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Manta Pacific blockchain review

Manta Pacific is a Layer-2 solution on Ethereum, a part of the Manta Network, which is a multi-modular ecosystem for zero-knowledge (ZK) applications. It offers a scalable and cost-effective gas-fee environment for such applications to deploy. The network has two main parts: Manta Pacific and Manta Atlantic. Manta Pacific is designed to be EVM-compatible and zk-powered, while Manta Atlantic is the fastest ZK L1 chain on Polkadot, bringing programmable identities and credentials to web3 through zkSBTs.

Manta Pacific is the first EVM-equivalent ZK-application platform that achieves scalability and low transaction fees for ZK applications.

Origin and Vision 

The Manta Network originated in 2019 as a visionary effort on Zero Knowledge Proof research.  Then a research project on cross-border payments was conducted under the MIT Digital Currency Initiative in collaboration with the Monetary Authority of Singapore. This initiative created the framework for what would become the Manta Network which combines the speed and decentralization of Layer 1 solutions with the scalability and EVM compatibility of Layer 2 systems.  It aims to improve the whole decentralized ecosystem by prioritizing scalability, interoperability, and developer-friendly features.

Manta Pacific's Mainnet Alpha was formally launched on September 12, 2023. Alpha symbolizes Manta Pacific's MVP: a working EVM-based L2 with the first generation of Universal Circuits. 

What Consensus Algorithm Does Manta Pacific Use

Manta Pacific utilizes a layer-2 scaling solution, zero-knowledge rollup consensus mechanism, it moves the computation and state storage off the Ethereum main chain and processes multiple transactions simultaneously. 

The zk rollups consist of two main components.

On-Chain Smart Contract: These contracts manage zk rollups, by handling deposits, and withdrawals and verifying the submitted zero knowledge proofs. These contracts are deployed on the Ethereum chain. 

Off-Chain Virtual Machine: The Off-Chain Virtual Machine is responsible for collecting multiple transactions from the Ethereum chain, executing them and generating zero-knowledge proofs. These proofs are generated in the form of either ZK-SNARK (Zero-Knowledge Succinct Non-Interactive Argument of Knowledge) or ZK-STARK (Zero-Knowledge Scalable Transparent Argument of Knowledge), allowing them to confirm the validity of transactions in batch but does not leak out specific details. These proofs are then submitted on the main chain, where Ethereum’s validators verify these proofs and then all the transactions in a batch get finalized. 

How Manta Pacific Technically Solved Problems with Scalability, Decentralization, and Speed

Manta Pacific utilizes its Zero-Knowledge Rollups consensus mechanism, which is a Layer 2 scaling solution that provides fast speed processing and scalability to the blockchain, while relying on layer 1 for security, in this case Ethereum. 

To stand apart from other layer-2 solutions, Manta Pacific employed a zkEVM using the Polygon Chain Development Kit (CDK) and Celestia’s Data Availability (DA). Celestia comes with its state-of-the-art data availability combining 2D Reed-Solomon erasure coding and Namespaced Merkle Trees (NMTs). This reduces the data portion of transaction costs on the network for the end users and solves the data availability problem of L2s in a trust-minimized way. 

Who are the Main Players in the Manta Pacific

Validators are the key players in the Manta Pacific network who participate in the PoS consensus by staking a certain amount of $MANTA as collateral. The chosen validator gets to validate the new batch of transactions. 

DeFi Ecosystem on Manta Pacific

DeFi on Manta Pacific offers reduced gas fees, and interoperability with Ethereum. Its mainnet offers multi-modular ecosystem for zero-knowledge (ZK) applicationscan and the ability to run Ethereum applications with fast finality at a low gas fee. 

Manta Pacific’s DeFi ecosystem is quite diverse with DeFi like ApertureSwap, iZUMi Finance, OpenOcean, PacificSwap, and Rivera Money.

NFTs Marketplaces on Manta Pacific

NFT marketplaces on Manta Pacific  offer lower transaction costs, improved scalability, and fast finality attracting a broader range of artists and collectors. 

Aside from earning NFT via opening Lucky Boxes, users can buy any NFT from NFT marketplaces like Element, AlienSwap, or NFTb.

MANTA Tokenomics and gas usage on Manta Pacific

$MANTA is the native utility token of the Manta Pacific Network and it is utilized for the following utilities: 

Governance: Holding $MANTA tokens allows you to vote on network governance decisions on Manta Pacific and Manta Atlantic. 

Staking: To become a validator, in the Manta Pacific, users are required to stake their $MANTA token as collateral. The same users may delegate their MANTA tokens to get rewards.

Gas Fees:  Manta Atlantic uses $MANTA for the payment of transaction processing as gas fees. 

As Manta Pacific continues to lead the web3 revolution with solutions for privacy, scalability, and interoperability, strategic collaborations increase its effect on integration with RubyDex. This collaboration not only celebrates RubyDex's entry into its tenth chain, but also demonstrates the actual benefits of Manta Pacific's advances in performance, scalability, and security. This collaboration offers new options in decentralized trading for RubyDex users and the larger DeFi community, with the promise of lower petrol fees and more security.