Manta Network Polkadot Parallel Chain Card Slot Auction Rules Released

 🌟 Binance Crowd Loan will start at 21 o'clock on November 4th, Hong Kong time!  https://www.binance.com/en/dotslot  Participate and share 6 million MANTA token rewards!



As the Polkadot card slot auction approaches, Manta Network announced that it will participate in Polkadot’s first round of card slot auctions, providing on-chain privacy protection for Polkadot’s relay chains and parachains, in order to take advantage of Polkadot’s decentralization and interoperability. Advantage.

1. 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.Manta Network Polkadot Parallel Chain Card Slot Auction Rules Released

2. 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 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 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 build 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 voting, 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.

After passing the Kusama #146 referendum, 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 Network Polkadot Parallel Chain Card Slot Auction Rules Released

3. Manta token distribution

Manta Network Polkadot Parallel Chain Card Slot Auction Rules Released

Fourth, crowd loan rewards

Manta reserved 15.6% of the total tokens, which is 156 million MANTA, as a reward for the next Polkadot parachain auction. If the tokens have not been allocated in the parachain auction, they will be used as a reserve for future auctions.

* Parachain auction reserve**

15% of the total amount of Manta tokens, which is 150 million MANTA, will be used for parachain auction incentives. Manta's crowd lending hard cap is 30,000,000 DOT, and users will receive a fixed ratio of 1:5 rewards. Once the crowd lending hard cap is reached, all 150 million MANTA will be allocated to crowd lending participants. If the hard cap of 30,000,000 DOT is not reached, the remaining MANTA token will be used as a reserve for future parachain auctions.

* Binance Early Bird Award**

In addition, Manta will also give out 0.6% of the total tokens, that is, 6,000,000 MANTA will be used as an early bird award to be distributed to users who support Manta Network crowd loans through Binance.

Crowd loan reward ratio

Manta Network crowd loan participants can get 5MANTA token rewards for every 1DOT contributed, which is a fixed reward of 1:5. The fixed ratio ensures that the rewards received by each crowd lending participant will not be diluted with the increase in the total amount of DOT pledge. This is a way that is fair to all crowd lending participants.

Early contributors can get early contribution rewards (see "Early Contribution Rewards"). In every 5 MANTA rewards, contributors can directly get 4MANTA, and the other 1MANTA rewards need to be obtained through MantaPay liquidity mining activities.

The following are the details of the reward distribution that can be received for each contribution of 1DOT:

Manta Network Polkadot Parallel Chain Card Slot Auction Rules Released

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.

Early contribution reward

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: before the auction of the first Polkadot parachain starts

Contributors who participated in the pledge before the start of Polkadot's first parachain auction can get an additional 10% MANTA.

for example:

If Gabriela contributes 500 DOT, she will receive a fixed reward of 2,500 MANTA (including 2,000 MANTA basic reward + 500 MANTA MantaPay privacy liquidity mining reward). As an early participant before the start of the first Polkadot Parachain auction, she can also receive 10%, which is an additional reward of up to 250 MANTA (200 MANTA basic reward + 50 MANTA MantaPay privacy liquidity mining reward). Therefore, Gabriela, as an early contributor, can accumulate 2,750 MANTA.

The second stage: before the end of the auction of the third Polkadot parachain

Contributors participating in the pledge during the period from the start of the auction of Polkadot's first parachain to the end of the auction of the third parachain can receive an additional 5% MANTA.

for example:

If Georgi contributes 500 DOT during this period, he will receive 2,500 MANTA rewards by default (including 2,000 MANTA basic rewards + 500 MANTA MantaPay privacy liquidity mining rewards). As an early participant in the second stage, he will also receive an additional 5% incentive, which is 125 MANTA, so the cumulative reward amount Georgi received is 2,625 MANTA.

Binance Early Bird Award

In order to motivate early participants in the community, Manta and Binance will jointly launch early bird contribution rewards. Users who pledge Manta crowd loans through Binance channels will enjoy a bonus pool of 6,000,000 MANTA. From November 4th to November 11th, regardless of whether Manta finally succeeded in taking the parachain, all users who participated in the Manta crowd loan through Binance can share the bonus pool. Early supporters who participate in the Manta crowd loan through Binance can receive both the early contribution reward and the Binance Early Bird Award.

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.


5. Bidding cycle and lock-up

In order for Manta to successfully run on Polkadot, we need enough DOT to obtain the parachain card slot. 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 11th GMT, and the first round of 5 parachain slots auction will end on December 16.

Manta's crowd-lending activity 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 amount of DOT. 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.

6. Token unlock time Manta Network Polkadot Parallel Chain Card Slot Auction Rules Released

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.

Seven, 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

5% of the total amount of Manta tokens, which is 50,000,000 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 Manta crowd loan contributor and meet the following conditions:
Manta Network Polkadot Parallel Chain Card Slot Auction Rules Released
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 1,000 DOT in the 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 amount. 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 number 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.

8. 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.

Welcome to follow our channel to learn more about Manta Network:

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/ZtSuSKRy8XWeChat
public Number: Manta Network Protocol

Manta Network Polkadot Parallel Chain Card Slot Auction Rules Released Manta Network Polkadot Parallel Chain Card Slot Auction Rules Released Reviewed by Nischal Lal Shrestha on November 26, 2021 Rating: 5

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