After a tumultuous token listing, Manta Network, a zero-knowledge proof-powered layer-2 blockchain, has made a strong comeback in the cryptocurrency scene. Despite facing a distributed denial-of-service (DDoS) attack and some investor speculation, the network has returned to normalcy, currently boasting a fully diluted market cap of $3.1 billion.
Manta Network’s Challenges and Resilience
Manta Network encountered obstacles right after its billion-dollar token listing earlier this month. A DDoS attack on January 18 temporarily disrupted the network with 135 million RPC requests. Additionally, the transfer of 2 million MANTA tokens to a Korean business development representative’s wallet sparked investor concerns, later clarified as an initial investment for the DeFi project LayerBank. Despite these setbacks, the network has bounced back, and co-founder Kenny Li highlights the significant improvement in profit margins through Manta’s layer-2 technology.
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Expansion Plans and Focus on Korea
Looking ahead, Manta Network is set to expand its reach, particularly focusing on business development in Korea. Projects within its ecosystem, such as LayerBank and Shoebill, have achieved a TVL of over $350 million. Li emphasizes the allocation of ecosystem grants to projects with a proven track record, citing Zero Lend’s success with a TVL surpassing $19 million shortly after launch. The team aims to build local bases and catalyze growth through ecosystem funds.
Conclusion
Despite adjusting its goals due to regulatory challenges in the U.S., Manta Network remains resilient and focused on zero-knowledge-enabled decentralized applications. With a combined TVL of $1.5 billion across minted and bridged assets, the project is positioning itself for further success. As Manta expands its presence in the Korean blockchain ecosystem, the team’s commitment to business development and strategic funding suggests a promising trajectory for the future.
