Manta Airdrop Token Worth IDR 1 Billion, Early Users Disappointed

Source : Medium

Manta Network, the third-largest layer-2 Ethereum with a total locked value (TVL) of US$878 million, launched its native token, MANTA, on January 18, 2024.

The launch coincided with a 30 million MANTA token airdrop valued at US$66 million or approximately IDR 1 billion, with a token price of US$2.20.

Source : CoinGecko

The Manta Network airdrop has received varied reactions from its recipients. For early project users, the airdrop distribution is considered disappointing.

In a post on X, one user expressed disappointment, stating that they invested a significant amount and utilized referrals but received only a small allocation.



"Manta New Paradigm is the most disappointing airdrop this year. I deposited 1 ETH, and my team deposited a total of 2.5 ETH, and all I got was 26 MANTA valued at US$65," complained the user.

"I only received 13.2 MANTA from bridging for two weeks and locking my ETH for two months. The opportunity cost is certainly not worth it if you don't have many referrals," said another X user.

"Not spreading hatred, but you should focus on the extremely poor distribution of MANTA rather than flaunting gains when 99% of those using your referral got nothing," responded a user on a crypto influencer's post on X.

Many similar comments expressing disappointment can be found in the comment section of the post.

Manta Airdrop System

The 30 million airdropped tokens are based on a point system earned by completing tasks on the Manta layer-2 known as Manta Pacific.

The point system was popularized by the NFT marketplace Blur. Before the introduction of points, users were unsure about the steps required to qualify for a specific airdrop.

Now, activities such as bridging, using DeFi protocols, or owning specific NFTs can earn points, which typically result in airdrop allocations. The exact conversion of airdrop points into tokens is unknown until the token is launched.

In the MANTA airdrop, points are converted on a pro-rata basis rather than a tier system. The system ultimately favors users with significant capital or numerous referrals. If Manta had chosen a tiered system like JITO, early users with less capital could have received a larger airdrop value.

Manta is Now Tradable

MANTA tokens have been listed on various major crypto exchanges such as Binance, Bybit, and KuCoin. According to CoinGecko data, MANTA reached its highest trading price at US$2.72, and as of the writing of this article (19/1/24), the token is traded at US$2.20.

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*Disclaimer:

This content aims to enrich reader information. Always conduct independent research and use disposable income before investing. All buying, selling, and crypto asset investment activities are the reader's responsibility.