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The much-anticipated MANTA Network launch has left the decentralized finance (DeFi) community frustrated. As Ethereum’s third-largest Layer 2 with $885 million in total locked value, Manta Network introduced its native MANTA token to the market, sparking both excitement and disappointment.
Currently trading at $2.44, the MANTA token has gained attention, but the airdrop allocation strategy has led to dissatisfaction among early adopters. With a fully diluted valuation of $2.1 billion, the token holds the 117th position in market capitalization, according to Coinmarketcap.
Manta Network reserved 30 million tokens, equivalent to 3% of the total supply, for an airdrop to reward early users of the network. However, the outcome has fallen short of expectations for many DeFi enthusiasts, triggering negative reactions across social platforms.
“Manta New Paradigm is the most disappointing airdrop of the year,” wrote JayXBT, a cryptocurrency content maker, on X. “I deposited 1 ETH, and my team deposited 2.5 ETH total [and] all I get is 26 $MANTA currently valued at $65.”
“Manta Network farmed users rather than users farming Manta lmfao,” remarked crypto trader MK.
Others, such as DeFi Dad, are alleging that they are unable to transfer assets back from Manta’s L2.
The Points System
Further complaints surfaced, with DeFi Dad and others reporting difficulties in bridging assets back from Manta’s Layer 2, adding to the community’s frustration.
The airdrop was structured around a points system based on user activities within Manta’s Layer 2, known as Manta Pacific. This points system, reminiscent of those popularized by NFT marketplace Blur, aims to provide more transparency in qualifying conditions for airdrops. Users are awarded points for actions like bridging, utilizing DeFi protocols, or owning specific NFTs, which later translate into token allocations during airdrops.
The Manta Network ecosystem is currently composed of Manta Pacific, the fastest-growing ZK L2, and Manta Atlantic, the fastest ZK L1.
Manta Network operates with two distinct networks: Manta Pacific and Manta Atlantic. Manta Pacific is the flagship Layer 2 chain, while Manta Atlantic serves as a Layer 1 chain built on Polkadot. The project positions itself as a multi-modular ecosystem for zero-knowledge applications.
Despite being the third-largest Layer 2 by Total Value Locked (TVL), Manta Pacific lags in terms of transaction processing speed, processing less than three transactions per second (TPS). In comparison, other Layer 2 networks like Arbitrum and zkSync Era boast higher TPS figures, according to L2BEAT.
The MANTA token, designed to govern the Manta ecosystem, offers various benefits on Manta Pacific, including gas savings and sequencer revenue for token holders, as highlighted in a press release shared with The Defiant.
An additional 2% of the MANTA token supply is slated for distribution to users and contributors to the Manta ecosystem, according to a document outlining the airdrop mechanics. The controversy surrounding the MANTA airdrop highlights the challenges faced by projects in balancing community expectations and fair token distribution mechanisms.
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