The total issuance of native tokens for the Manta Network’s second-layer network will amount to 1 billion MANTA, with 12% allocated for funding two airdrops.
Explore $MANTA, the native utility and governance token of @MantaNetwork ?$MANTA empowers users across #MantaPacific and #MantaAtlantic, facilitating an improved experience for the modular ecosystem built for scalable, next-generation dApps.https://t.co/XFwIhLy9L9
— Manta Network (?,?) #MantaNewParadigm (@MantaNetwork) January 15, 2024
Approximately 20% of the total issuance is allocated for public and private sales, with 13.5% reserved for the fund. The ecosystem and community are allocated 21.19%, while 3% is directed to Binance Launchpool.
In addition to Binance, the listing of MANTA was recently confirmed by exchanges Kucoin and Gate.io. Trading is set to commence on January 18.
The annual coin issuance rate will be 2%, starting from the genesis token. The initial token offering will be 251 million.
The first MANTA distribution, Into The Blue, took place on January 5, distributing tokens worth $50 million. The second airdrop is scheduled for the second half of 2024.
Manta Network is a modular L2 ecosystem designed for scalable next-generation decentralized applications. Currently, the protocol offers two networks:
- Manta Pacific — a protocol specifically for dapps, providing a user-friendly environment with low gas fees, allowing applications to “go beyond traditional EVM ecosystems”;
- Manta Atlantic — a ZK platform on Polkadot, offering programmable private Web3 identity data and credentials based on zero-knowledge proofs.
Within the Manta ecosystems, the token is used for network fees, peer-to-peer transfers, and governance. Community members will have the opportunity to lock and deposit tokens for decision-making and network security.
Moreover, 72% of protocol fees are allocated to ecosystem projects, enhancing incentives for developers on the Manta platform. An additional 18% goes to the treasury to stimulate network development, while the remaining 10% is distributed among collators who create blocks.
Back in September 2023, Manta Network announced the launch of the alpha version of the second-layer Pacific mainnet for zero-knowledge proof-based applications.
In July, the project raised $25 million for the creation of the ZK network and launched the Pacific testnet.