Manta Network Launched Manta Pay

Published on: 04.05.2023
Manta Network Launched Manta Pay

Manta Network launched Manta Pay provides a secure and efficient platform for users to conduct private transfers. As part of its efforts to promote the use of private transfers on its network, they are excited to announce, “The Manta Shield: Privatize to Maximize,” a campaign to encourage and incentivize on-chain activity on MantaPay.

The goal of this campaign is to encourage users to try out private transfers on its network and boost the Web3 privacy world, by bridging Web3 public assets into the privacy world to experience enhanced privacy.

Get started with Privatize to Maximize by following these steps

Detailed rules about The Manta Shield: Privatize to Maximize

The incentive program will consist of two types of rewards.

Part 1: Gas fee paid rewards

Users who conduct transactions using MantaPay will receive a stipend that covers a certain percentage of their gas fee paid. The incentive program will run for four weeks, with a total reward pool of 10,000,000 KMA.

  • Each Week period begins and ends at 2 PM UTC (10 AM EST)
  • Week 1 (May 1 to May 6): 1,750,000 KMA
  • Week 2 (May 8 to May 13): 2,250,000 KMA
  • Week 3 (May 15 to May 20): 2,750,000 KMA
  • Week 4 (May 22 to May 27): 3,250,000 KMA

In addition, every user can only participate in one out of the four weeks (i.e. Week 1 participants cannot participate again in Week 2/3/4), and the single address transaction amount cap for Part 1 rewards will be set at 100.

The Multiplier

The Multiplier is affected by the congestion of the network. To view the lines of code that determine the multiplier, you can visit this GitHub repo.

The rewards percentage will be determined based on the following multiplier scale:
  • If Multiplier = 0.0002X, the rewards will be 20000% of the users’ gas fee paid
  • If Multiplier > 0.0002X, <= 0.1X, the rewards will be 800% of the users’ gas fee paid
  • If Multiplier > 0.1X, <= 0.2X, the rewards will be 200% of the users’ gas fee paid
  • If Multiplier > 0.2X, <= 0.3X, the rewards will be 150% of the users’ gas fee paid
  • If Multiplier > 0.3X, <= 0.4X, the rewards will be 133% of users’ gas fee paid
  • If Multiplier > 0.4X, <= 0.5X, the rewards will be 125% of the users’ gas fee paid
  • If Multiplier > 0.5X, <= 0.6X, the rewards will be 120% of the users’ gas fee paid
  • If Multiplier > 0.6X, <= 0.7X, the rewards will be 116% of users’ gas fee paid
  • If Multiplier > 0.7X, <= 0.8X, the rewards will be 114% of users’ gas fee paid
  • If Multiplier > 0.8X, <= 0.9X, the rewards will be 112% of the users’ gas fee paid
  • If Multiplier > 0.9X, <= 1X, the rewards will be 100% of the users’ gas fee paid

Rewards will be distributed on a rolling basis, with each week ending once the rewards have all been claimed. In the case of unclaimed rewards at the end of the designated one-week period, the remaining rewards will be added to the next week. If there are any leftover rewards after the four-week campaign, they will be stashed, ready to carry over to a future Calamari incentive campaign.

Part 2: Score reward

In addition to the Part 1 rewards, it will also have the Manta Shield Score Reward, which is designed to further incentivize Manta Network users to privatize their tokens and participate in the MantaPay ecosystem. The total reward pool will also be set at 10,000,000 KMA, split equally across the four-week program period.

For this section of the campaign, users will earn a score based on two factors:
  1. Gas fees paid — dollar value
  2. To private tokens’ dollar value

The formula for calculating a user’s score is:

UserScore = ([Gas Fees Paid] ^ 0.8) * ([To-Private Value] ^ 0.2)

At the end of each week, the top 100 users with the highest scores will be eligible to receive rewards.

The top 6 users will each receive 200,000 KMA each, and users ranked 7th through 100th will each receive 13,829.7872 KMA.

Two kinds of Transactions will be rewarded

1. Public to Private transaction

The first kind of transaction will be rewarded by privatizing your assets from public to private. We will have the instruction for privatizing your assets in the next part of this article.

2. Private to Private transaction

You will also be rewarded when you are making a private transfer!

The 4 weeks’ schedule will be as follows:

  • Week 1: May 1 UTC 2 PM (10 AM EST) — May 6 UTC 2 PM (10 AM EST)
  • Week 2: May 8 UTC 2 PM — May 13 UTC 2 PM
  • Week 3: May 15 UTC 2 PM — May 20 UTC 2 PM
  • Week 4: May 22 UTC 2 PM — May 27 UTC 2 PM

All transactions in these periods are eligible for these two types of rewards above. After the 4-week program, there will be a 7-day notice period.

Reward Vesting Schedule

After the conclusion of the four-week campaign, there will be a 7-day notice period to address any potential concerns regarding the accumulated rewards. The rewards will be distributed to the eligible participants 48 hours after the public notice period ends.

ABOUT Manta Network

Manta Network is the zk layer 1 blockchain with the fastest prover speed and most decentralized trusted setup that brings programmable privacy to web3. Its suite of core products and technologies, including zkNFTs and MantaPay, offers user-friendly access to powerful ZK-enabled use cases.

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