After listening to the opinions of the community, Manta Network announced the adjustment of the Polkadot parachain crowdlending strategy:
Instead of using the 1DOT: 5MANTA fixed reward ratio, all 15.6% of the MANTA rewards will be allocated to the first round of Polkadot parachain crowdlending participants in proportion to their contribution, including 12% base rewards, 3% liquidity mining rewards and 0.6 % of the 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, liquidity mining rewards can be obtained by participating in decentralized platforms.
In the adjusted strategy, the early bird award is still retained in the 15% token reward. Before Polkadot’s first parachain auction starts, contributors participating through all platforms can get an extra 10% MANTA, and before the end of the third parachain auction, they can get an extra 5% MANTA. Therefore, the earlier you participate, the more rewards you receive.
The 0.6% part of the Binance Contribution Award remains unchanged. From November 4th to November 11th, contributors who pledged through Binance can share 6,000,000 MANTA in addition to the new basic rewards, and at the same time receive an additional 10% MANTA early bird reward . It is estimated that Manta currently has more than 1.5 million DOT pledged in Binance.
After the strategy is adjusted, the reward obtained for each contribution of a DOT can be up to 30 times that of the previous strategy.
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Manta Network is committed to building a better Web3 world through privacy protection. Manta's product design starts from first principles, and provides end-to-end privacy protection for blockchain users through leading cryptographic architectures such as zkSNARK. While protecting privacy, Manta is interoperable, convenient, high-performance and auditable, 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.
Manta Network is committed to building a better Web3 world through privacy protection. Manta's product design starts from first principles, and provides end-to-end privacy protection for blockchain users through leading cryptographic architectures such as zkSNARK. While protecting privacy, Manta is interoperable, convenient, high-performance and auditable, 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.
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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 Berkeley University Blockchain Accelerator.
2. Why support Manta?
Manta Network is the zero-knowledge privacy layer in the Web3 world, and it is also the first project to use zero-knowledge proof technology (zkSNARK) on Polkadot to achieve on-chain privacy. Privacy has always been a major problem that has not been resolved in DeFi, and Manta's The goal is to provide on-chain privacy protection 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 make the entire relay chain and parachains of the Polkadot ecosystem such as stablecoins on Acala and EVM digital assets on Moonbeam private, maximizing 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 the only Polkadot platform that meets the privacy needs of the chain, promotes anti-censorship, and ensures that privacy tokens are sufficiently decentralized and interoperable.
On September 15th, Calamari Network, the leading network of Manta Network, won the Kusama 7th parachain slot auction with 218,247 KSM locked votes, and was connected to the Kusama network to become a parachain block producer. There are 16,005 contributors to Calamari crowdfunding, which is the largest number of community contributors among all Kusama parachain auction projects. This includes support from team members at Hypersphere, CoinFund, Parity, and more.
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4. Crowd Loan Rewards
Manta's hard cap for crowd lending is 30,000,000 DOT. Manta reserved 15.6% of the total amount of tokens, or 156 million MANTA, as rewards for the next Polkadot parachain auction.
Parachain auction reserve
15% of the total amount of Manta tokens, or 150 million MANTA, will be used for parachain auction incentives. These include 12% base rewards and 3% liquidity mining rewards.
The formula for calculating the basic reward is:
The formula for calculating liquidity mining rewards is:
Early bird bonus:
In order to thank the early supporters for their support, Manta has additional incentives for early crowd lending contributors on top of the basic incentives. Early contribution rewards are divided into two phases:
Phase 1: Contributors who participate in the pledge before the first Polkadot parachain auction starts can get an additional 10% MANTA.
Phase 2: Before the end of the third Polkadot parachain auction Contributors who participate in the pledge during the period from the start of Polkadot's first parachain auction to the end of the third parachain auction can get an additional 5% MANTA.
Binance Contribution Award
From November 4th to November 11th, Manta will also take out 0.6% of the total amount of tokens, that is, 6,000,000 MANTA, which will be distributed as early bird awards to users who support Manta Network crowdfunding through Binance.
