What is the $MANTA Token?
The $MANTA token is the native cryptocurrency of the Manta Network. It has different functions within the network, working as a medium of exchange, governance token, and security incentive. The $MANTA token is integral to the economic and governance structures of both Manta Pacific (Layer 2 on Ethereum) and Manta Atlantic (Layer 1 on Polkadot).
Functions and Utility of $MANTA
Medium of Exchange
$MANTA acts as the native currency for the Manta Network. It facilitates peer-to-peer transfers and transactions involving contracts or pallets within the network. Users can purchase credentials such as zkSBTs (Zero-Knowledge Soulbound Tokens) and zkKYCs (Zero-Knowledge Know Your Customer) using $MANTA, making it an essential part of the network’s economic activities.
Governance Token
$MANTA serves as the voting weight for on-chain governance decisions within the Manta Network. Token holders can propose referenda, vote on governance proposals, and elect council members. This decentralized governance model ensures that the community has a significant role in shaping the future of the network.
Network Security
$MANTA tokens are used to incentivize collators, bundling transactions and supporting block liveness. Collators help maintain the network’s security and decentralization. The network allocates an annual 2% of the total issuance of $MANTA to stakers for maintaining network security, ensuring a robust and decentralized network.
Token Distribution
The total initial supply of $MANTA at launch is 1 billion tokens. These tokens are distributed among various categories to support the network’s growth and development. The allocation includes portions for public investors, private investors, strategic partners, institutional investors, the foundation, the team, and advisors.
A portion of the $MANTA supply is allocated to airdrops to reward active participants within the ecosystem. The “Into the Blue” event and “New Paradigm” are two major airdrop initiatives. For instance, 50 million $MANTA tokens were distributed during the “Into the Blue” event, while 6 million tokens were allocated to participants in the Binance Parachain auction. Unclaimed rewards after the claim period are reallocated to ecosystem funds, where community governance determines their use.
The initial circulating supply of $MANTA at the Token Generation Event (TGE) was 251 million tokens. The release schedule includes allocations for airdrops, public sales, advisors, and community incentives. Additional tokens will be issued under the “Estimated Validator/Emission Rewards” category to support network growth and security.
Usage Fees and Incentives
Transactions and contract/pallet executions on Manta Network incur a usage fee. They are allocated as follows:
- 72% to ecosystem projects, enhancing incentives for applications built on Manta.
- 18% to the treasury, governed to support network development and future parachain auctions.
- 10% to collators for producing blocks containing transactions.
This distribution model ensures that the network’s economic activities support its development and sustainability.
Interoperability Between Manta Pacific and Manta Atlantic
$MANTA tokens are interoperable across Manta Pacific and Manta Atlantic networks. The total initial supply of 1 billion tokens is represented on both networks. As liquidity flows between these networks, tokens are locked and unlocked in the liquidity pool of the Celer bridge.
This mechanism ensures that the circulating supply of $MANTA remains consistent across both networks. Tokens for public investors, private investors, strategic partners, and other stakeholders are initially distributed and unlocked on Manta Atlantic. Similarly, tokens allocated for airdrops, Binance Launchpool, and community incentives are distributed on Manta Pacific.
Governance and Community Participation
On-Chain Governance
$MANTA tokens are integral to Manta Network’s on-chain governance. Token holders can propose and vote on governance proposals, ensuring that the community actively participates in decision-making processes. This decentralized governance model allows the network to adapt and evolve based on community input and consensus.
The Manta Network fosters community engagement through various incentive programs. Airdrops and community rewards are designed to encourage active participation and support within the ecosystem. These initiatives help to build a more engaged community, contributing to the network’s growth and sustainability.
Highlights
- Medium of Exchange: Facilitates peer-to-peer transfers and transactions involving contracts or pallets.
- Governance Token: Used for on-chain governance decisions, including proposing referenda and electing council members.
- Network Security: Incentivizes collators and allocates 2% of total issuance to stakers for maintaining network security.
- Token Distribution: Includes allocations for public and private investors, strategic partners, airdrops, and community incentives.
- Interoperability: $MANTA tokens are interoperable across Manta Pacific and Manta Atlantic, with a liquidity pool mechanism to maintain consistent circulating supply.
