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Manta Network’s New Paradigm event surpasses $380M in TVL

Manta Network

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TL;DR

  • Manta Network’s New Paradigm: $380M in 2 weeks, 102K participants.
  • Earn rewards with rare NFTs, top 200 on leaderboard recognized.
  • 50M $MANTA tokens, 15M for T7 NFT holders, $5M for special events.

New Paradigm, a groundbreaking event hosted by Manta Network, has successfully achieved a Total Value Locked (TVL) amount exceeding $380 million within two weeks of its launch. 

This event has garnered immense interest from the crypto community, attracting over 102,000 participants who have collectively contributed over 130,000 ETH and over $66 million to the Manta Network ecosystem.

Introducing the New Paradigm Leaderboard

Manta Network has introduced an innovative New Paradigm Leaderboard system to enhance user engagement and competition. Participants can now track their rankings and view the top 200 competitors and teams. 

The ranking is primarily based on the number and rarity of NFTs (Non-Fungible Tokens) held in each participant’s wallet, with a focus on “The 1st Modular L2,” followed by “Tier1 Backers,” “Leaderboard Scores,” and more.

Participants’ positions on the leaderboard are determined by the quantity of high-rarity NFTs they possess. In cases of tied numbers, the ranking considers the time taken by participants to reach that specific number of NFTs, with earlier participants receiving a higher rank.

In addition to obtaining NFTs through Lucky Boxes, participants can purchase NFTs from various marketplaces such as Element and NFTb. The ultimate goal is to collect all six NFTs, which will unlock the coveted “The 1st Modular L2” NFT, adding excitement to the New Paradigm event.

Distribution of 50M $MANTA tokens

New Paradigm is set to distribute 50,000,000 MANTA tokens, divided into two segments: base rewards and special rewards. The allocation is based on the rarity rating of T1-T6 NFT holders.

Each of the six NFTs offers varying rewards for participants in the New Paradigm event, depending on their rarity. The reward weight increases for rarer NFTs, resulting in larger MANTA tokens. Conversely, NFTs with lower rarity yield fewer MANTA tokens, with the distribution contingent on the number and rarity of NFTs held.

The New Paradigm event also sets aside 15,000,000 MANTA tokens for holders of T7 NFT “The First Modular L2 NFT.” Each owner of this prestigious NFT will receive an equal share of the prize pool, which constitutes 15 million of the 20 million special reward tokens.

Furthermore, an additional $5 million from the Special Rewards Pool will be allocated to special events and partner support initiatives. This allocation aims to foster collaboration and engagement within the Manta Network ecosystem.

Manta Network is committed to supporting the DeFi community. To this end, 4,200,000 MANTA tokens will be distributed to DeFi projects that support STONE/wUSDM on Manta Pacific, indirectly benefiting New Paradigm participants. 

Additionally, 800,000 MANTA tokens will be distributed to users of partner wallets, including OKX Wallet, Trust Wallet, Bitget Wallet, and Bybit Wallet.

About Manta Network

Manta Network is a modular blockchain designed for zero-knowledge (ZK) applications. Its flagship product, Manta Pacific, serves as a modular Layer 2 ecosystem for ZK applications and EVM-based decentralized applications. 

The network’s goal is to offer users the lowest gas costs and the best possible experience. By leveraging universal ZK-as-a-service implementation and Celestia’s data availability for modularization, Manta Pacific sets the stage for ZK-enabled applications to thrive.

The Manta Network project boasts a team of experienced founders with backgrounds from prestigious institutions such as Harvard, MIT, and Algorand. The network has secured investments from leading Web3 investment funds, including Binance Labs and Polychain Capital. 

It has also benefited from participation in top web3 accelerators like Alliance DAO and Berkeley Blockchain Xcelerator. Manta Network is poised to attract a new generation of Web3 users and usher in a new era of privacy-focused Web3 applications.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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Lacton Muriuki

Lacton is an experienced journalist specializing in blockchain-based technologies, including NFTs and cryptocurrency. He dabbles in daily crypto news rich with well-researched stats. He adds aesthetic appeal, adding a human face to technology.

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