MANTA Price Prediction 2024-2033: Will Manta Network Survive Or Crash?

Despite these challenges, Manta Network has achieved a market capitalization of over $600 million post-incident. It is noted for its substantial total value locked (TVL), marking its significance in the realm of blockchain scalability.

MANTA Price History

Let’s dive into the key moments and fluctuations in the price history of Manta Network. While historical performance shouldn’t be solely relied upon for future predictions, understanding the coin’s track record can offer valuable insights for making or interpreting Manta Network price forecasts.

MANTA was introduced to the public market on January 18, 2024, with an initial value of approximately $2.24. It experienced a gradual but consistent increase, surpassing $2.70 on January 22. However, the price then slightly retreated to around $2.40. The coin’s value briefly rose to $2.6738, but was impacted by a DDoS attack that slowed the network and increased gas fees, leading to a drop in its price to $2.05, marking the coin’s lowest recorded value.

The repercussions of the DDoS attack lingered until January 20th, during which the Manta team compensated for fees exceeding 0.001 ETH. During this period, the token price remained relatively stable, holding above $2, before embarking on a gradual ascent in the early hours of January 21st, reaching new highs of $2.7143. However, it fell to $2.21 on January 23rd.

Subsequent to this dip, MANTA started a steady two-day rise, achieving its highest price to date of $3.30 towards the end of January 24th. Over the last seven days, MANTA price has been dropping heavily and is aiming for a drop below $2.6.

DDoS Attack On Manta Network

Manta Network, a platform designed for zero-knowledge (zk) applications, experienced a distributed-denial-of-service (DDoS) attack on January 18, coinciding with the release of its Manta (MANTA) token to the community.

DDoS attacks are hostile endeavors aimed at disrupting normal server traffic, typically by inundating the targeted infrastructure with excessive requests, resulting in reduced processing speeds.

“Yesterday, our network faced a disruption due to a DDoS attack that occurred at 9:30 am UTC, precisely at the time of our token generation event (TGE). During this incident, our remote procedure call (RPC) nodes were hit with over 135 million requests,” stated Kenny Li, a core contributor and co-founder of Manta Network.

DDoS, a prevalent type of cyberattack, involves overwhelming a server with excessive internet traffic to hinder user access to online services and websites. Manta represents the emerging group of blockchain networks that promise quicker transaction speeds and lower costs compared to established platforms like Ethereum. These newer blockchains often receive backing from notable investment funds and actively promote their technology in cryptocurrency communities on X and various social media channels. Their aim is to gain market share and increase transaction fees, thereby enhancing the value of their native tokens.

More On Manta Network 

Manta Network, a privacy-centric layer-2 scaling solution designed for the Polkadot ecosystem, was inaugurated on November 12, 2023. The native token of Manta Network, known as MANTA, serves dual purposes: it is utilized for settling transaction fees and plays a crucial role in maintaining the security of the network. Manta Network stands as a privacy-focused decentralized finance (DeFi) platform, constructed using the Substrate framework, which is also the foundation for Polkadot (DOT). This alignment suggests Manta Network’s intention to be interoperable with the Polkadot ecosystem.

Central to its design are privacy and scalability. Manta Network addresses key issues that have been challenges for earlier blockchain systems, particularly in terms of transaction privacy and speed.

It employs sophisticated cryptographic methods to ensure the confidentiality and security of transactions, making it especially appealing to users and investors who value privacy and anonymity in their online financial activities. Additionally, Manta Network’s innovative architecture enables quicker transaction processing, effectively tackling the scalability problems faced by many cryptocurrencies. Its ability to process a higher number of transactions per second sets it apart from traditional blockchain systems.

In line with other DeFi platforms, Manta Network issues its own governance token, denoted as MANTA. This token plays a crucial role in governance decisions within the network and may possess additional functionalities.

Victor Ji holds the position of Co-Founder at Manta Network. Prior to co-founding Manta Network, he worked as a Research Assistant at Harvard University’s Belfer Center.

What Does Manta Do?  

Manta is dedicated to providing an optimal platform for the upcoming wave of Web3 decentralized applications (dApps) leveraging ZK technology. It offers a network based on zero-knowledge (ZK) proofs, characterized by faster transaction speeds compared to existing layer 1 blockchains and reduced gas fees relative to leading layer 2 networks. Additionally, Manta integrates a unique compliant ZK-identity layer. This feature allows users to conduct transactions privately while maintaining the ability to verify their online activities to necessary parties, such as tax authorities. Essentially, Manta balances private transactions with the capacity for users to demonstrate their digital actions to those who require verification.

