Manta Network, a prominent Ethereum Layer 2 network with $885 million in total value locked, has launched its MANTA token amidst mixed reactions from the DeFi community. As of now, the token is trading at $2.12, positioning the project with a fully diluted valuation of $2.1 billion and ranking it 117th in market capitalization, as per CoinGecko.
Discontent Over Airdrop Allocations
The network allocated 30 million MANTA tokens – about 3% of its total supply – for an airdrop to early network users. However, the airdrop has left many in the DeFi community underwhelmed. Users like JayXBT and MK expressed disappointment on social media, citing minimal token allocations despite significant deposits on the network.
Frustrations with Asset Bridging
Adding to the discontent, users like DeFi Dad reported issues with bridging assets back from Manta’s Layer 2, exacerbating frustrations within the community.
Points System for Airdrop Allocation
Manta adopted a points system for its airdrop, a method gaining popularity in the DeFi space. This system assigns points for various activities on the network, like bridging or using DeFi protocols. However, the conversion of these points into tokens has been a source of discontent, with many users finding the allocations unsatisfactory upon the airdrop’s activation.
Manta Network’s Dual Structure
Manta Network comprises two networks: Manta Pacific, a Layer 2 network utilizing Celestia for data availability, and Manta Atlantic, a Layer 1 chain built on Polkadot. Manta focuses on zero-knowledge applications, aiming to build a multi-modular ecosystem.
Comparison with Other Layer 2 Networks
While Manta Pacific holds a high rank in TVL, it trails behind other Layer 2 networks like Arbitrum and zkSync Era in transaction throughput, averaging less than three transactions per second.
MANTA Token Utilities and Future Airdrops
The MANTA token is designed to govern the Manta ecosystem, offering benefits like reduced gas fees and sequencer revenue on Manta Pacific. Additionally, another 2% of the MANTA supply is slated for future airdrops to users and contributors.
Mixed Reception for Manta’s Launch
The launch of MANTA has been met with a mix of anticipation and criticism in the DeFi community. While Manta Network’s technological advancements are notable, the dissatisfaction with the airdrop allocations and asset bridging issues have overshadowed the launch, reflecting the complex dynamics within the DeFi sector.
