Manta Network Overcomes Troubled Token Listing, Gears up for Expansion & Innovation
Summary:
Manta Network, a blockchain platform using zero-knowledge proof technology, had a rocky start to its billion-dollar token listing due to a DDoS attack and a misunderstood token transfer. However, the network has since stabilized with a market cap of $3.1 billion. Kenny Li, co-founder of p0x labs and creator of Manta Network, stated that the network's profit margins improved due to its layer-2 technology. Li plans to grant funds to top-performing projects and expand operations in Korea in the coming year.
Earlier this month, Manta Network, a blockchain platform powered by zero-knowledge proof technology, did not enjoy a smooth billion-dollar token listing as anticipated. The platform was initially crippled by a massive distributed denial-of-service (DDoS) attack, which saw an influx of 135 million remote procedure call (RPC) requests, causing the network to falter temporarily on January 18th.
Quick on the heels of the attack, eyebrows were raised when 2 million MANTA tokens were relocated to the personal wallet of a company’s Korean business development representative. Manta Network had to clarify later that the move was merely an early investment backing for their decentralized finance (DeFi) project, LayerBank.
The network has since gained stability and presently boasts a fully diluted market cap of $3.1 billion. According to a recent conversation with Cointelegraph on January 25th, Kenny Li, co-founder of Boston-based p0x labs and creator of Manta Network revealed that the network's profit margins had seen substantial growth thanks to its layer-2 technology. He proudly stated, "In the past thirty days, we've managed to save our users around 1 million."
As the network continues to grow, Li also hinted at p0x labs’ plans to grant ecosystem funds to projects that have displayed strong historical performance, such as Zero Lend, which reached a total value locked (TVL) of $19 million shortly after hitting the market.
For the upcoming year’s budget and roadmap, Li intends to shift focus to business expansion in Korea. DeFi protocols in the Manta ecosystem, like LayerBank, an Ethereum Virtual Machine money market and Shoebill, a lending protocol, have accumulated over $350 million in TVL in the region thus far.
While plans to expand are in motion, certain goals had to be renounced due to the lack of regulatory clarity in the United States, particularly around exploring the privacy aspect of zero-knowledge technology. Nevertheless, the network has concentrated its energy towards developing zero-knowledge enabled decentralized applications, such as a fully on-chain poker and decentralized identities minting.
Manta Network currently sees a combined total value locked of $428 million. The network's creator, p0x labs, had secured $25 million in Series A funding back in July 2023, receiving backing from Polychain Capital and Qiming Venture Partners, and being valued at $500 million.
Published At
1/26/2024 12:05:00 AM
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