Detailed Explanation of Binance Mining's New Project Manta
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Detailed Explanation of Binance Mining's New Project Manta
A modular L2 for ZK applications.
Navigating Web3 tides with focused insightsWritten by: Binance
Manta Network is the gateway to modular ZK applications, leveraging modular blockchains and zkEVM to establish a new paradigm for L2 smart contract platforms.
Manta Pacific addresses usability challenges through its modular infrastructure design, enabling seamless integration of modular DA and zkEVM, thereby continuously enhancing user experience over time.
MANTA is the native utility token of Manta Network, used for:
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Governance: MANTA token holders can vote on governance decisions for both Manta Pacific and Manta Atlantic networks.
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Scaling: Staking MANTA helps ensure the overall security of the Manta Atlantic network.
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Validator delegation: MANTA holders can choose to delegate their stake to validators or run their own validator node to help secure the network.
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Network fees: Manta Atlantic uses MANTA to pay transaction fees.
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Native liquidity and collateral: MANTA tokens can be used as native liquidity and collateral within Manta ecosystem services.
The protocol consists of several key components that work together:
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Modular data availability: Call data for every transaction is handled by Celestia, significantly reducing the cost of processing each transaction on Manta Pacific.
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Permissionless smart contracts: Projects on Manta Pacific can deploy Solidity-based smart contracts compatible with the EVM environment.
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General-purpose circuits: Developers can leverage Manta Pacific’s general-purpose circuits to build ZK-powered applications, using a universal library of precompiled ZK circuits suitable for various use cases including DeFi, GameFi, identity, and more.
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zkEVM proofs: Transactions are batch-verified using ZK proofs to ensure cryptographic-level security.
The project has raised $60.4 million through private and public token sales. In the private sale, 24.11% of MANTA tokens were sold at prices ranging from $0.025 to $0.5 per MANTA, while in the public sale, 8% of MANTA tokens were sold at $0.36 per MANTA.
As of January XX, 2024, MANTA has a total supply of 1,000,000,000, with a circulating supply of approximately 251,000,000 post-launch (about 25.1% of the total token supply).
Key Metrics:
Token Distribution
Token Release Schedule
Note: The total supply of MANTA at genesis is 1,000,000,000. Additional tokens will be issued under the "Estimated Validator/Emission Rewards" token allocation.
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