Review of New Paradigm by Manta

About Manta Network

Manta Network is a multi-layered ecosystem for applications using zero-knowledge technology.

Manta has two networks:

• Manta Atlantic - ZK L1 network on Polkadot, provides programmable privacy for WEB3 using data protection and identity on the network.
• Manta Pacific is an L2 ecosystem for EVM-compatible ZK applications, providing a scalable and low-cost environment for easily developing ZK applications using Solidity.

Investors: more than $30 million from Polychain Capital, ParaFi Capital The Spartan Group, Multicoin Capital, Binance Labs, Santiago Roel Santos(angel), 0xMaki(angel ) etc. They also held an ICO in November 2021, collecting ~$29 million.

Differences with Blast

Judging by table from the blog, Blast has 2 levels of profitability, when New Paradigm is 5.

Unlike Blast, where ETH was simply sent to a multisig wallet, in New Paradigm they are sent to a contract:

https://etherscan.io/address/0xdaf1695c41327b61b9b9965ac6a5843a3198cf 07https://dune.com/hashed_official/manta-pacific

So far the tempo much smaller than Blast.

Instructions

• Use invite code: UNUEW.

• Login by code to the portal: https://newparadigm.manta.network/

• Subscribe to Twitter teams

• Connect wallet

It is possible to receive an initial reward for using the wallet

Example with reward:

• Next you can make a deposit in ETH and USDC< /li>

Timings and locks

• ETH and USDC deposits are open until January 2024.
• After depositing ETH, users receive StakeStone (STONE), and when depositing USDC, they receive Mountain Protocol USD (wUSDM). They are located in the Manta Pacific network and cannot be withdrawn to other networks for now.
  STONE and wUSDM are liquid tokens for staking. The team promises to announce staking platforms later.
• Reward in MANTA tokens for NFTs can be branded after the end of accepting deposits (~ February 2024)
• 69 days after the start of the hallmark of Manta tokens, it will be possible to withdraw funds back from STONE and wUSDM.< /li>

Boxes and NFT

It is possible to receive rewards from Manta using a Lucky Box. To get Lucky Box, you need to collect 25 box fragments. There are three ways to earn these fragments:

• Using a bridge - for a bridge of 1 ETH (or the equivalent in UDSC) you get 25 box fragments every 7 days;
• Inviting friends - for a ref, a boxing fragment is given to you and a friend;
• Achieving team goals with friends.

After 25 boxing fragments are collected, they are combined into 1 box. Fragments are combined automatically every 7 days.

Why are boxes needed?

Boxes are needed for collecting NFTs, for which there will be additional rewards (in the form of Manta tokens).

There are several NFTs in each box. If you collect them all, you will receive “the First Modular L2” NFT.

Possible rewards for New Paradigm

Total supply - 1 billion tokens

It is difficult to compare Manta with competitors due to the mixture of areas of work: Polkadot project, EVM L2 network, ZK.

But Polygon still comes to mind as a possible competitor - L2, ZK, FDV $8.66 billion.

The number of tokens at the time of TGE is unknown (still there is no tokenomics and vesting schedule), only the vesting of tokens with ICO is known (80 million tokens at a price of $0.36 per token) - 40 days after TGE and 100% unbundling. Therefore, with a small circulation, any prices can be drawn. p>

Let at the time of TGE FDV there be half of the Polygon cap - $4 billion, with such a cap 1 Manta = $4

Approximate estimate of awards

50 million have been allocated for the NEW PARADIGM program. Manta tokens, $200 million.

Let’s say the final TVL is $300 million.

Using simple calculations, for every dollar contributed, we get 0.167 Manta tokens ($0.667) or an increase of 66.7%. /p>

The calculation does not take into account any activity for the wrapped Stone and Mountain Protocol USD tokens, which are given to us for a contribution to NEW PARADIGM. They can be used in Manta ecosystem daps, but at the moment there is no liquidity.

So, for a minimum of 0.25 ETH (or equivalent in USDC), after 69 days we will receive a minimum of $380 in Manta tokens.

This is a very positive calculation, since getting half the rating from Polygon right away will not be an easy task, but the project’s ambitions are high and the market is so far favorable.

Conclusion

There were doubts at the beginning, but in a few days the project managed to raise $59 million. So far no large whales have been observed transactions, perhaps Eigen and Blast took most of the liquidity from the market.

On the other hand, the less TVL Manta has, the more rewards participants will receive. But everything is not very transparent. 

It is worth noting again that Manta has excellent funds and angel investors. A large amount of funds raised.

Among the minuses is the lack of data on tokenomics and vesting of the bulk of tokens. As well as the constant postponement of TGE.

At the moment, based on the numbers, the NEW PARADIGM program looks very good. If you hold ETH or have free stables, you can safely attach them until the end of the program. 

It’s hard to say who will make the biggest profit in the Eigen-Blast-Manta stake race. A smart strategy would be to throw stables or ETH into all three protocols.