transaction speed.

Manta Pacific has the potential to solve the above-mentioned issues using the following features: 

• Programmable zK application as an EVM-native L2
• Universal circuits provide easy zK application development using Solidity
• It leverages Tia for data availability and zkEVM for scalability. 
• Manta Pacific provides high scalability and lower transaction charges.

Working of Manta Pacific

It was launched by combining the missions of Celestia and zkEVM. Celestia provides a data-availability layer for leveraging. Celestia is the first modular consensus and data network. It controls the pOx lab’s advanced technology.

Advantages of Manta Pacific

Lower Gas Fees and High Scalability

The modular stack of the Manta Network provides unparalleled liquidity for upcoming zkApps building on top of their ecosystem. Moreover, it delivers a fast-growing infrastructure at a much lower cost than most L2s. It has a suitable environment for building and launching dApps.

It uses 2D Reed-Solomon erasure coding and NAmespaced Merkle Trees (NMTs) to resolve the data availability problem of L2. Manta Pacific significantly reduces the data portion of transaction costs on the network for end customers.

Developer-Friendly

It reveals Universal Circuits 2.0 to improve the developer experience in the utilization of EVM-native ZK applications. It provides a zero-knowledge library for developers to easily bring zk-enabled contracts to existing Solidity smart contracts and dApps.

The multi-modular approach of the Manta network provides the flexibility to leverage private identity tools across chains and in web2 ecosystems, including mobile apps. Its SDK and proof keys offer developer-friendly solutions for the integration of on-chain identity with a few lines of code.

Trustless and Decentralized Network

Its zkSBT enables users to verify in a trustless, decentralized way. It does not reveal any specific details of the transaction. zkBAB and zlGalxe Passport deliver an effortless on-chain KYC without scanning passports or entering sensitive personal information.

Launch of MANTA and Increase in Liquidity

MANTA is the native token of the Manta Network and was launched in 2023. The token launch has been very successful and has supported the fundamental growth of Manta Pacific to its current level. 

Soon after the token launch, it faced a distributed denial of service (DDoS). However, the project soon overcame the challenge. It received more than 1 billion requests over its RPC nodes for the project. This caused congestion and thus resulted in a short-term increase in transaction fees throughout the network.

Nevertheless, the period of turbulence ended soon and the network provided compensation to the affected users due to an increase in transaction fees. 

Moreover, the liquidity and volume of the MANTA tokens also increased significantly and secured their position as the third L2 network. With this excellent growth, the network outgrew the other giants.

Conclusion

Manta Pacific is an integral part of the Manta Network, with a focus on scaling and optimizing the DeFi experience on L2. The challenge of DDoS attacks on token launches has not affected the growth of Manta Pacific. 

Kenny Li, the co-founder of Manta, has provided insights into all the perspectives on the growth and objectives of the project. He also shed light on the challenges faced and the factors that have supported the growth of Manta so far and that will continue to do so.

FAQs

Which are the exchanges that list Manta?

The exchanges that list Manta include Binance, BingX and Gate.io.

When did Manta get a listing on major crypto exchanges?

Manta was listed on January 18, 2024.

Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.