2024-01-26 23:30:00
Manta Network, which operates on the second layer of the blockchain with an increased level of confidentiality, encountered an emergency situation when listing its billion-dollar tokens earlier this month. The events unfolded on January 18, when the blockchain suffered a distributed DDoS attack, causing the network to be temporarily paralyzed for several hours due to 135 million remote procedure call (RPC) requests.
The transfer of 2 million MANTA tokens to the personal wallet of a Korean business development representative has become the subject of investor speculation. The company later clarified that this was only initial investment support for its decentralized finance (DeFi) project LayerBank.
Despite these challenges, the network quickly recovered and now has a market capitalization of $3.1 billion. Kenny Lee, co-founder of p0x labs and creator of the Manta Network, emphasized that thanks to layer-2 technology, the profitability of the protocol has increased significantly.
“Over the past month, we have saved users about $1 million,” Lee said. “We strive to find a balance between transaction volume and overall revenue.”
As the network scales up, p0x labs plans to award ecosystem grants to projects with outstanding results, such as Zero Lend, whose Total Volume Locked (TVL) exceeded $19 million shortly after launch.
Regarding the budget and plans for the current year, Lee stated that the focus will be on business development in Korea, where the volume of the Ethereum virtual machine, LayerBank money market and Shoebill lending protocol has exceeded $350 million TVL.
Despite its growth, the project has had to abandon its legacy goals, including exploring the privacy aspects of zero-knowledge technology, due to regulatory uncertainty in the US.
Instead, Manta Network is actively developing zero-knowledge decentralized applications, such as fully online poker and decentralized identity minting. The combined value of Manta Network’s minted and combined assets currently stands at $1.5 billion.
In recent developments, on July 19, 2023, p0x labs successfully raised $25 million in Series A, valuing itself at $500 million, with participation from Polychain Capital and Qiming Venture Partners.
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