Manta Network Rides Meme Coin Wave with BONK; MANTA Rewards Up for Grabs Over the Next Month

Claim MANTA Rewards with Meme-Themed Campaign by Manta Network & BONK

Manta Network, a L2 modular blockchain, has partnered with the Solana meme coin project Bonk (BONK) last week to initiate a meme-themed campaign on Manta Pacific.

This partnership aims to foster and expand an interconnected meme community on Manta Pacific, enhancing user engagement through reward programmes.

The "Dual Citizenship" and "Active Participant Rewards" programmes are designed to incentivise community involvement.

The Dual Citizenship Rewards programme allows active members of both the BONK and Manta communities to earn rewards from a pool of up to 690,000 MANTA tokens.

To qualify, participants must stake a minimum of 1 million BONK tokens, hold ETH or MANTA in their Manta Pacific wallet, and can verify their eligibility on the BONK Manta Network page.

Rewards are calculated using multipliers based on the staking duration.

The Active Participant Rewards programme offers additional MANTA tokens to BONK community members who engage in various on-chain activities within the Manta Pacific ecosystem, such as earning VIP status on the Gull Network DEX, playing BONK x Manta games by Elfin Games, and participating in meme coin launches.

Manta Pacific utilises Universal Circuits and integrates Celestia's data availability solutions to optimise the environment for zero-knowledge applications, reducing gas fees and improving user experiences.

The partnership's reward programmes officially began on 10 July 2024, with a 30-day window for participants to claim their MANTA rewards.

Manta Network Establishes $50M Ecosystem Fund in June

Manta Network's latest partnership follows the establishment of a $50 million ecosystem fund by the Manta Foundation, providing financial support for projects seeking to innovate within Manta's burgeoning Web3 ecosystem.

This fund is structured to expedite the development of projects on the Manta Network blockchain.

Manta Network noted:

“The $50 million allocation will last for one year starting from June 15th. All applicants who successfully receive our grant or direct investment will fall under the EcoFund Program.”

Manta Network emphasizes its commitment to projects that demonstrate a clear trajectory toward market disruption and substantial growth, ensuring their enduring success within the Manta ecosystem.

Currently, the Manta ecosystem boasts a total value locked (TVL) of $42.13 million, which, while a notable figure, represents a significant decrease from its peak TVL of $684 million in March.

MANTA & BONK Partnership News Fails to Boost Price; Analysts Anticipate Surge in Near Future

Despite the announcement of a new partnership, Manta (MANTA) has yet to experience a significant price surge.

At the time of writing, MANTA is trading at $0.8765, marking a 3.15% increase over the past 24 hours and an 11.55% rise over the past week.

Though not substantial, this indicates a potential for further growth, with some analysts predicting a climb to $2.47 by the end of 2024.

Currently, the market analysis shows MANTA consolidating around the $0.88 level, with a notable resistance point at $0.946 and support at $0.725.

The recent bullish trends, fuelled by increased trading volumes and positive price movements, suggest a favourable short-term momentum for the token.

Looking to the future, analysts are optimistic about MANTA's growth prospects, with some forecasting a potential peak of $22.28 by 2030, underscoring the dynamic nature of the market and the token's potential for substantial appreciation.

Moreover, there is an anticipation of a near-term price surge, with analysts projecting that MANTA could reach $10 in the foreseeable future.

Binance Listed MANTA Token Amidst DDos Attack

In mid-January, Manta faced a distributed denial-of-service (DDoS) attack coinciding with its successful token listing on various exchanges.

The situation has since been addressed.

At the time of the attack, Manta's fully diluted market capitalisation stood at $1.44 billion, but it has since decreased to $298.17 million.

Kenny Li, co-founder of P0xeidon Labs, the cryptographic development team behind Manta Network, reported that the blockchain's nodes were inundated with over 135 million remote procedure call (RPC) requests on 18 January.

He described the incident as "a very aggressive and timed attack" but assured that "the blockchain is running safely" and that "funds are safe."

However, Li noted that "communication between apps and the blockchain is severely limited" during this period.

He assured:

“Rest assured, we are not going anywhere. We have built for three years, and we see no end in sight. Thank you so much for your support as a community.”

On the same day, Manta tokens were made available for trading on several exchanges, including Binance, Bithumb, and KuCoin.

At the time of listing, the Manta token was priced at $2.27, and over $686 million worth of Manta was traded in the first few hours.

Binance included MANTA as the 44th Launchpool project, marking a significant step toward decentralised finance (DeFi).

#Binance lists @MantaNetwork$MANTA!

Trading is now live ➡️ https://t.co/UbXmtN5L70pic.twitter.com/kcVCOYucWJ
— Binance (@binance) January 18, 2024
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The MANTA Launchpool commenced on 16 January, enabling users to stake their BNB and FDUSD for a two-day farming period.

The official listing on Binance was set for 18 January with trading pairs MANTA/BTC, MANTA/USDT, MANTA/BNB, MANTA/FDUSD, and MANTA/TRY becoming available.

The introduction of MANTA on Binance Launchpool was a pivotal moment in the world of DeFi.

Furthermore, in early May, Binance announced the addition of six assets, including MANTA, to its Binance Loan service as loanable assets.

Following this announcement, the prices of most included assets rose, with MANTA experiencing a 7% surge.

And back in February 2022, Binance made a strategic investment in Manta Network for Web3 privacy.

