Manta Network, a platform dedicated to building scalable decentralized applications, is gearing up to reward its community with a MANTA token airdrop.
The event, scheduled on January 18, 2024, serves as a gesture of gratitude to the long-term supporters of Manta’s two networks, including Manta Pacific, the native layer 2 modular blockchain, and Manta Atlantic, the fastest zero-knowledge (ZK) Layer 1 chain on Polkadot (DOT), according to a release shared with Cryptonews.
Manta Pacific has experienced a remarkable 70x increase in Total Value Locked (TVL) over the past quarter.
Currently listed in the fourth position, it stands out as the fastest-growing L2 network, with a TVL of $858 million, as per L2Beat data.
The native utility and governance token within the Manta Network ecosystem is MANTA.
It offers a range of use cases outlined in the tokenomics.
MANTA Token Holders to Get Additional Benefits
On Manta Pacific, MANTA token holders will enjoy benefits such as gas fee savings and sequencer revenue.
The token’s purpose is to enhance the user experience of on-chain activities and interactions with zkApps in the ecosystem.
Builders and contributors will directly benefit from MANTA, fostering growth and sustainability within the ecosystem.
The token can also be used to fund other projects in the ecosystem and generate revenue.
On Manta Atlantic, MANTA serves as a network usage fee, medium of exchange, governance rights, network security, and allocation for ecosystem projects, treasury, collators, and staking rewards.
The total supply of MANTA at Genesis is set at 1,000,000,000 tokens, with a yearly minting rate of 2% starting from Token Genesis.
The airdrop will be divided into two categories, which includes Airdrop Rewards and Airdrop Bonus Rewards.
Airdrop Rewards account for 3% of the total token supply and will allocate 30,000,000 $MANTA to Manta Atlantic and Manta Pacific users and supporters.
Airdrop Bonus Rewards, comprising 2% of the total supply, will distribute an additional 20,000,000 $MANTA to supporters and users within the Manta ecosystem.
Manta Network Resumes Work on Modular Blockchains
Manta Network has been gaining significant attention recently due to its efforts in the realm of modular blockchains.
Notably, it became the first Ethereum (ETH) Layer 2 solution to integrate Celestia’s modular data availability (DA) model, an emerging industry standard.
This integration has led to an 80% reduction in costs for both developers and end users when compared to other Layer 2 solutions.
As the cryptocurrency market anticipates the onset of a new bull market phase, the factors that will drive user adoption are bound to be the most cost-effective and user-friendly Layer 2 solutions that can effectively scale Ethereum.
“New Paradigm captured the attention of a large community due to Manta Pacific being the only live modular Layer 2 with native yield for ETH and stablecoins,” Kenny Li, co-founder, COO, and core contributor at Manta Network, told Cryptonews.
“This has propelled Pacific into becoming the third-largest ecosystem with over $900 million in TVL, following Arbitrum and Optimism. With this achievement comes the responsibility to continue building momentum and delivering value to our users and developers.”
The post MANTA Token Airdrop All Set for 18th January – Here’s All You Need to Know appeared first on Cryptonews.