Zero-knowledge technology is employed in transactions involving zero-knowledge proofs. In such a proof, one party can demonstrate to another that they possess certain knowledge without disclosing any specific information or context related to that knowledge. This method enables the verifying party to be assured of the prover’s knowledge without needing to understand the specifics or the methodology behind how that knowledge was obtained.

MANTA’s Two Separate Networks

Manta Network is composed of two distinct networks: Manta Pacific and Manta Atlantic, each fulfilling unique roles within the ecosystem.

1. Manta Pacific: Manta Pacific is akin to an Ethereum Virtual Machine (EVM)-compatible platform tailored for Zero-Knowledge (ZK) applications. Operating as a Layer 2 network, it emphasizes scalability and security. Manta Pacific integrates technologies like Celestia for data availability and Polygon zkEVM for improved performance.

The network is designed to offer reduced gas fees and enhanced scalability, creating an effective environment for the development and deployment of decentralized applications (dApps). It supports Universal Circuits, enabling developers to build ZK-powered applications using Solidity and the Universal Circuits SDK.

2. Manta Atlantic: Manta Atlantic functions as a ZK Layer 1 network, providing a decentralized and rapid platform with a focus on modular on-chain compliance identities. Its range of offerings includes zkNFTs, staking, and various ecosystem projects.

What sets Manta Atlantic apart is its emphasis on ZK compliance credentials and interoperability. It introduces a private address system (zkAddress), which conceals details like SBT minting, on-chain credentials, and off-chain identities, enhancing privacy and security.

Will The MANTA Rally Last? 

Recently, Manta Network has been creating a significant buzz in the cryptocurrency sphere. Notably, Manta Pacific, which debuted just shy of four months ago, has experienced a remarkable growth in its Total Value Locked (TVL).

As per the latest figures from L2Beat, Manta Pacific’s TVL has soared beyond $1.48 billion. This surge has led it to surpass Base, an Ethereum layer 2 solution backed by Coinbase, positioning it as the third-largest layer 2 scaling solution in the market.

The sharp rise in TVL is largely credited to Manta Network’s “New Paradigm” campaign. This strategic initiative was a game-changer, resulting in an impressive $850 million being bridged to the network within just three weeks.

This influx of capital has also translated into heightened user activity. The network now boasts over 540,000 active wallet addresses and has processed a total of 8.2 million transactions. On average, Manta Pacific handles about 140,000 transactions daily.

In parallel, Manta Atlantic has emerged as the fastest zero-knowledge (ZK) Layer 1 chain within the Polkadot ecosystem. It offers a comprehensive suite of core products and technologies, including zkNFTs, staking, and various ecosystem projects, providing users with easy access to advanced ZK-enabled functionalities.

Adding to its milestones, Manta Network executed a much-anticipated airdrop of the MANTA token. This event, held on January 18, saw the distribution of 3% of the total token supply, equating to 30,000,000 MANTA tokens, to users and supporters of both Manta Atlantic and Manta Pacific.

Manta’s Offerings For Users

Manta Network equips developers with advanced tools for building with zero-knowledge technology, but what does this mean for the end-user? Below are some key benefits users can expect when engaging with Manta Network:

1. Faster Transaction Speeds: Users experience quicker transaction processing compared to traditional layer 1 blockchains.
2. Reduced Gas Costs: Manta Network offers lower transaction fees than many existing layer 2 solutions.
3. Enhanced Privacy: The platform supports anonymous transactions, providing users with greater privacy.
4. High Scalability: Manta Network is designed to expand seamlessly as its user base grows, ensuring efficient scalability.
5. Governance Participation: Holding $MANTA tokens grants users voting rights in governance decisions within the network.

In addition to its substantial grants program aimed at attracting developers, Manta Network places a significant emphasis on decentralized finance (DeFi). This focus has resonated well with users, evident in its rapid ascent to becoming the ninth-ranked chain in terms of DeFi Total Value Locked (TVL) and the third among all layer 2 chains.

What Is The Manta Network Token Used For?

