The introduction of MANTA to Binance Launchpool is a big step towards solving the challenges of the ZK ecosystem.
Binanceis one of the world’s leading cryptocurrency exchanges. revealed Launchpool’s 44th project – Manta (MANTA). This new addition to the Binance ecosystem promises to be a game-changer by introducing a modular layer 2 (L2) solution tailored for zero-knowledge (ZK) applications.
Staking and Farming MANTA
According to the announcement, users wishing to participate in the MANTA Launchpool can farm MANTA tokens over two days, starting at 00:00 (UTC) on January 16, 2024, by staking their BNB and FDUSD tokens in separate pools.
After the farming period, Binance will list MANTA on January 18, 2024 at 10:00 (UTC), launching trading pairs such as MANTA/BTC, MANTA/USDT, MANTA/BNB, MANTA/FDUSD, and MANTA/TRY.
Staking terms include Know Your Customer (KYC) verification requirements to ensure a safe and compliant environment for participants. Additionally, the hard cap per user per hour is set at 50,000 MANTA for BNB pools and 12,500 MANTA for FDUSD pools. This structure aims to provide users with a fair opportunity to participate in the launch, preventing concentration of tokens in the hands of a few participants.
The total supply of MANTA tokens is limited to 1,000,000,000, with approximately 25.1% (251,000,000 MANTA) available on the market when Launchpool launches. Additionally, 3% (30,000,000 MANTA) of the total token supply will be allocated as user rewards.
Binance emphasized that user rewards will be calculated hourly based on a snapshot of user balance and total pool balance. Users can credit and claim rewards to their spot account at any time. The farming mechanism allows users to stake to one pool at a time, giving them the flexibility to unstake their funds at any time and immediately join other available pools.
MANTA Initiative
The introduction of MANTA to Binance Launchpool is a big step towards solving the challenges of the ZK ecosystem. MANTA, a modular layer 2 solution, focuses on zero-knowledge applications to meet the growing demand for privacy-centric solutions in the blockchain space.
The inclusion of MANTA comes at a time when the cryptocurrency community is witnessing increased efforts to innovate and meet evolving needs. December, ZKFair initiative released The first community-owned ZK Layer 2, 100% airdrop. ZKFair aims to correct imbalances and challenges within the ZK environment by building a community-driven governance model.
The existing ZK ecosystem suffers from issues such as high valuation, barriers to user participation, and the influence of venture capitalists. Moreover, the lack of differentiation between ZK Layer 2 solutions often results in user churn and manipulation.
Binance’s decision to introduce MANTA to Launchpool therefore reflects the exchange’s commitment to supporting innovative projects within the cryptocurrency space. As the cryptocurrency community continues to pursue privacy-focused solutions, the inclusion of MANTA and the emergence of community-driven initiatives like ZKFair herald a promising future for the development of a fair, inclusive, and user-centric ZK Layer 2 network. do.
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