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Manta Pacific welcomes native Ethereum yield and adopts Celestia

Layer-2 network Manta Pacific, which is leveraging Optimism’s OP stack, has adopted modular data availability (DA) using the recently announced Celestia mainnet, making it the first of its kind.

Core developer Kenny Li claims that switching to Celestia for DA from the Ethereum mainnet will make Manta Pacific transactions far cheaper. This, in turn, should “future-proof” the chain, meaning it will be able to withstand increased demand for block space in future bull markets.

The average cost of a transaction on Manta Pacific is now approximately $0.24. However, according to Li, they can get it down to less than $0.03 in a week or two. Following more modifications in January, they expect to see a 25x reduction.

The development of Manta Network began in the first quarter of 2023 when Li, a co-founder of p0x Labs, learned that Celestia was integrating their OP stack. This coincided with Manta’s planned launch, so Li began communicating with the Celestia team.

“No pun intended—it was just a happy coincidence,” Li said to Blockworks.

Manta Pacific’s Celestia integration uses data availability sampling (DAS) to enable light nodes to check data availability without downloading every single bit of data in a block. By making data retrieval more efficient, this strategy turns the rollup into a validium, which in turn decreases expenses.

Modular blockchain architectures separate multiple layers to handle different purposes, including consensus, execution, data availability, and settlement, instead of managing everything in one chain.

The team behind Manta chose to use a zkEVM built using the Polygon Chain Development Kit (CDK) after the Manta Pacific testnet went live in August.

Polygon’s proof-of-stake chain will also implement a zkEVM validium rollup.

Users will no longer have to deal with the inconvenience of delayed withdrawals caused by the fault proofs inherent to optimistic rollups after this change, which is expected to occur in the second quarter of 2024.

“At the moment, our plan is to phase it in such a way that one of our phases has a multi-proven model. This way, in the event that anything goes wrong, we can fall back on the fault proofs on the OP stack. Additionally, we can incorporate the zk proofs so that users can experience fast finality,” Li explained.

Trusting a centralized sequencer and community monitoring are crucial for ensuring the integrity of transactions on Optimism, as fault proofs are not yet live.

Like Celestia, Manta uses a single centralized sequencer to upload data to it, and Li compares the intended zk-proven backup system to using Celestia.

According to Li, among the important factors to consider are resilience, fallback alternatives, and contingency plans. In the case of Celestia, the backup plan is to use Ethereum to ensure data availability.

A multi-proven system shouldn’t make much of a difference because DA is the primary factor affecting the user’s transaction expenses.

The Manta Network’s development team, P0x Labs, raised $25 million in July through a Series A round of investment.

When Manta Atlantic, a Polkadot parachain, is operational in early 2024, they will provide a comprehensive solution for building Web3 apps.

Despite Manta Atlantic’s emphasis on zk solutions inside the Polkadot ecosystem, Li has stated that the two will soon have synergies.

He stated that the zk components built on the circuit side specifically focus on on-chain identity, allowing users to verify without disclosing their wallet addresses and the like. His current objective is to bring this on-chain identity to the Pacific ecosystem.

He also mentioned that around 100,000 people will be participating in KYCd.

Native yield on ETH and USDC

Taking a page out of Mantle and Blast’s playbook, Manta Pacific allows users to engage with layer-2 dapps while earning yield on ether and stablecoins invested.

Manta’s STONE token, based on the LayerZero protocol, can directly be used in DeFi decentralized applications (dapps). StakeStone is a Liquid Staking Token (LST) protocol that takes ETH and issues STONE.

In addition to being compatible with forthcoming restaking, StakeStone supports prominent staking pools like EigenLayer.

USDC deposits undergo conversion into Mountain Protocol’s yield-bearing stablecoin (USDM). Manta will allow the bridging of these tokens back out after an initial phase of around two months as part of a campaign called New Paradigm.

And Li feels the same way.

After three days, Manta Pacific’s TVL is at $60 million, and Li praised Blast for having 800 million TVL (total value) held away from investors who may be putting it to better use.

Although it’s exciting and new right now, he predicted that in a year’s time, “I wouldn’t be surprised if it’s a commodity—the feature that everyone has.” He was aware that many other “layer-2s” were also investigating the topic.

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