Manta Network
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Manta Network in numbers
Manta Network (MANTA) ranks #565 by market capitalization, at $30.06M. It belongs to the Others sector (Ethereum Layer-2). It has traded since Jan 18, 2024, across 34 markets on 23 exchanges, with $4.72M of volume in the last 24 hours. Its all-time high of $4.04 was reached on Mar 12, 2024; the current price is 98.7% below that peak. Its cycle low of $0.0517222 came on Nov 5, 2026.
48.2% of the maximum supply of 1.00B MANTA is in circulation. 71.7% of the token allocation has been unlocked. 36 investors are recorded as backers, including YZi Labs (formerly Binance Labs), Digital Currency Group, Polychain Capital. 2 team members are listed. Development data lists 15 core developers and 260,016 code commits.
About Manta Network
Manta Network is an ecosystem of networks offering scalable execution environments for decentralized applications with a core focus on zero-knowledge (ZK) applications. The project consists of two distinct networks: Manta Pacific and Manta Atlantic, offering ZK tooling to simplify ZK application deployment.
Background
Victor Ji and Kenny Li founded Manta Network in 2020 with the intention of improving onchain privacy. The founding team, operating under p0x Labs, began work with a Web3 Foundation grant in the same year. Manta Network has since evolved into a generalized ZK ecosystem for deploying and scaling ZK applications.
By September 2021, Manta Network had secured a parachain slot on Kusama for Calamari, its ZK-enabled Canary network. The parachain slot was secured through a KSM crowd loan, allocating 30.00 billion KMA (30.00% of the total token supply) to over 16,000 contributors. Throughout 2022, the project team focused on deploying its ZK tooling infrastructure on Calamari for pre-production testing.
March 2023 marked the release of Manta Network's zkSBT, Manta NPO, and a wallet extension for zkSBTs. Following a successful testnet release in July 2023, Manta Pacific’s alpha mainnet went live in September 2023. The Layer-2 network initially employed Caldera's OP Stack Rollup for transaction execution and Ethereum for data availability (DA). However, in December 2023, it replaced Ethereum with Celestia for DA, saving over $1.50 million in gas fees from integration to date.
On Dec. 14, 2023, Manta Pacific launched the New Paradigm bridge, introducing new ways for users to earn additional yield on native ETH and stablecoins. Deposits via the New Paradigm bridge have been discontinued, but users can still bridge ETH via third-party bridges like Orbiter, Owito, and Mini Bridge to the Layer-2 network. A commercially reasonable search found no disclosure(s) from the project team regarding the resumption of New Paradigm bridge deposits.
On Jan. 18, 2024, MANTA’s token generation event (TGE) launched, signaling the official mainnet release of Manta Atlantic as a Polkadot parachain. Unlike Calamari’s parachain slot, which was initially acquired via a crowd loan, Manta Atlantic runs on a self-funded parachain slot solely acquired by the project team.
As of Feb. 5, 2024, Manta Pacific has processed ~12.26 million transactions, while Manta Atlantic has processed over 30,000 transfers. On Manta Pacific, over ~1.16 million zkSBTs have been issued on the Layer-2 via the Manta NPO platform. As of the above date, both networks feature Manta Network’s Universal Circuits, simplifying ZK application development.
In the future, Manta Pacific plans to transition from an OP Stack rollup to a zkEVM validium using the Polygon CDK. According to the project’s documentation, the transition will occur in four phases:
Manta Pacific has completed the second phase of its transition, operating as an OP Stack rollup leveraging Celestia for data availability. The full transition to a zkEVM validium remains a core priority for the project team in 2024. Based on a commercially reasonable search, a definite completion date has yet to be announced.