AMA Recap: CRYPTO MINERS x MANTA NETWORK
Manta Network is the first EVM-equivalent ZK-application platform that is scalable and secure through Celestia DA and Polygon zkEVM. Manta Network is building a secure and interoperable future with Zero-Knowledge with mission to deliver the best developer experience that enables ZK applications. Manta Network is the multi-modular ecosystem for zero-knowledge (ZK) applications. Manta offers two networks:
- Manta Pacific, the unique L2 ecosystem on Ethereum for EVM-native ZK applications, provides a scalable and inexpensive gas-fee environment for ZK applications to deploy simply using Solidity.
- Manta Atlantic, the fastest ZK L1 chain on Polkadot, brings programmable identities and credentials to web3 through zkSBTs.
Together, Manta Pacific and Manta Atlantic deliver an unparalleled experience for the next generation of web3 application development and adoption with the applied usage of zero-knowledge cryptography.
We hosted an AMA session with Manta Network on 26th December.
Mr. Ramsy was the host from Crypto Miners and Mr. Nishit Mehrotra from Manta Network was the guest and shared comprehensive knowledge and insights about Manta Network.
.
Segment 1️⃣: Introduction
Ramsy | Crypto Miners:
Hello everyone 👋 Welcome to Our Another AMA Session With Manta Network
Today, we are very honored to invite Mr. Nishit Mehrotra to be our guests in our today’s session to introduce Manta Network
Hey Nishit
Nishit Mehrotra:
Hey 👋
How are you?
Thanks for having me over 🙌
Ramsy | Crypto Miners:
Doing well 👍
What about you?
Hope all are fine
Nishit Mehrotra:
All good, thanks for asking 🙏
Ramsy | Crypto Miners:
Thanks for joining with us today
So first of all can you introduce yourself to us?
Nishit Mehrotra:
Thanks for inviting me. It’s a pleasure to be here 🤝Yes, for sure.
Hi folks
Nishit Mehrotra this side. I’ve recently joined @MantaNetwork as their VP of Marketing.
Prior to this, I was leading the marketing for Mantle and Polygon Labs for nearly 2.5 years.
I’ve close to 7 yrs of experience in the Web2 and Web3 space and have worked with over 3,000+ brands to elevate their brand & product marketing.
Here are my social links 👇
X — https://twitter.com/0xNicky
LinkedIn — https://www.linkedin.com/in/nishit-mehrotra/
Ramsy | Crypto Miners:
Nice to meet you Nishit
Glad to have you today 🤝
Nishit Mehrotra:
Pleasure to meet you, Ramsy 🤝
Ramsy | Crypto Miners:
Now let’s begin our first part of the session — Project introduction
I’m pretty sure that our community is very much excited for that ✌️
Are you ready mate?
Nishit Mehrotra:
Yes, let’s get started!
Ramsy | Crypto Miners:
1. Can you provide a detailed overview of Manta Network and its networks? How do these networks contribute to the ecosystem for zero-knowledge applications (ZK applications)?
Here is our first question
Nishit Mehrotra:
Manta Network is the modular ecosystem for zero-knowledge (ZK) applications.Manta has two networks:
Focus: This modular L2 chain caters specifically to EVM-native ZK applications and dApps. Its primary objective is to offer developers and users the lowest gas fees and the best possible experience.
Key Features:
- Modular Architecture: Leveraging Celestia’s data availability layer ensures low gas fees and scalability, making Manta Pacific a cost-effective and efficient platform for ZK applications.
- Manta’s Universal Circuits: This ZK-as-a-Service technology empowers developers to seamlessly integrate ZK functionalities into their dApps without requiring extensive cryptographic expertise.
Benefits for ZK Applications:
Developers gain access to a readily available suite of ZK tools and infrastructure, facilitating faster development and deployment of cost-efficient ZK dApps. Users enjoy significantly lower transaction fees and enhanced privacy compared to traditional blockchain platforms.
The fastest ZK L1 chain on Polkadot, brings programmable identities and credentials to web3 through zkSBTs.
Together, Manta Pacific and Manta Atlantic deliver an unparalleled experience for the next generation of web3 application development and adoption with the applied usage of zero-knowledge cryptography.
Manta Network was created by a team of experienced founders from prestigious institutions, including Harvard, MIT, and Algorand.
Manta Network has received investments from many top web3 investment funds, including Binance Labs and Polychain Capital.
It has grown through participation in the best web3 accelerators, including Alliance DAO and Berkeley Blockchain Xcelerator.
Manta Network is poised to bring the next generation of web3 users and usher in a new chapter of web3 zkApp applications.
Ramsy | Crypto Miners:
Thanks Nishit for this fantastic start about Manta Network
Now let’s see our second question from this segment
2. What are the main features and services of Manta Pacific that set it apart from other networks? How does Manta Pacific distinguish itself in the crowded blockchain space?
