Manta Network has set up diversified incentive policies for the first round of Polkadot slot auctions, including crowd lending incentives, Binance contribution awards, and NFT airdrops.
After listening to the opinions of the community, Manta Network announced the adjustment of the Polkadot Parachain crowd lending strategy:
1DOT: 5MANTA fixed reward ratio is no longer adopted, but 15.6% MANTA rewards are allocated to the first round of Polkadot parachain crowd loan participants in proportion to their contribution, including 12% basic rewards, 3% liquidity mining rewards and 0.6 % Binance Contribution Award.
The calculation formula is: basic reward = (your DOT contribution / total DOT contribution to Manta) * 120,000,000 MANTA;
Liquidity mining reward = (your DOT contribution / total DOT contribution to Manta) * 30,000,000 MANTA . Among them, liquid mining rewards can be obtained for participation in decentralized platforms.
In the adjusted strategy, the early bird award is still retained in the 15% token rewards. Before the auction of Polkadot’s first parachain starts, contributors participating through all platforms can receive an additional 10% MANTA, and before the end of the third parachain auction, they can receive an additional 5% MANTA. Therefore, the earlier you participate, the more rewards you will receive.
The 0.6% part of Binance Contribution Award remains unchanged. From November 4th to November 11th, contributors pledged through Binance can share 6 million MANTA in addition to the new basic rewards, and at the same time receive an additional 10% MANTA early Bird reward. According to estimates, Manta currently has more than 1.5 million DOT pledges in Binance.
After the strategy is adjusted, the reward for each contribution of a DOT can be up to 30 times that of the previous strategy.
As the Polkadot card slot auction approaches, Manta Network hopes to provide on-chain privacy protection for Polkadot’s relay chain and parachain by successfully taking the first round of card slots, so as to give full play to Polkadot’s decentralization and interoperability. Advantage.
What is Manta?
Manta Network is committed to building a better Web3 world through privacy protection. Manta’s product design is based on first principles and provides end-to-end privacy protection for blockchain users through leading cryptographic architectures such as zkSNARK. While protecting privacy, Manta combines interoperability, convenience, high performance and auditability, allowing users to conduct private transfers and transactions between any parachain assets. Manta’s vision is to provide more convenient privacy protection services for the entire blockchain world.
The founding team of Manta consists of a number of cryptocurrency veterans, professors and scholars whose experience includes Harvard University, Massachusetts Institute of Technology and Algorand. Manta’s advisors include Hypersphere Ventures co-founder Jack Platts, Polychain partner Tekin Salimi, former Web3 Foundation co-founder Ashley Tyson, and Consensys’ Shuyao Kong.
Manta’s investment institutions include Polychain, ParaFi, Multicoin, CoinFund, Alameda, DeFiance, and Hypersphere. Manta is also a grant recipient of Polkadot’s official Web3 Foundation, a member of the Substrate Builder Program, and a member of the Blockchain Accelerator of the University of Berkeley.
Why support Manta?
Manta Network is the zero-knowledge privacy layer in the Web3 world and the first project to use zero-knowledge proof technology (zkSNARK) on Polkadot to achieve privacy on the chain. Privacy has always been a major problem that has not been solved in DeFi, and Manta’s The goal is to provide privacy protection on the chain for the entire DeFi world and realize the Web3 vision of the “post-Snowden era” as Gavin Wood said.
Manta’s first product, MantaPay, is able to privateize the entire relay chain and parachain of Polkadot, such as the stablecoin on Acala, and the EVM digital assets on Moonbeam, to maximize Polkadot’s interoperability.
Manta’s long-term goal is to establish a privacy smart contract platform that supports WASM, which can build and deploy various decentralized applications, such as the privacy trading platform MantaSwap and the privacy NFT platform. Manta will be Polkadot’s only platform that meets the privacy needs on the chain, promotes anti-censorship, and ensures that privacy tokens are sufficiently decentralized and interoperable.
On September 15th, Calamari Network, the pioneer network of Manta Network, won Kusama’s 7th parachain slot auction with 218,247 KSM lock-up votes, and connected to the Kusama network to become a parachain block. Calamari crowd loan contributors reached 16,005, which is the largest number of community contributors among all Kusama parachain auction projects, including support from team members such as Hypersphere, CoinFund, and Parity .
After the Kusama #146 referendum was passed, Calamari has completed the first runtime upgrade, successfully launched on-chain governance, and will soon start token transfer and launch the testnet. We believe that Calamari’s strong community support will help Manta win the next Polkadot Parachain auction.
Manta token distribution
Crowd Loan Rewards
Manta’s crowd lending hard cap is 30 million DOT. Manta reserved 15.6% of the total tokens, which is 156 million MANTA, as a reward for the next Polkadot parachain auction.
Parachain auction reserve
15% of the total amount of Manta tokens, which is 150 million MANTA, will be used for parachain auction incentives. These include 12% basic rewards and 3% liquidity mining rewards.
The calculation formula of the basic reward is:
The formula for calculating liquidity mining rewards is:
Early bird rewards:
In order to thank the early supporters for their support, on top of the basic incentives, Manta has additional incentives for early crowd lending contributors. Early contribution rewards are divided into two stages:
The first stage: Contributors who participate in the pledge before the auction of the first Polkadot parachain starts can get an additional 10% MANTA.
