New Paradigm: The Real L2 that helps you earn more Yield than a Multisig
The Manta New Paradigm is live! To participate, you need to find an invite code. You can start by searching the #mantanewparadigm hashtag on Twitter.
We are excited to announce that the Manta New Paradigm is now live! You can deposit ETH and USDC, team up, invite friends, and engage in the ecosystem to collect Lucky Boxes and earn rewards.
Yield-bearing tokens and infrastructure have previously stayed in separate lanes innovating in their own, independent manner. Manta Pacific is the first L2 to introduce composability for yield-bearing tokens, creating maximum efficiency and rewards for users depositing ETH and stablecoins. With over $30m in TVL already locked on its live network and over 100+ projects deployed, Manta Pacific is now introducing the New Paradigm to unlock native yield for ETH and stablecoins in a manner unlike anything ever seen before.
New Paradigm: Blasting Beyond Blast
New Paradigm is Blast if someone strapped rockets to Blast. We’re getting you there faster and with way more opportunities. Native yield-bearing ETH and stablecoins are no longer locked behind a multisig; instead, start using them across 150+ projects already deployed on Manta Pacific. Not enough? Check out all the new features and benefits we’re bringing to the table:
- New Paradigm offers liquid tokens within the Manta Ecosystem on Day 1, giving you access to interact with over 150+ projects deployed on the network. You’re not just locking up your tokens and waiting for the next three months.
- Manta Pacific has over 200 ecosystem projects and partners, with new and valuable projects added on a weekly basis.
- Blast offers two sources of earning and yield; that’s cool. But you know what’s cooler? Five sources of earning and yield.
a. What Blast and New Paradigm offer: 4–5% fixed yield on ETH and stablecoins
b. What Blast and New Paradigm offer: Box Pieces/NFTs incentives, which will be redeemed for the final token airdrop.
c. What ONLY New Paradigm offers: Additional yield through DeFi composability with various DeFi, GameFi, SocialFi, and other dApps already deployed on Manta Pacific.
d. What ONLY New Paradigm offers: Additional incentives from Manta Pacific ecosystem projects for liquidity from New Paradigm participants.
e. What ONLY New Paradigm offers: Yield through restaking stETH (Optional depends on Eigenlayer Restaking Cap)
- New Paradigm gives you immediate access to liquidity on Manta Pacific. While withdrawals are not enabled for 69 days after the initial New Paradigm campaign, you are able to immediately start using those tokens on Manta Pacific.
- Strong partners to facilitate the incentive process: StakeStone, which leverages LayerZero for token bridging, provides ETH incentives through staking. Mountain Protocol, a fully regulated RWA protocol, offers yield to stablecoins through US Treasury Bills.
Where Does the Yield Come From?
Your deposited tokens are seeds, automatically accumulating & growing yields!
Today, L2s don’t offer any yield. While staked ETH on L1 gives ~4% APY, bridging liquid ETH over to an L2 offers nothing. Similarly, stablecoins don’t offer any yield on L1s or L2s. Manta New Paradigm is changing this so that both ETH and USDC will earn native yield on Manta Pacific L2.
Manta Network is partnering with StakeStone and Mountain Protocol as the first native yield partners for its L2, Manta Pacific. With StakeStone, users can deposit ETH to receive STONE(Stone Ether) on Manta Pacific, which is a yield-bearing token that earns its yield from staking native ETH on L1. With Mountain Protocol, a fully regulated RWA entity, users can deposit USDC to receive wUSDM on Manta Pacific, which is a yield-bearing stablecoin that earns its yield from US Treasury Bills. The STONE and wUSDM that users receive on Manta Pacific are immediately liquid and can be used to earn further yield and rewards on DeFi products and 100+ other projects in the Manta Pacific ecosystem. Furthermore, the Manta New Paradigm event also offers additional token rewards.
StakeStone Powered by LayerZero: Yield-bearing ETH (STONE)
StakeStone is an omni-chain Liquid Staking Token (LST) protocol aiming to bring native staking yields and liquidity to L2s in a decentralized manner. With its highly scalable architecture, StakeStone not only supports leading staking pools but is also compatible with upcoming restaking. Users can get automatically optimised staking yields, either on Ethereum or L2s, hassle-freely. Meanwhile, it establishes a multi-chain liquidity market based on STONE, StakeStone’s native LST, and provides users of STONE with more use cases and yield opportunities.
Based on LayerZero, STONE is a non-rebase OFT (Omnichain Fungible Token) that supports both assets and prices to be transferred across multiple blockchains seamlessly. Developers on Manta can effortlessly integrate STONE without additional complexities, leaving it as the most accessible LST ready for mass adoption.
