Binance Launchpool Welcomes Manta as Its 44th Project: Modular L2 for ZK Applications
Coinspeaker
Binance Launchpool Welcomes Manta as Its 44th Project: Modular L2 for ZK Applications
Binance, one of the world’s leading crypto exchanges, has unveiled the 44th project on its Launchpool – Manta (MANTA). This new addition to the Binance ecosystem promises to be a game-changer, introducing a modular Layer 2 (L2) solution tailored for Zero-Knowledge (ZK) applications.
Staking and Farming MANTA
According to the announcement, users eager to partake in the MANTA Launchpool can stake their BNB and FDUSD tokens in separate pools, farming MANTA tokens over two days starting from 00:00 (UTC) on January 16, 2024.
Following the farming period, Binance will list MANTA on January 18, 2024, at 10:00 (UTC), initiating trading pairs such as MANTA/BTC, MANTA/USDT, MANTA/BNB, MANTA/FDUSD, and MANTA/TRY.
The staking terms include the requirement for Know Your Customer (KYC) verification, ensuring a secure and compliant environment for participants. Additionally, the hourly hard cap per user is set at 50,000 MANTA in the BNB pool and 12,500 MANTA in the FDUSD pool. This structure aims to provide an equitable opportunity for users to engage in the launch, preventing a concentration of tokens in the hands of a few participants.
The total supply of MANTA tokens is capped at 1,000,000,000, with approximately 25.1% (251,000,000 MANTA) available in the market at the commencement of the Launchpool. Additionally, 3% of the total token supply (30,000,000 MANTA) will be allocated as user rewards.
Binance highlighted that user rewards will be calculated hourly based on snapshots of user balances and total pool balances. Users can accumulate and claim rewards to their spot accounts at any time. The farming mechanism allows users to stake in one pool at a time, with the flexibility to unstake funds at any time and participate in other available pools immediately.
The MANTA initiative
The introduction of MANTA on Binance Launchpool is a huge step toward addressing the ZK ecosystem’s difficulties. MANTA, as a modular Layer 2 solution, focuses on Zero-Knowledge applications, in line with the growing demand for privacy-focused solutions in the blockchain space.
MANTA’s inclusion comes at a time when the crypto community is witnessing increased efforts to innovate and cater to evolving needs. In December, the ZKFair initiative released the first community-owned ZK Layer 2, accompanied by a 100% airdrop. ZKFair aims to rectify the imbalances and challenges within the ZK landscape by establishing a community-driven governance model.
The existing ZK ecosystem grapples with challenges such as high valuations, barriers hindering user participation, and the influence of venture capitalists. Moreover, the lack of differentiation among ZK Layer 2 solutions often leads to user disengagement and manipulation.
Therefore, Binance’s decision to introduce MANTA on its Launchpool reflects the exchange’s commitment to supporting innovative projects within the crypto space. As the crypto community continues to seek privacy-focused solutions, the inclusion of MANTA and the emergence of community-driven initiatives like ZKFair signal a promising future for the development of fair, inclusive, and user-centric ZK Layer 2 networks.
Binance Launchpool Welcomes Manta as Its 44th Project: Modular L2 for ZK Applications