Early adopters of the extremely anticipated Layer 2 community report receiving miniscule MANTA allocations.
Manta Community, Ethereum’s third largest Layer 2 with $885M in whole worth locked, launched its native MANTA token immediately.
The token is buying and selling at $2.12 on the time of writing, giving the much-hyped venture a totally diluted valuation of $2.1B, in line with CoinGecko. The token is at present ranked 117th by market capitalization.
Manta allotted 30M tokens – 3% of the full provide – towards an airdrop for early customers of the community.
Most DeFi customers are disillusioned by the airdrop, nonetheless.
“Manta New Paradigm is probably the most disappointing airdrop of the 12 months,” JayXBT, a crypto content material creator, posted on X. “I deposited 1 ETH, and my workforce deposited 2.5 ETH whole [and] all I get is 26 $MANTA at present valued at $65.”
“Manta Community farmed customers quite than the customers farmin manta lmfao,” wrote crypto dealer MK.
Others, like DeFi Dad, are reporting that they’re unable to bridge property again from Manta’s L2.
Factors System
The 30M tokens airdropped immediately had been primarily based on a factors system constructed round duties customers accomplished on Manta’s Layer 2, often called Manta Pacific. Factors techniques, popularized by NFT market Blur, have modified the airdrop sport in that standards for eligibility have turn out to be extra predictable.
Earlier than factors, customers wouldn’t know the requisite steps to turn out to be eligible for a specific airdrop. Now sure behaviors, like bridging, utilizing DeFi protocols, or proudly owning sure NFTs, are awarded factors, which generally result in a corresponding quantity of tokens later.
How the factors will translate into tokens often stays unknown till an airdrop goes reside, typically ensuing within the kind of disappointment voiced by members of the crypto neighborhood immediately.
Manta Community is at present composed of two separate networks. The flagship chain is Manta Pacific. The opposite, referred to as Manta Atlantic, is a Layer 1 chain constructed on Polkadot. Manta payments itself as a multi-modular ecosystem for zero-knowledge functions, in line with its documentation.
Manta Pacific was the primary L2 to make use of Celestia, which supplies information availability to different crypto networks. Celestia had a significant airdrop itself final 12 months.
Regardless of the venture’s excessive rank by way of TVL, Manta Pacific trails different L2s by way of exercise. The community is processing lower than three transactions per second (TPS), whereas different L2s like Arbitrum and zkSync Period are averaging over 9 and 14 TPS, respectively, in line with L2BEAT.
MANTA can be used to manipulate the Manta ecosystem, in line with a press launch shared with The Defiant. On Manta Pacific, holders will save on gasoline and profit from sequencer income, amongst different advantages.
One other 2% of the MANTA provide can be airdropped to customers and contributors to the ecosystem, in line with a doc outlining the airdrop’s mechanics.