In addition, contributors participating through Binance can also obtain BDOT to release the liquidity of pledged DOT. BDOT is a lock-up certificate issued by Binance at a ratio of 1:1 based on the locked-up DOT. After the project successfully bids for the slot and the 5 rounds of auction period ends, Binance will activate the BDOT exchange function within 45 days, and users can choose resources to exchange .
*Please note that we are not yet sure that centralized exchanges will support MantaPay liquidity mining activities. Users participating 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 the centralized exchanges, and more details will be announced in the future.
Manta NFT
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5. Bidding cycle and lock-up
In order for Manta to run successfully on Polkadot, we need enough DOT to obtain a parachain card slot. Manta will participate in the slot auction from the first parachain slot, and will auction slots for 8 cycles, that is, leasing The period is 8 weeks*12=96 weeks;
Polkadot’s first parachain slot auction will start on November 11th GMT, and the first round of 5 parachain slot auctions will end on December 16th.
Manta’s crowdlending campaign will start before the first parachain auction and end after winning a parachain slot. Crowd lending participants participate in Manta crowd lending by locking a certain amount of DOT. DOT tokens will be locked from the beginning of the auction until the end of 8 cycles (96 weeks) after winning the card slot auction.
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6. 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 by block within 48 weeks;
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What is MantaPay?
MantaPay is the main product of Manta in the early stage, and it is planned to be launched in early 2022. The specific time depends on the results of the Polkadot parachain auction and the duration of the test network. 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 user transfers on the chain.
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Activity Rules
5% of the total amount of Manta tokens, or 50,000,000 MANTA, will be allocated to crowdlending participants participating in MantaPay's private liquidity mining. Manta's crowd lending participants need to deposit the required assets when MantaPay goes online to receive this part of MANTA rewards. The purpose of MantaPay's liquidity mining activity is to encourage Manta's early crowd lending participants to experience the on-chain privacy payment products brought by MantaPay.
The liquidity mining activity will randomly start at the place where MantaPay is launched, and the activity will last for 60 days. During the MantaPay liquidity mining activity, users can deposit and withdraw DOT or MANTA at any time. We will use the end of the activity as the snapshot time point, and distribute MANTA token rewards according to the accumulated DOT or MANTA deposited by users during the activity , participants will automatically receive rewards after the event ends.
To get this part of the reward, you must be a Manta crowdfunding contributor and meet the following conditions:
Examples are as follows:
Examples are as follows:
Luke pledged 1,000 DOT in the Manta crowd loan, and he needs to deposit 100 DOT (10%) or MANTA equivalent to 100 DOT in the MantaPay liquidity mining activity;
Michael pledged 9 DOT in the Manta crowd loan, and he only needs to deposit more than 0.5 DOT or equivalent MANTA to participate in liquidity mining;
The reward for liquidity mining is linearly related to the target deposit amount. Assuming that Luke's target deposit amount is 100 DOT, but he deposits 50 DOT successively during the event, he will be able to receive 50% of the MANTA reward.
During the event, the amount of tokens deposited by the user can be accumulated. For example, Luke can deposit 50 DOT on the first day of the event and another 50 DOT on the 10th day. Then his accumulated deposit during the event is 100 DOT. Unlock 100% liquidity mining rewards.
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8. Crowd Loan Participation Channels
The following platforms have been confirmed to support Manta crowdfunding:
Decentralized Engagement Channels
Manta Crowdloan official website (to be launched)
Polkawallet
Math Wallet
Centralized exchange channel
Binance
OKEX
Kucoin
Gate
MEXC
huobi
We are expanding as many channels as possible to participate in crowdlending to meet the different needs of the community, and more cooperation platforms will be gradually updated.
Telegram Chinese: https://t.me/mantanetwork_zh
Manta Website:https://manta.network/
Calamari Website:https://calamari.network/
Github:https://github.com/Manta-Network
Twitter:https://twitter.com/MantaNetwork?s=20
Medium:https://medium.com/@mantanetwork
Telegram:https://t.me/mantanetwork
Telegram Chinese: https://t.me/mantanetwork_zh
Discord Chinese channel: https://discord.gg/ZtSuSKRy8X
WeChat public account: Manta Network Protocol
If you want to know more about crowd lending, please join the Manta Network Chinese official telegram discussion group for consultation:https://t.me/mantanetwork_zh