Nishit Mehrotra:
I hope everyone understood what Manta Network is 😊
That’s a really great question, Ramsy :))
Ramsy | Crypto Miners:
Yes, very clearly defined 👍
Nishit Mehrotra:
Manta Pacific stands out in the blockchain space by offering a unique combination of features specifically tailored to EVM-native zero-knowledge (ZK) applications and dApps.- Unparalleled Cost Efficiency by leveraging Celestia’s modular data availability — This architecture allows Manta Pacific to achieve significantly lower transaction fees compared to traditional L2s, making it an ideal platform for cost-sensitive ZK dApps.
- Providing Developer-Friendly Environment via Manta’s Universal Circuits — This ZK-as-a-Service technology simplifies ZK development, reducing the need for specialized expertise and enabling developers to build cost-effective ZK functionalities without incurring high gas costs.
- Enhanced Security Advanced Fraud Detection — Celestia’s modularity facilitates efficient fraud detection mechanisms, further safeguarding the ecosystem and user assets.
- Interoperability and Composition — Thanks to our native bridge to Ethereum which provides a seamless connection to the Ethereum mainnet allows ZK dApps built on Manta Pacific to leverage existing DeFi protocols and applications, fostering cross-chain collaboration and composability. Manta Pacific’s core components are open-source, enabling community contributions and fostering a collaborative development environment.
Manta Pacific differentiates itself by combining scalability, developer-friendliness, security, and interoperability within a single L2 ecosystem specifically designed for ZK applications.
This unique approach caters to the growing demand for cost-efficient and privacy-preserving ZK solutions, positioning Manta Pacific as a strong contender in the evolving blockchain landscape.
Ramsy | Crypto Miners:
3. Could you explain how Manta Pacific leverages Celestia and zkEVM to achieve high scalability and low transaction fees for ZK applications? Additionally, what advantages does the modular stack bring to the overall network?
Nishit Mehrotra:
Yes, for sure.Manta Pacific, the modular L2 ecosystem empowering zero-knowledge (ZK) applications, made history by breaking two key records: becoming the first major Ethereum L2 to use Celestia for Modular Data Availability, and the first L2 to transition to Celestia on mainnet.
We are leveraging Celestia’s modular DA, the first with data availability sampling (DAS), which is a mechanism for light nodes to verify data availability without having to download all data contained within a block. This is the key mechanism that allows data to not only be retrieved more cost-effectively but also in a more secure manner given that these samples are chosen at random.
For more in-depth explanation about Manta x Celestia ground-breaking partnership, please watch the exclusive interview with Kenny Li (Co-founder of Manta Network) & Mustafa Al-Bassam (Co-founder of Celestia).
Here’s the video
Ramsy | Crypto Miners:
Looking forward…
4. Could you provide an update on the total funding raised by the Manta network thus far and how these resources have contributed to the project’s development and growth?
Nishit Mehrotra:
Yes, for sure.As mentioned above, Manta Network has received investments from many top web3 investment funds.
In total, we have raised more than $60 million from top industry VCs including Binance Labs, Polychain Capital, CoinFund, ParaFi Capital, Qiming Venture Partners.
This includes our recent Series A round of $25 million. Prior to the Series A, we closed a funding round of $28.8 million.
We are thankful to all the investment funds and our Manta community for supporting us. Due to them we were able to achieve a ground-breaking milestone of $250 million TVL on Manta Pacific and will soon be hitting $300 million.
Ramsy | Crypto Miners:
That’s huge 🔥
5. We have been seeing quite a lot of hype about MantaNewParadigm on X. What is it? And how can we participate in it? Can you share some insights?
Nishit Mehrotra:
Well, I’m glad you asked this question 🙂In simple words, Manta New Paradigm is a bridge to migrate assets from ETH to Manta Pacific but not just any bridge. It’s giving you an opportunity to earn Penta Yield. All you have to do is deposit ETH and USDC, team up, invite friends, and engage in the Manta ecosystem to collect Lucky Boxes and earn rewards.
FYI — Manta Pacific is the first L2 to introduce composability for yield-bearing tokens, creating maximum efficiency and rewards for users depositing ETH and stablecoins.
How to participate in New Paradigm:
1) Head to X and search for #MantaNewParadigm
2) Find an invite code for yourseld and head over to https://newparadigm.manta.network
3) Start depositing ETH/USDC from Ethereum to Manta Pacific to become eligible.
4) Invite your frens and create your team using the invite codes that you’ll get after logging onto the New Paradigm page.
For more details, read the article — https://medium.com/@mantanetwork/new-paradigm-the-real-l2-that-helps-you-earn-more-yield-than-a-multisig-2f445ab4dc47
We are already receiving an amazing response from our community as we have surpassed $250 million in TVL last night and will soon be hitting the $300 million milestone.
