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- MANTA has become the latest token to launch on the Binance Launchpad, allowing users to farm the token if they stake the exchange’s native token, BNB or FDUSD.
- Trading of the MANTA token is also set to launch on January 18, including on Binance, Bybit and Kucoin as interest in the modular layer two network for zero-knowledge applications.
As zero-knowledge technology continues to increase in popularity, networks catering to this technology are getting an increase in adoption, and none more than Manta. This adoption has earned its native token, MANTA, a listing on Binance’s Launchpad, allowing users to stake BNB and FDUSD to farm the token.
Manta becomes the 44th token listed on the Launchpad, a token launch platform that enables crypto projects to raise funds quickly and efficiently.
Introducing @MantaNetwork $MANTA on #Binance Launchpool!
Farm #MANTA by staking #BNB and $FDUSD.
➡️ https://t.co/by5SxWCfLf pic.twitter.com/U1Xb1X5rQl
— Binance (@binance) January 15, 2024
Farming for the token started on January 16, with Launchpool token rewards of up to 30 million MANTA tokens, which equates to 3% of the total one billion token supply. The program has an hourly hard cap per user of 50,000 tokens in the BNB pool and 12,500 tokens in the FDUSD pool.
In addition to the Launchpad, Binance announced that it’s listing the token and launching support for MANTA trading pairs against USDT, BTC, BNB, FDUSD, and TRY starting January 18.
Other exchanges are also taking notice, with Kucoin announcing a week ago that it will start supporting MANTA trading from January 18.
Manta Interest Surges
The listings are a testament to the surge in interest in the project. Despite only launching recently, Manta is now in the top ten crypto projects by total value, locked with $423.6 million at press time, ahead of Cardano. A few days ago, it overtook Coinbase’s Ethereum L2 network Base, but the two are only separated by $280,000 in TVL at press time.
The TVL has surged 17-fold in the past month; on December 1, it only had $25 million. Most of the value is locked in LayerBank, a crypto staking and lending protocol with $328 million in TVL. Shoebill, another lending protocol, is in a distant second with $58 million.
Zooming out to include the value in all canonically and externally bridged tokens, as well as the natively minted tokens, takes the value in the Manta network to $858 million, making it the fourth-largest Layer 2 network by TVL, ahead of Base at $755 million.
So, what is Manta?
The network comprises two components—Manta Pacific and Manta Atlantic. The former is an L2 on Ethereum catering to zero-knowledge (ZK) applications natively built on the Ethereum Virtual Machine (EVM). It leverages Solidity to offer developers a low-cost, secure platform for deploying ZK apps.
Manta Atlantic is a Layer 1 parachain, which refers to a relay chain directly linked to the main chain on the Polkadot network. This chain targets decentralized identities through its ZK Simple Barter Tokens, offering private addresses known as zkAdresses.
