Manta Network co-founder Victor: We will continue to launch products to make community and developers more interesting to participate

2024-05-20 19:02

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Original source: victorji.eth

Dear Manta community members:

Hello everyone, in the four months after TGE, I would like to share with you our progress from the perspective of the founder. For us, users and community are everything. We hope to communicate through voice, text and various means to let everyone see Manta's continued development and collect more feedback.

First, let's talk about TVL, which everyone is most concerned about. There has been a significant decline from 2b to about 800m now. We believe that this is related to the excessively high yields given by various L2 and restaking projects in the market. Everyone has learned Manta's New paradigm and turned this lock-up airdrop paradigm into a basic operation for each L2 (even no matter how long it takes to go to the mainnet). Although Manta continues to develop the renew paradigm to give projects within the ecosystem a better opportunity to develop, we found that many users do not care about ecosystem projects, but only expect the benefits of the chain, which makes us either give a very amazing amount of manta to maintain TVL or choose the loss of TVL. But when we found that the ecosystem projects in the renew paradigm were not attractive enough, we chose another direction.

1) With the launch of Manta CeDefi today, we brought the benefits of funding rates, which is the highest benefit in this market neutrality, to BTC, ETH and stablecoins on the chain. All assets can rely on CeDeFi products to obtain relatively high native returns. This is more lasting and more stable than manta token subsidies. As the market value of each L2 goes online and gets smaller and smaller, we can find that the era of giving native tokens incentives to TVL is basically over. In addition to the current CeDeFi, Manta is also very concerned about the construction of the RWA direction ecosystem. We first cooperated with the most compliant native yield stablecoin USDM in the United States, and everyone will see further development after this cooperation. In Asia, we joined Hong Kong Cyberport and will further promote the behavior of financial institutions on the chain.

2) We will further develop the ecology of manta. Our ecological projects have increased to 200+, and there are more than 50 defi projects in defilama. This shows that manta has a comprehensive ecology without obvious missing pieces, but manta also needs to really commit builders who continue to build better products in the ecology. Now manta's problem is the same as ethereum and all evm. There are many builders, but there are not enough cooperation in the ecology. We insist on iterating products in the ecology. We have seen some potential in the zk app accelerator, such as nimble and gull, which are very distinctive projects in manta native.

In addition, various problems occurred in the coordination of ecological projects in the previous renew paradigm, such as the airdrop of zerolend was not issued in time, stakestone did not get eigenlayer points, etc., but the products and technologies of ecological projects will have some limitations and cannot be iterated in time. We also apologize to the community for this. We will also learn lessons and promote the implementation of relevant benefits earlier. In short, Manta has a good foundation at the bottom layer, very low gas fee, Binance's ETH direct deposit and withdrawal, and a very open ecological environment. However, at the same time, we will further hold hackathons, further open the governance system and grant application mechanism, and promote real large-scale applications with the community.

3) In the development of infrastructure, we are also in the process of integrating type1 prover, and strive to promote manta to be the first L2 in opstack to implement multiprover. At the bottom layer of zk applications, we are also working hard to promote product integration with rwa-related scenarios. In addition, we also have more decentralized explorations in decentralized sequencer and other aspects.

Manta is in a very difficult period now, but it is far less difficult than it was in early 2023. Manta still has a strong global community. When we walked in New York, Bali, Hong Kong and South Korea, people saw the Manta logo and came to communicate with us. Manta's founders moved to Asia this year, and further cooperation with enterprises and promotion of large-scale implementation have also begun to bear fruit. We continue to build, just like we have in the past four years. We may not be the first in all fields, but we continue to deliver products so that community users and builders can participate more interestingly.

We continue to hold events with ecological partners and even competitors that never charge admission, and build a positive and open brand. We have been iterating quickly and launching new products quickly, just like we did the first modular L2 and the first native income L2 to be launched on the mainnet. There are many L2s, but just like we are participating in the new paradigm of NFT, tier1 backers are the least valuable, but the first modular L2 only has Manta, which comes from our team's continuous hard work and the community's support. I look forward to the manta ecosystem and to meeting more of you in the ecosystem.