More than 104K ETH and $55 million USDC have been bridged so far from Ethereum to Manta Pacific.
Here’s the dashboard — https://dune.com/hashed_official/manta-pacific
Ramsy | Crypto Miners:
Check it guys guys ✅
Looks impressive 👌
Finally looking back, what significant achievements has Manta Network accomplished so far? Additionally, what important updates and developments can the community expect in the future?
Nishit Mehrotra:
Ty ty 🫰Some of the important achievements that Manta has achieved so far include:
1) Successful launch of Manta Pacific mainnet around 3 months ago and since then have onboarded 200+ ecosystem partners and projects. Take a look at our fast-growing ecosystem: https://manta.network/ecosystem.html
2) Manta Pacific became the first L2 to introduce the concept of Penta Yield via the newly launched New Paradigm. Learn more about New Paradigm here.
3) Manta Pacific became the first major Ethereum L2 to use Celestia for Modular Data Availability, and the first L2 to transition to Celestia on mainnet. Learn more about the partnership here!
Ramsy | Crypto Miners:
Thanks Nishit for this well detailed overview about Manta Network
That’s the wrap up of our the first part of the AMA session ✅
Let’s now proceed to our Twitter Questions section
I hope you’re ready for that!!
Nishit Mehrotra:
Mention not, Ramsy :))Yes, all set!
Ramsy | Crypto Miners:
So let’s roll…
Segment 2️⃣: Twitter Questions
1.Could you provide more details about Manta Pacific’s Universal Circuits and how they enable developers to call ZK-enabled contracts for existing Solidity smart contracts and dapps?
Nishit Mehrotra:
Imagine a library of pre-built ZK modules, each performing specific tasks like private payments, identity verification, or data encryption. Universal Circuits are exactly that — a collection of readily available ZK functionalities implemented as circuits. These circuits are optimized for efficiency and security, making them ideal for integration into existing applications.zkHoldem is one unique use case where zkShuffle helps to fundamentally eliminate the trust issue existing in the traditional online poker industry.
Through the utilization of zkShuffle, zkHoldem is able to provide a card shuffling & dealing mechanism that is 100% decentralized, where all players on the table will contribute a piece of randomness to the card deck they are using, effectively guaranteeing the fairness of card distribution in a privacy-preserving way.
For more details, head over to our doc secion — https://docs.manta.network/docs/zkShuffle/Overview
Ramsy | Crypto Miners:
2.DEFI is growing too fast and the possibility of breaking is very high. What do you think about this and can you be sure that Manta products will be in demand in the long term? What does Manta plan to contribute to the development of DeFi
Nishit Mehrotra:
The rapid growth of DeFi undoubtedly presents both tremendous opportunities and potential risks. While the speed of innovation is exciting, it’s crucial to acknowledge the need for robust security measures and sustainable development practices to ensure long-term viability.As for Manta Network, we recognize these concerns and actively prioritize them in our approach. Here’s how we are building confidence in the long-term sustainability of our products:
- Focus on Security: Manta Pacific leverages Celestia’s modular data availability layer and zkEVM technology, offering inherent security advantages through data separation and cryptographic proofs. Additionally, we prioritize rigorous audits and continuous security assessments to identify and address potential vulnerabilities.
- Sustainable Growth: We understand the importance of organic and balanced growth within the DeFi ecosystem. Manta Pacific’s modular architecture allows for scaling efficiently, avoiding congestion and excessive gas fees that can burden users. Additionally, we focus on fostering responsible DeFi use cases through partnerships and collaborations that promote long-term value creation.
Can we guarantee long-term demand for Manta products? While no prediction is foolproof, we believe our focus on addressing critical DeFi challenges, empowering developers, and building practical solutions positions Manta for long-term relevance. We remain committed to contributing to a secure, scalable, and user-centric future of DeFi.
Ramsy | Crypto Miners:
Alright
Time to conclude our session
Thankyou so much Nishit for your valuable answers and information about Manta Network
Nishit Mehrotra:
Glad you and the community found it valuable :))Thank you so much, Ramsy :))
Would love for you and the miners community to join the Manta fam via our recently launched New Paradigm bridge.
Ramsy | Crypto Miners:
On behalf of miners community wish all the very best for Manta Network and the entire team behind the project
Have a nice day Nishit 👋
Nishit Mehrotra:
You too, ser 👋Wishing you and everyone in here a very joyous and prosperous 2024 ahead 💜
Thank you 🙏🏻
If you would like to learn more about Manta Network, here are some useful links for you:
Website: https://manta.network/
X: https://x.com/MantaNetwork
Telegram: https://t.me/mantanetworkofficial
Medium: Manta Network
Discord: https://discord.com/invite/mantanetwork