The second stage: Contributors participating in the pledge during the period from the beginning of the auction of the first Polkadot parachain before the end of the auction of the third Polkadot parachain to the end of the auction of the third parachain can get an extra 5% MANTA.
Invitation reward
Invite others to contribute throughthe official website of Manta Public Loan , and the inviter and the invitee will equally share the 5% MANTA reward. Users who have previously participated in early contributions through the decentralized channel (Polkadot JS) can still get invitation rewards by contributing DOT through the invitation code; the 5% invitation reward calculation includes basic rewards and MantaPay liquidity mining rewards.
Binance Contribution Award
From November 4th to November 11th, Manta will also give out 0.6% of the total tokens, that is, 6 million MANTA will be used as an early bird award to be distributed to users who support Manta Network crowd loans through Binance.
In addition, contributors participating through Binance can also obtain BDOT to release the liquidity of pledged DOT. BDOT is a lock-up voucher issued by Binance at a 1:1 ratio according to the lock-up DOT. After the project successfully auctions the slot and the 5 round auction period ends, Binance will activate the BDOT redemption function within 45 days, and users can choose to redeem it. .
* Please note that we cannot yet ensure that centralized exchanges will support MantaPay liquidity mining activities. Users who participate through centralized exchanges need to bear the risk of not being able to obtain liquidity mining rewards. We will do our best to communicate with all centralized exchanges, and more details will be announced in the future.
Manta NFT
Anyone who participates in the Manta crowd loan through decentralized channels can get one NFT.
Auction cycle and lock-up
In order for Manta to successfully run on Polkadot, we need enough DOT to obtain parachain card slots. Manta will participate in the slot auction from the first parachain slot, and will auction slots for 8 cycles, that is, lease The period is 8 weeks*12=96 weeks;
Polkadot’s first parachain slot auction will begin on November 11, GMT, and the first round of 5 parachain slots auction will end on December 16.
Manta’s crowd lending campaign will start before the first parachain auction and will end after winning a parachain slot. Crowd loans participants participate in Manta crowd loans by locking a certain number of DOTs. DOT tokens will be locked from the beginning of the auction until the end of the 8 cycles (96 weeks) from the winning of the card slot auction to the end of the card slot.
If Manta fails to win a slot in the first round of parachain auctions, the DOT pledged by crowd lending participants will be unlocked and returned to the original address.
Token unlock time
Part of the basic reward tokens will be released linearly in blocks during the lease period (96 weeks);
Part of the token rewards for liquidity mining will be released linearly in blocks within 48 weeks;
Part of the token rewards of the Binance Early Bird Award can be unlocked immediately after listing on Binance.
MantaPay liquidity mining
What is MantaPay?
MantaPay is Manta’s early main product and is scheduled to go online in early 2022. The specific time depends on the results of the Polkadot Parachain auction and the duration of the testnet. Based on zk-SNARK, MantaPay can support users to replace Polkadot and its Parachain tokens with corresponding privacy tokens, providing the highest level of privacy protection for users’ transfers on the chain.
The purpose of MantaPay liquidity mining is to encourage the community to actively experience the privacy payment products on the chain brought by MantaPay. Users only need to deposit a certain amount of parachain assets in Manta Network to enjoy private payments and transfers.
Activity Rules
3% of the total amount of Manta tokens, which is 30 million MANTA, will be distributed to crowd loan participants participating in MantaPay’s private liquidity mining. Manta’s crowd loan participants need to deposit the required assets when MantaPay goes online to receive this part of the MANTA reward. The purpose of MantaPay’s liquidity mining activity is to incentivize Manta early crowd loan participants to experience the privacy payment products on the chain brought by MantaPay.
The liquidity mining activity starts randomly where MantaPay goes online, and the activity will last for 60 days. During the MantaPay liquidity mining activities, users can deposit and withdraw DOT or MANTA at any time. We will take the snapshot time at the end of the event and distribute MANTA token rewards based on the accumulated DOT or MANTA deposited by users during the event , Participants can automatically get rewards after the event.
To get this part of the reward, you must be a crowd loan contributor of Manta and meet the following conditions:
When participating in MantaPay liquidity mining, you need to deposit DOT or equivalent MANTA. The price of MANTA is based on the average value within 30 days after opening the transaction;
Examples are as follows:
Luke pledged 1000 DOT in Manta crowd loan, he needs to deposit 100 DOT (10%) or 100 DOT equivalent of MANTA in MantaPay liquidity mining activities;
Michael pledged 9 DOT in the Manta crowd loan. He only needs to deposit more than 0.5 DOT or the equivalent MANTA to participate in liquidity mining;
The reward of liquid mining has a linear relationship with the target deposit. Assuming that Luke’s target deposit is 100 DOT, but he has successively deposited 50 DOT during the event, then he will be able to receive 50% of the MANTA reward.
During the event, the amount of tokens deposited by the user can be calculated cumulatively. For example, Luke can deposit 50 DOT on the first day of the event, and 50 DOT on the 10th day, then the cumulative deposit during the event is 100 DOT, which can be Unlock 100% liquidity mining rewards.
After the event ends, unclaimed MANTA will be automatically transferred to the reward pool of future parachain auction events.
Crowd loan participation channels
The platforms that have been identified to support Manta crowd loans are as follows:
Decentralized participation channels
Centralized exchange channel
We are expanding as many channels as possible to participate in crowd loans to meet the different needs of the community, and more cooperation platforms will be gradually updated.
