Manta Network, a zero-knowledge proof-powered layer-2 blockchain, has recently overcome a series of challenges following its billion-dollar token listing. Initially faced with a distributed denial-of-service (DDoS) attack that temporarily paralyzed the network, the blockchain also encountered controversy with the transfer of 2 million MANTA tokens to a business development representative's wallet. This move sparked investor speculation, but Manta clarified it was part of a support strategy for their DeFi project, LayerBank.
Despite these setbacks, Manta Network has restored normal operations and currently boasts a fully diluted market cap of $3.1 billion. Kenny Li, co-founder of Boston-based p0x labs and creator of Manta Network, shared insights on the protocol's profitability through its layer-2 technology. Over the past month, Manta Network saved its users approximately 1 million, balancing transaction volume with revenue generation.
Li also revealed plans to allocate ecosystem grants to proven projects in the space, like Zero Lend, which achieved a TVL of $19 million shortly after its launch. The network's expansion strategy includes a focus on business development in Korea, where two major projects in the Manta ecosystem, LayerBank and lending protocol Shoebill, have collectively surpassed $350 million in TVL.
However, Manta Network has had to adapt its goals, particularly around exploring the privacy aspect of zero-knowledge technology, due to regulatory uncertainties in the U.S. Instead, the network is now concentrating on zero-knowledge-enabled decentralized applications, including a fully on-chain poker and decentralized identity mintage. With a total value locked of $1.5 billion across minted and bridged assets, Manta Network is cementing its position in the blockchain space.
In July 2023, p0x labs raised $25 million in its Series A funding round at a $500 million valuation, led by Polychain Capital and Qiming Venture Partners. This funding has been instrumental in navigating the challenges and setting the stage for future growth.
Disclaimer: Please note that the information provided in this article is based on the referenced research articles. It is essential to conduct further research and analysis before making any investment decisions. The cryptocurrency market is highly volatile, and investors should exercise caution and consult with financial professionals before engaging in cryptocurrency trading or investment activities.
