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Manta Network successfully managed a DDoS attack during its token listing on major exchanges like Binance, Bithumb, and KuCoin. Despite the attack, the network's operations and funds remained secure. In the wake of the attack, Manta Network saw robust trading, with $686 million in Manta tokens traded. Additionally, On Jan. 16, Manta Pacific surpassed Coinbase's Base as the fourth largest Layer 2 solution, with a total value locked of around $845 million. This growth is partly due to their bridging program, which rewards users for bridging assets to the network.
Manta Network Overcomes DDoS Attack
Manta Network, a blockchain platform developed by P0xeidon Labs, recently faced a massive challenge when it was hit by a distributed denial-of-service (DDoS) attack. The incident happened amid the successful listing of Manta tokens on multiple cryptocurrency exchanges. Despite this setback, Kenny Li, the co-founder of P0xeidon Labs, assured people that the blockchain was operating safely and that all funds were secure.
On Jan. 18, the day of the attack, the network's nodes were overwhelmed with over 135 million remote procedure call (RPC) requests. Li described the attack as very aggressive and well-timed, and while he confirmed that the blockchain was running safely, he warned of limited communication between applications and the blockchain for the time being. Li still remained optimistic, thanking the community for their support: “Rest assured, we are not going anywhere. We have built for three years, and we see no end in sight. Thank you so much for your support as a community.”
The attack coincided with the Manta token's debut on major exchanges like Binance , Bithumb, and KuCoin. Despite the cyberattack, the token performed well in the market as more than $686 million worth of Manta was traded in the first few hours of listing.
P0xeidon Labs, the driving force behind Manta Network, has been making great progress in the blockchain space. In July of 2023, the company raised $25 million in a Series A funding round and introduced the testnet of Manta Pacific, its layer-2 infrastructure. The mainnet launch of Manta Pacific took place in September of 2023, after a successful testnet phase that saw the creation of 150,000 wallets and over 3.5 million transactions.
Furthermore, Manta Atlantic, another project by the firm, launched its nonfungible token (NFT) private offering platform in April of 2023. This platform has minted over 300,000 zero-knowledge soulbound tokens, collaborating with key ecosystem partners like Arbitrum, Galxe, Linea, and CyberConnect.
Manta Surpasses Base as Fourth Largest Layer 2 Solution
It is also worth noting that Manta Pacific recently surpassed Coinbase's Base as the fourth largest scaling solution, according to data from L2Beat. On Jan. 16, Manta Pacific's total value locked (TVL) reached $845 million, outstripping Base's $753 million. On Jan 19. Manta Network was ranked as the third largest scaling solution with its TVL of around $879 million.
The calculation of TVL varies between data sources. L2Beat includes the value of tokens that are bridged, both canonically and externally, and those natively minted. On the other hand, DeFiLlama focuses on assets actively used in decentralized applications. According to DeFiLlama, Manta Pacific and Base are closely competing for the ninth position, each with a TVL near $420 million.
A key factor in Manta Pacific's growth has been its paradigm bridging program, launched back in December. This program incentivizes users to bridge assets like ether (ETH) and USDC to the network, offering rewards. Users staking these assets on Manta receive a yield of 4% to 5%, with the assets locked for 69 days. Additionally, depositors are promised future airdrops of MANTA tokens, along with NFT box pieces. They also have the opportunity to re-stake their ETH on the Eigen Layer.
Manta Pacific's strategy closely mirrors that of another Ethereum layer 2 solution, Blast. Blast provided yields for assets bridged through protocols like Lido and MakerDAO and rewarded users for referrals with promises of future token airdrops.
What is Manta Network?
Manta Network has emerged as a groundbreaking player in the blockchain arena, introducing a unique multi-modular ecosystem tailored for zero-knowledge (ZK) applications. This network has two main components: Manta Pacific and Manta Atlantic, each offering distinct functions while still maintaining interoperability.
Manta Pacific functions as a Layer 2 (L2) scaling solution for the Ethereum blockchain, focusing on EVM-native ZK applications. It provides an efficient and cost-effective platform for developers to deploy ZK applications using the Solidity programming language, addressing the scalability challenges of Ethereum. By offering lower gas fees and faster transaction times, Manta Pacific is a very attractive option for developers looking to scale their ZK apps.
Manta Atlantic operates as a Layer 1 (L1) blockchain in the Polkadot ecosystem. Its primary focus is on programmable identities and credentials, using zk-SNARKs cryptography. This approach enables the creation of zkSoulbound Tokens (zkSBTs), which allow users to control their data while verifying specific attributes without revealing sensitive information.
The Manta Network stands out in the blockchain sector because of its emphasis on privacy, scalability, and a developer-friendly environment. The network's dedication to privacy is evident as it ensures the confidentiality of transactions and personal data using ZK applications. Its modular architecture also allows developers to choose the most suitable chain for their applications, fostering a cooperative relationship between Manta Pacific and Manta Atlantic. Additionally, Manta Network introduces new ZK use cases, like Universal Circuits, which streamline the integration of ZK functionalities into existing Solidity contracts.
The network's ecosystem enables various applications, ranging from private decentralized finance (DeFi) and confidential voting systems to selective information disclosure for KYC/AML compliance and decentralized social media platforms. These applications are designed to maintain user privacy without compromising functionality.
The MANTA token, the native currency of the Manta Network, plays a crucial role in the ecosystem. It is used for governance, paying transaction fees on Manta Pacific, and staking to secure the network while providing rewards for participants. After its successful New Paradigm campaign, which included airdrops to early adopters, the Manta Network team is already developing new features like zkNFTs and a specialized decentralized exchange (DEX) for ZK applications.