Nicole Zhang, Investment Director at Binance Labs, said:

“Privacy is a necessity to ensure the scalability and growing use cases of Web3. We see Manta bringing a unique and valuable approach to tackling this issue. We look forward to working with the project on bringing scalable privacy to the blockchain space.”

While Li expressed:

“Manta Network's mission in the Web3 privacy space is to bring privacy as a utility to all crypto assets. We're excited to bring on Binance Labs as a strategic investor, and look forward to working with them in expanding Manta Network’s privacy utility to other networks and decentralised applications.”

What is Manta Network?

Manta Network, a multi-modular ecosystem designed for zero-knowledge (ZK) applications, inaugurated its mainnet in September 2023.

Manta provides two distinct networks:

Manta Pacific is a modular L2 ecosystem tailored for EVM-native ZK applications and dApps, aiming to offer users the lowest cost and optimal experience. By utilising Manta's Universal Circuits to facilitate ZK-as-a-Service and integrating Celestia's data availability for modularity, Manta Pacific ensures low gas fees, creating an ideal environment for ZK-enabled applications. Manta Pacific introduces innovative technology through its modular ZK rollup for Ethereum, complemented by Solidity smart contracts and a decentralised identity layer 1 network that prioritises compliance.

Manta Atlantic, on the other hand, is the fastest ZK L1 chain on Polkadot, introducing programmable identities and credentials to web3 via zkSBTs.

Although the Manta Pacific mainnet was launched in September 2023, trading of the MANTA token on open markets only commenced on 18 January 2024.

The total supply of MANTA tokens is capped at 1 billion, with an initial price of around $2.3212.

In the opening hours of its launch, the MANTA token experienced a significant price surge, reaching a high of $2.67 before settling at $2.05.

Factors such as Binance listing MANTA tokens and the airdrop of nearly half of the token supply, valued at $50 million, played a substantial role in the market performance of the MANTA token.

Solid Team Behind Manta Network

Manta Network is founded by a team of experts from prestigious institutions such as Harvard, MIT, and Algorand.

It has garnered substantial investments from leading Web3 funds, including Binance Labs and Polychain Capital.

Three founders, who are key members of the core team, have played pivotal roles in the network's development and success:

Kenny Li, Co-founder & COO

Li is the Co-founder, COO at Manta Network but on his LinkedIn profile, there is only mention of him being p0xeidon labs' co-founder.

On p0xeison Labs' website, it states that:

“p0xeidon labs is a team of world-class contributors on a mission to enable zero-knowledge proof across web3. Powered by zero-knowledge proofs, we lead innovation in the cryptography space.”

Li graduated from the Massachusetts Institute of Technology - Sloan School of Management.

He received an MBA from MIT in 2020.

While at MIT, he was a teaching assistant for several courses, mainly blockchain-based, and worked with the Digital Currency Initiative (DCI).

As a successful entrepreneur, Li has started, advised, and invested in startups for over a decade.

His socials: X and LinkedIn

Victor Ji, Co-Founder

Ji is a Co-Founder of Manta Network, contributing significantly since its inception in October 2020.

Before this, he served as a Research Assistant at Harvard's Belfer Center from May to November 2020, focusing on international security, diplomacy, and technology policy.

Ji holds an MBA from the Guanghua School of Management, Peking University, and an MPA from the Harvard Kennedy School, specialising in international development.

His diverse background and expertise have been instrumental in driving Manta Network's growth and success.'

His Socials: X and LinkedIn (His LinkedIn account does not exist anymore)

Shumo Chu, Co-Founder

On LinkedIn, Chu is listed as p0xeison Labs’ co-founder from October 2020 to October 2023.

Thereafter, he became the Founder of NEBRA Labs, to which he still is today.

Chu is a distinguished cryptographer with extensive industry experience, notably as a scientific researcher at Algorand.

He has collaborated with some of the world's foremost cryptographers and has been honored with the Turing Award, the highest accolade in computer science.

His socials: X and LinkedIn

Manta Network's Socials

Website

X

Telegram

Discord

LinkedIn

Accessing MANTA's Future Potential

Manta Network has swiftly risen in the cryptocurrency domain, distinguished by its pioneering ZK rollup technology and decentralised identity solutions.

It has positioned itself as a premier Ethereum scaling solution, capturing the attention of investors and developers.

Despite the regulatory scrutiny surrounding transaction privacy, MANTA's fusion of DeFi strategies and robust ZK technology implementation enhances its long-term investment allure.

For investors seeking exposure to innovative blockchain solutions and potential growth in DeFi, MANTA may offer a compelling option.

Investors exhibit a cautious optimism, weighing the potential risks and rewards within the cryptocurrency market.

Coinlive feels that the listing of the MANTA token on Binance, shortly after the project's launch, is a notable endorsement that adds to its credibility.

The network's future growth and performance will be determined by its ability to deliver on its promises.

With projected price targets ranging from $2.47 in 2024 to a possible peak of $22.28 by 2030, MANTA presents a mix of opportunities and challenges for investors delving into emerging blockchain technologies.

But it is prudent to keep a close eye on MANTA's developments, including regulatory updates and technological advancements that could affect its market standing.

Navigating the balance between innovation, regulatory compliance, and market dynamics is essential for informed investment decisions in the ever-changing cryptocurrency landscape.

MANTA's future prospects are significantly contingent on its capacity to innovate and adapt within the fast-evolving blockchain ecosystem.

The integration of CeDeFi strategies highlights its potential to connect traditional finance with DeFi, opening new pathways for revenue generation and investor engagement.