The $MANTA token serves multiple vital roles within the Manta Network ecosystem, with some of its key utilities being:

1. Transaction Fees: Users utilize the $MANTA token to cover transaction fees on the Manta Atlantic network.
2. Staking: Token holders have the opportunity to stake their $MANTA tokens. This action enables them to operate a collator node, contributing to the security and efficiency of the Manta Network.
3. Delegating: For $MANTA holders who prefer not to run a collator themselves, they can delegate their tokens to those who do. This delegation process also supports the network’s security. Notably, 2% of the token supply issued annually is designated as rewards for staking participants.
4. Governance: Ownership of $MANTA tokens grants users the ability to participate in governance decisions affecting both the Manta Atlantic and Manta Pacific Networks. This involvement in governance allows token holders to have a say in the direction and development of the network.

Manta Network Governance Structure

Manta Network’s governance model represents a novel approach to decentralized governance, reflecting the ongoing evolution within this sector.

The Manta project has established a governance system consisting of five Councils, each responsible for different aspects of network oversight, including development, treasury management, strategic direction, and grant allocation. The councils are as follows:

1. The Legislative Council: Composed of $MANTA token holders, this council plays a pivotal role in shaping the network’s roadmap, vision, tokenomics, and utility.
2. The Executive Council: Operated by the Manta Foundation, this council is tasked with executing the decisions made by the Legislative Council. Its focus is on network operations, educational initiatives, and research development.
3. The Judicial Council: This council is responsible for overseeing the distribution of grants and the implementation of governance tools within the network.
4. The Examination Council: Charged with managing the election process for members of the Manta Foundation.
5. The Control Council: This body acts as an oversight and auditing entity, ensuring the integrity of the network and its governance processes.

In this structure, the governance process originates with the $MANTA token holders, with their decisions and input flowing through the other councils for approval and execution. This system grants significant influence to the token holders while also allowing the other bodies substantial input in guiding the network’s direction.

Should You Buy MANTA?

Manta Network’s remarkable debut and swift ascent into the top 10 of the DeFi Total Value Locked (TVL) rankings suggest a promising future for the network. This potential is further bolstered by Ethereum’s development roadmap, which emphasizes enhanced scalability through rollups, similar to Manta Pacific’s approach. Consequently, this positions the $MANTA token as an attractive addition to investment portfolios.

The network’s ecosystem has shown significant growth, supported by a grant system aimed at sustaining this expansion. Moreover, Manta Network is at the forefront of integrating Zero-Knowledge (ZK) technology, a field expected to gain increasing importance in the blockchain domain as adoption expands and technology evolves.

However, this very reliance on ZK technology might present a double-edged sword for $MANTA. As regulators draft policies for blockchain technology, there’s a general apprehension about the potential of such technologies to obscure transaction details. Once regulatory bodies move past their initial misconceptions about blockchain’s transparency, they might encounter ZK technology with considerable skepticism and caution. This could lead to regulatory challenges or restrictions on the use of such technologies, potentially impacting ZK-based protocols significantly. Thus, while ZK technology is a strength of Manta Network, it could also pose future challenges in a rapidly evolving regulatory landscape.

Best Place To Buy MANTA In 2024

Binance stands as one of the foremost crypto exchanges catering to traders at all experience levels. As of the current date, a significant portion of the trading volume for Manta Network’s $MANTA token is concentrated on the Binance exchange. This factor makes Binance a highly recommended platform for purchasing $MANTA.

Binance’s status as the leading exchange, measured by trading volume and weekly user traffic, assures traders of ample liquidity. This is particularly important for trading newer cryptocurrencies like the $MANTA token from Manta Network.

Traders using Binance benefit from some of the market’s lowest trading fees, with a standard commission rate of 0.10% per trade. Additionally, these fees can be reduced by 25% for those holding Binance’s native BNB token, or for users who meet certain trading volume thresholds.

Furthermore, Binance offers staking options for a diverse range of cryptocurrencies, with varying Annual Percentage Yields (APYs). The platform supports a wide array of deposit methods and accepts numerous fiat currencies. For more experienced traders, Binance extends advanced trading options such as cryptocurrency futures, options, and the capability to leverage trades between 1.5 to 3 times.

Conclusion

The highly successful launch of Manta Network has sparked considerable interest in layer 2 solutions, zero-knowledge technology, and their implications for the future of cryptocurrency markets and the broader blockchain movement.

Nonetheless, these aspects alone don’t automatically guarantee Manta Network a leading position in the industry rankings. To discover whether it has made it onto our list of top cryptocurrencies to buy this year, you’ll need to explore further by clicking through for more details.