Manta Network

Token Release
Total Supply
1,000,000,000
Cir.Supply
0
Release Progress
0%

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Manta Network

The first layer-1, privacy-preserving protocol for DeFi built on Substrate


Project Introduction

Manta is a set of easy-to-use and secure (open source and auditable code) protocols based on Substrate frameworks. It uses zk-SNARK to provide complete end-to-end anonymity, high throughput, and high cross-chain interoperability (it supports Polkadot and its parachain mainstream cryptocurrencies and stable coins). It includes a decentralized privacy payment protocol, a decentralized privacy token exchange protocol, and a decentralized privacy lending and synthetic asset protocol to be developed in the future. Manta’s founding team comprises many US cryptocurrency veterans, professors, and scholars whose experience includes Harvard, MIT, Algorand, and other institutions. They believe that DeFi, for now, has its most value in permissionless and anti-surveillance while current services in DeFi have their deficiency in privacy, scalability, usability and liquidity. Under the current landscape, only when a stable coin that fully supports anonymity and cross-chain interoperability and the relevant DeFi protocol being created can the tremendous value of DeFi be released and deployed, and it is at this point that DeFi will have the chance to overtake the traditional financial industry. That's the reason why the team decided to build Manta Network. 

Furthermore, The Web3 Foundation and Parity are working closely alongside the Manta team to ensure development targets are met and the right connections to potential partners and influential individuals in the space are made. Manta received a grant from the Web3 Foundation in Q4 2020.

Key Features and Highlights

Manta’s underlying logic is to mint private coins/tokens with stable coins and other base tokens on the contract at a minting value ratio of 1:1. Apart from that, a decentralized private swap platform built by Manta can support the exchange of these privacy tokens.

The Manta Network mainly consists of two protocols: the decentralized private payment protocol and the decentralized private token exchange protocol.

The Decentralized Anonymous Payment (DAP) protocol is based on zk-SNARK. It allows users to swap Polkadot and its Parachain tokens with corresponding private tokens, pay with privacy tokens, and redeem base coins from private tokens.

The Decentralized Anonymous Exchange (DAX) protocol is based on AMM and zk-SNARK. Users can anonymously trade private versions of tokens on the platform between each other. The price formation method of the decentralized private token exchange protocol is consistent with the mainstream AMM. The revenue model of Manta tokens is based on the rebate and redeem of swap usage fees and transaction fees. In the future, the team will also develop products like synthetic asset stable coins based on Manta.

Development team also plans to integrate Manta products into decentralized private lending protocols. Decentralized private lending is a decentralized non-custodial lending platform where users can deposit anonymously and borrow private coins on the platform. Decentralized private synthetic asset protocols and other DeFi services are included in the future roadmap.