Upon immediate deposit of ETH, users will receive STONE on Manta Pacific. That STONE is immediately liquid on Manta Pacific and can be used like any other ERC20 token to interact with various contracts, decentralized applications, and wallets on the L2. During the New Paradigm campaign, users will be able to use their STONE but bridge it out to other networks. Once the New Paradigm campaign concludes, STONE bridging out of Manta Pacific will be enabled.
Mountain Protocol: Yield-bearing Stablecoin (wUSDM)
Mountain Protocol is the first institutional-grade yield-stablecoin, constructed on the pillars of safety and compliance. Depositing stablecoins into the Manta Points campaign triggers an automatic conversion to wUSDM(Wrapped USDM), a wrapped ERC20 rebasing token like Lido’s wstETH, which will be locked until the campaign concludes. USDM rebases daily, accruing new reward tokens regardless of where the USDM is held, causing the wUSDM token to grow in value.
Upon immediate deposit of USDC, users will receive wUSDM on Manta Pacific. That wUSDM is immediately liquid on Manta Pacific and can be used like any other ERC20 token to interact with various contracts, decentralized applications, and wallets on the L2. During the New Paradigm campaign, users will be able to use their wUSDM but won’t be able to bridge it out to other networks. Once the New Paradigm campaign concludes, wUSDM bridging out of Manta Pacific will be enabled.
New Paradigm: Manta Rewards with NFTs
Through New Paradigm, you can earn Manta Rewards through Lucky Boxes. To obtain a Lucky Box, you need 25 Box Pieces. There are three ways to earn Box Pieces:
- Bridge tokens
- Invite frens
- Achieve team goals together with frens.
Obtaining Box Pieces & Lucky Boxes
- Box PiecBox Pieces for Active Manta Users: Users who actively participate in the Manta network and other L2 networks are considered valuable users.The specific metrics refers Trusta Labs MEDIA Score as one of the frameworks. Users with higher reputation have a better chance of getting more initial rewards!
- To check eligibility, you can connect your wallet. Once confirmed as an eligible user on the event page, you can deposit 0.25 ETH or the equivalent USDC to unlock the initial Box Pieces reward.
- If your previous wallet was not an active user on Manta Pacific, you can choose to switch to an active wallet address or bridge ETH or USDC to unlock subsequent rewards.
- Box Pieces for Bridging: After bridging ETH or USDC, you will receive box pieces. The amount of pieces you receive is determined by the total value of the assets you deposit. For example, bridging 1 ETH (or USDC equivalent value) will earn 25 pieces every 7 days.
- Referral Benefits: When friends join through your invitation or theirs, they receive pieces, and you earn pieces as well.
Once you have 25 box pieces, they can be combined into 1 box. The boxes will automatically combine after 7 days. Additional bonuses can be unlocked by achieving team goals.
Utility of Lucky Boxes:
- Referral Benefits: When friends join through your invitation or theirs, they receive pieces, and you earn pieces as well.
- NFT Generation: Opening a box will give you some NFTs.
- NFT Set Completion: Collecting all 6 NFTs allows you to redeem them for “the First Modular L2” NFT.
- Benefits and Airdrops: Collecting NFTs allows participants to redeem Manta rewards and unlock additional privileges.
- Trading on NFT Marketplace: NFTs can be traded on NFT Marketplaces.
Timeline
Phase 1:
Users bridge and deposit ETH or USDC to earn yield and Manta Box Pieces. The deposit period is open until January 2024.
Phase 2:
You can receive STONE and wUSDM within 24 hours to farm within Manta Pacific L2. You can claim MANTA token rewards with NFTs until January 2024 before the deposit ends.
Phase 3:
After 69 days of MANTA token rewards distributed, you can withdraw ETH and USDC back from STONE and wUSDM back from STONE and wUSDM.
The New Paradigm will provide significantly more utility in the near future. Please continue to stay tuned for more updates as we embark on this revolutionary journey with Manta Paradigm, delving into the groundbreaking world of Layer 2! 🔜
About Manta Network
Manta Network is the modular blockchain for zero-knowledge (ZK) applications. Manta Pacific is the modular L2 ecosystem for EVM-native ZK applications and dapps that want to deliver the lowest cost and best experience for users. Leveraging Manta’s Universal Circuits to enable ZK-as-a-Service, and Celestia’s data availability for modularity to deliver low gas fees, Manta Pacific offers the perfect environment for ZK-enabled applications. Learn more about Manta Pacific here.
Manta Network is created by a team of experienced founders from prestigious institutions, including Harvard, MIT, and Algorand. Manta Network has received investments from many of the top web3 investment funds, including Binance Labs and Polychain Capital. It has grown through participation in the best web3 accelerators, including Alliance DAO and Berkeley Blockchain Xcelerator. Manta Network is poised to bring the next generation of web3 users and usher in a new chapter of privacy-focused web3 applications.
