By
Chimamanda U. Martha
April 25th, 2024
Manta Network is part of a rising cohort of new blockchains designed to offer faster transactions at lower costs compared to established networks like Ethereum.
Manta Network, a cutting-edge layer-2 blockchain powered by zero-knowledge (zk) Proofs, recently faced a Distributed Denial-of-Service (DDoS) attack just as it celebrated a successful token listing on various exchanges. The incident, although disruptive, has been successfully resolved, showcasing the proactive nature of the Manta team.
The DDoS Attack on Manta Network
Following the successful token listing on exchanges like Binance, Bithumb, and KuCoin, Manta Network encountered a targeted DDoS attack. The assault aimed to overwhelm the network by flooding it with internet traffic, causing delays in transaction processing and impacting gas fees. Notably, the blockchain nodes received more than 135 million Remote Procedure Call (RPC) requests on January 18.
⚠️ Because of yesterday's DDoS attack, the network has accumulated a large queue of recent transactions. This is leading to longer transaction times and impacts on gas fees. We are aware of this issue and working to resolve it.
— Manta Network (🔱,🔱) #MantaNewParadigm (@MantaNetwork) January 19, 2024
Manta developers promptly addressed the issue, stating that the attack was aggressive and timed but reassured the community that the blockchain remained secure, and users’ funds were unaffected.
Kenny Li, co-founder of P0xeidon Labs, the cryptographic development team behind Manta Network, acknowledged the limitations in communication between apps and the blockchain during the attack. Despite these challenges, Li expressed confidence in the network’s safety and affirmed the team’s commitment to addressing the situation promptly.
In tandem with the DDoS attack, Manta tokens commenced trading on multiple exchanges, indicating a promising start for the project. The Manta token (MANTA), valued at $2.17 at the time of writing, boasted a fully diluted market cap of $544 million. The initial trading volume exceeded $686 million, underlining the interest and demand for Manta Network.
Manta’s Unique Position in the Blockchain Space
Manta Network is part of a rising cohort of new blockchains designed to offer faster transactions at lower costs compared to established networks like Ethereum (ETH). Backed by prominent funds, Manta aggressively markets its blockchain on various platforms, aiming to capture market share and fees, consequently enhancing the value of its native token.
A spokesperson for Manta Network revealed that Manta Pacific, the network’s layer-2 solution, witnessed a staggering 70x increase in Total Value Locked (TVL) within the past quarter, reaching an impressive $858 million. A recent airdrop, totaling 5% of Manta’s total supply, valued at $114 million, further highlighted the network’s growth.
Moreover, Manta Pacific has emerged as the fourth-largest scaling solution, surpassing industry giants like Coinbase’s Base. This achievement solidifies Manta Network’s position as a key player in the Decentralized Finance (DeFi) space.
While Manta Pacific focuses on scaling solutions, Manta Atlantic, the flagship NFT private offering platform, launched in April 2023. Since its inception, Manta Atlantic has minted over 300,000 zero-knowledge Soulbound tokens, collaborating with key ecosystem partners, including Arbitrum, Galxe, Linea, and CyberConnect.
Meanwhile, an earlier report from last year has revealed that P0xeidon Labs successfully raised $25 million in its Series A funding round. The team also introduced the testnet of Manta Pacific, the layer-2 infrastructure, which later transitioned to mainnet on September 12.