DeFi Discontent Erupts as MANTA Airdrop Ignites Controversy Among Community Members

Manta Network, Ethereum's third-largest Layer 2 with $885 million in total value locked, initiated its native MANTA token launch, accompanied by a 3% token allocation for an airdrop targeting early network users. However, the highly anticipated airdrop has stirred disappointment within the DeFi community.

Token Launch Details:

• MANTA token commenced trading at $2.12, yielding a fully diluted valuation of $2.1 billion.
• Manta Network's MANTA token is ranked 117th by market capitalization, emphasizing its significant entry into the crypto space.

Source:CoinGecko

Airdrop Discontent:

• Many DeFi users expressed dissatisfaction with the MANTA airdrop, considering it one of the most disappointing of the year.
• Users complained about minimal token rewards, with some noting receiving as little as 26 $MANTA valued at $65 despite substantial deposits.

Points System for Eligibility:

• MANTA's airdrop was based on a points system, where users earned points by engaging in specific tasks on Manta's Layer 2, known as Manta Pacific.
• Points systems, increasingly popular in airdrop strategies, offer more predictable criteria for eligibility but may lead to dissatisfaction if the token rewards do not meet expectations.

Source:https://mantanetwork.medium.com/

Manta Network Overview:

• Manta Network operates two separate chains – Manta Pacific (Layer 2) and Manta Atlantic (Layer 1 on Polkadot), presenting itself as a multi-modular ecosystem for zero-knowledge applications.
• Manta Pacific, despite being Ethereum's third-largest Layer 2 in total value locked, trails in transaction processing compared to other Layer 2 solutions.

MANTA Token Utility:

• MANTA will serve as the governance token for the Manta ecosystem, offering benefits such as gas savings and a share in sequencer revenue to holders on Manta Pacific.

Future Airdrop Plans:

• An additional 2% of the MANTA token supply is earmarked for future airdrops to users and contributors within the Manta ecosystem.

Despite Manta Network's notable position in terms of total value locked, the discontent voiced by users regarding the airdrop underscores the importance of transparent and rewarding token distribution mechanisms in the DeFi space. Further developments and user feedback may impact Manta Network's standing within the crypto community.