Andy (777) retweetledi
Is Manta Network going to be one of the leading ecosystems for the years ahead?
TLDR:
@MantaNetwork isn’t “just another L2” but comes with a clear USP compared to most competitors, like easy deployment of zk-native dApps. All-star team with incredible backers (raised $60M in several funding rounds) with a live network that secured $40M in TVL from thousands of users in just 3 days 🤯
But let us dive into it:
We at @MoonrockCapital have invested in Manta Network already in 2020, basically before zero knowledge tech was cool and a huge buzzword.
Hence, I have had the pleasure to experience @victorJi15 and @superanonymousk since the early days and if I can tell you guys one thing: they are not only zk-OGs, but their level of commitment and passion as well as their technical capabilities are second to none.
The dream of every investor.
But what are they doing actually?
In the very early days, they started off as a zk L1 on @Polkadot, to bring programmable identities and credentials to web3 through zkSBTs. This is what they call Manta Atlantic nowadays.
However, there is much more buzz around Manta Pacific lately, hence I will focus on this for the rest of this thread.
Manta Pacific is their own L2 ecosystem for EVM-native zk applications. This allows devs to build in a scalable and cheap environment for zk applications simply by using Solidity.
But how does this work? 🤓
Basically, Manta Pacific is a modular L2 ecosystem that consists out of 3 main components:
1. Manta’s secret sauce that includes Universal Circuits, allowing for programmable zk and hence easy deployment of zk-native dApps
2. Using @0xPolygon CDK and zkEVM, making it a secure, scalable and zk-native L2 by design
3. Leveraging @CelestiaOrg for data availability, dramatically reducing the data portion of transaction costs on the network
But what does this actually mean? 🤔
I am also not a very technical person, hence I’ll make it short and easy to understand even for dummies like myself:
Basically the Manta OGs are teaming up with giga chads like Celestia and Polygon to create a modular zk-L2 ecosystem.
This doesn’t only mean it’s going to be super scalable, performant and cheap, but it’s also creating an incredibly developer friendly environment for easy deployment of zk-native applications, preserving privacy of the end user by design.
Isn’t this cool af?
While I love most of the other L2s like @arbitrum, @Optimism or @BuildOnBase, I love that Manta Pacific is came up with a clear USP and is doing something truly unique.
And this is clearly reflected by all their progress and achievements not only over the last years, but more in particular over the last months. Looking at these metrics, it’s pretty obvious to say they transitioned from stealth to aggressive go-to-market mode:
👉 Have raised more than $60M from top tier investors like @polychain, @BinanceLabs, @coinfund, @LongHashVC and many more (disclaimer: including ourselves)
👉 Launched Manta Pacific mainnet 3 months ago. Since then, attracted 37M in TVL, almost 7M transactions on chain as well as more than 180 ecosystem projects building exciting zk applications on top
But even more impressive and interesting was their recent launch of Manta Network’s New Paradigm, which launched just 3 days ago.
Basically, New Paradigm is a homage to @Blast_L2. But while keeping the users in mind instead of exploiting them.
Hence, people that are depositing to New Paradigm now, won’t only enjoy full flexibility and immediate withdrawals over their funds, they will also earn what they call Penta Yield:
So you won’t only be able to earn native and re-staking yield by using their ecosystem, eventually I also see it as a genius marketing move for a huge airdrop campaign (do I have your interest now 😉)
This also explains the skyrocketing metrics recently (keep in mind the are live for only 3!!! days):
More than $40M bridged already from more than 4,500 users! (Shout out to @hashed_official for spinning up that nice @DuneAnalytics dashboard so quickly.)
Let these numbers sink in for a moment 👀
So to sum it up, why am I so excited about Manta Network:
👉 It’s a giga chad OG team, their technical understanding is unique, they are incredibly well connected and they also have the right Web3-native feel of what users and devs out there actually want
👉 A new ecosystem that truly stands out technologically, further accelerating the level of innovation of web3
👉 Incredible network of backers, ecosystem projects and partners
👉 More recently, proving their amazing marketing and go to market capabilities, which will result in further TVL growth of the network and actual usage, which shouldn’t be taken for granted in web3.
For the latter, they also recently hired @0xNicky for that, who has been the former marketing lead at Polygon... 😏
I have waited more than 3 years now for their network launch and user growth and it’s been worth every single second.
Very much looking forward to how this is further going to evolve, but if I had to bet on a single L2 that is going to outperform every other L2 in the upcoming cycle, they would definitely be one of my top candidates 🔥
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