Bittime - The highly anticipated launch of the MANTA token, the native token of the Layer 2 Manta Network, was marked by disappointment among the DeFi community.
Early users who have been contributing to this network for a long time feel that the token allocation they receive is very small.
MANTA Has the 3rd Largest TVL on the Ethereum
Manta Network ranked third largest on Ethereum in terms of Total Value Locked (TVL) with a value of $885 million, officially launched the MANTA token today.
At the time of writing, the token was trading at $2.12, giving it a full market cap of $2.1 billion according to CoinGecko, and ranking it 117th.
A total of 30 million MANTA tokens, or 3% of the total supply, were allocated for an airdrop program for early network users. However, the majority of DeFi users feel disappointed with this program.
"Manta New Paradigm is the most disappointing airdrop of the year," wrote JayXBT, a crypto content creator, on Twitter. "I deposited 1 ETH, and my team deposited a total of 2.5 ETH, but I only got 26 MANTA which is currently worth $65."
"Manta Network is fishing for users instead of users fishing for MANTA," wrote crypto trader MK.
Additionally, other users such as DeFi Dad reported that they had difficulty moving assets back from Manta's L2.
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Airdrop Points System
The allocation of 30 million tokens distributed via today's airdrop is based on a points system that depends on the activities users complete on Layer 2 of Manta, known as Manta Pacific.
The points system, popularized by NFT marketplace Blur, has transformed airdrop schemes as eligibility criteria have become more predictable.
Previously, users did not know the requirements needed to be able to get certain airdrops.
Now, certain behaviors, such as bridging (moving assets between blockchains), using DeFi protocols, or ownership of certain NFTs, will earn points which are then usually converted into a certain number of tokens.
However, the amount of points that will be converted into tokens is usually kept secret until the airdrop takes place, sometimes as is happening now, this causes disappointment among the crypto community.
Manta Network Ecosystem
Manta Network currently consists of two separate networks. Their main network is Manta Pacific. The other network, called Manta Atlantic, is a Layer 1 network built on Polkadot.
As per the documentation, Manta Network offers a multi-modular ecosystem for zero-knowledge applications.
Manta Pacific is the first L2 to use Celestia, which provides data availability for other crypto networks. Celestia itself held a massive airdrop last year.
Despite ranking high in terms of TVL, Manta Pacific lags behind other L2s in terms of activity. The network processes less than 3 transactions per second (TPS), while other L2s such as Arbitrum and zkSync era average more than 9 and 14 TPS, according to L2BEAT.
According to a press release shared with The Defiant, MANTA tokens will be used for governance of the Manta ecosystem. At Manta Pacific, token holders will get savings on gas fees and profit from revenue sequencers, among other benefits.
Additionally, another 2% of the MANTA token supply will be distributed via airdrop to users and ecosystem contributors, as outlined in the airdrop mechanism document.
MANTA Airdrop Analysis: Expectations vs Reality
The launch of the MANTA token highlights the dilemma often faced in airdrops. While the program aims to attract users and build a strong community base, the minimal token allocation has the potential to cause disappointment.
Let's analyze more in the MANTA airdrop case.
Understandable Disappointment
1. Minimal Allocation
Early adopters who actively participated in Manta Pacific were disappointed to receive a very small token allocation. This sparked questions about the fairness and transparency of the airdrop points system.
2. Lack of Transparency
The mechanism for calculating points converted into tokens is not communicated. This makes it difficult for users to predict the number of tokens they will receive and leads to disappointment.
3. Low Network Activity
Compared to other L2s, activity on Manta Pacific is low. This raises questions about the utility of the MANTA token and the network's long-term prospects.
Positive Potential of Airdrop
1. Clearer Points System
While disappointing at the moment, the airdrop points system has the potential to get better in the future. With clear and transparent criteria, users can understand how to maximize their points to gain larger token allocations in the future.
2. Attracting New Users
Airdrops, although controversial, remain an effective strategy for attracting new users and increasing awareness of crypto projects. The MANTA airdrop program may be successful in bringing in new users who are interested in Manta Network technology.
3. Second-Level Airdrop
Allocating 2% of the MANTA token supply for the second stage of the airdrop to users and ecosystem contributors could be a better opportunity. With clearer criteria and active participation, users may be able to earn more significant token allocations.
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Conclusion
The MANTA airdrop is an interesting example of hope and reality in the crypto world. While users are disappointed, this program may be a long-term strategy for building a strong community.
Investors need to pay close attention to the development of the Manta Network, including its network activity, before making investment decisions in MANTA tokens. Deeper research and analysis are needed to understand the potential and risks before investing in this project.
How to Buy Manta Network (MANTA) on Bittime
You can buy and sell Manta Network (MANTA) easily and safely via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
Manta Network (MANTA) is available on Bittime with the market pair MANTA/IDR. To be able to buy MANTA IDR at Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Learn the complete guide on how to buy Manta Network (MANTA) on Bittime.
Monitor the price chart movements of Manta Network (MANTA), Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and other cryptos to find out today's crypto market trends in real-time on Bittime.
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DISCLAIMER: This article is informational and is not an offer or solicitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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