By Tom Blitzer
Key Insights:
- Manta Network effectively counters DDoS attacks, safeguarding user assets while launching its token across key cryptocurrency exchanges.
- Despite cyber challenges, Manta’s token launch reaches a significant market cap, highlighting investor interest in new blockchain technologies.
- Manta Network’s layer-2 solution demonstrates substantial TVL growth, marking its evolving role in the decentralized finance and blockchain sector.
Prompt Mitigation of DDoS Attack
Manta Network recently faced a significant challenge in the dynamic world of blockchain technology. As the network celebrated its token debut on various exchanges, it encountered a Distributed Denial-of-Service (DDoS) attack. This cyber attack aimed to cripple the network’s operations by bombarding it with excessive internet traffic. Despite this, the Manta team demonstrated remarkable resilience and technical prowess in addressing the situation.
The attack, involving over 135 million Remote Procedure Call (RPC) requests, was a deliberate attempt to disrupt the network’s normal functioning. However, the Manta development team, under the guidance of P0xeidon Labs, responded promptly. Their swift actions ensured that the blockchain’s integrity and the safety of user funds remained uncompromised.
Kenny Li, a leading figure at P0xeidon Labs, recognized the attack’s impact on the network’s communication systems. Despite these challenges, he reassured stakeholders of the network’s robust security protocols and the team’s commitment to maintaining operational stability.
Token Launch Amidst Adversity
The timing of the cyber attack coincided with the launch of Manta’s token, MANTA, on major cryptocurrency exchanges, including Binance, Bithumb, and KuCoin. Despite the adversities, the token launch was a significant milestone for the network. With a value of $2.17 and a fully diluted market cap reaching $544 million, the token’s initial trading volume exceeded $686 million. This level of market engagement reflects a strong interest in Manta Network’s offerings.
Strategic Growth and Market Positioning
Manta Network is part of an emerging group of blockchain networks that offer enhanced transaction speeds at lower costs, particularly in comparison to established networks like Ethereum. This strategic positioning has enabled Manta to carve out a niche in the competitive blockchain landscape.
Significantly, Manta Pacific, the network’s layer-2 solution, has seen an exponential increase in Total Value Locked (TVL). The 70-fold growth over the past quarter, culminating in a TVL of $858 million, is a testament to the network’s growing influence. Additionally, a recent airdrop comprising 5% of Manta’s total supply, valued at around $114 million, further underscores the network’s expansion.
Moreover, Manta Pacific has rapidly ascended in the blockchain industry, now the fourth-largest scaling solution. This achievement places Manta Network at the forefront of the Decentralized Finance (DeFi) sector, outperforming platforms like Coinbase’s Base.
Innovations and Collaborations
Beyond scaling solutions, Manta Network has also ventured into Non-Fungible Tokens (NFTs) with Manta Atlantic, its flagship private NFT offering platform. Launched in April 2023, Manta Atlantic has minted over 300,000 zero-knowledge Soulbound tokens. Its collaborations with industry partners like Arbitrum, Galxe, Linea, and CyberConnect highlight Manta’s commitment to innovation and ecosystem development.
This growth trajectory is backed by P0xeidon Labs’ successful fundraising efforts, including a $25 million Series A funding round. The introduction of Manta Pacific’s testnet, later transitioning to a mainnet in September, marks another milestone in the network’s development.