Manta Network has launched the mainnet of Pacific, a Layer-2 Blockchain for ZK-enabled applications. Meanwhile, Mantle announced Ondo Finance’s $USDY token as a partner for RWAs. It is worth noting that Ondo is a leader in the RWA space with a 50% share in the tokenized securities market. Altcoin projects continue to improve themselves despite the uncertainty in the market.
Polychain-backed Manta launches Pacific Layer-2
Manta Network announced the main-net launch of Manta Pacific, a Layer 2 Blockchain that enables the development of zero-knowledge-enabled applications. This move comes after a test-net phase in which more than 150,000 wallet addresses participated. In July, p0x labs, the development team behind Manta Network, raised $25 million in a Series A funding round led by Polychain Capital.
The Pacific Layer-2 network was developed by a project called Caldera using a modified version of Optimism’s OP Stack. Additionally, the altcoin uses Celestia’s data availability solution to reduce data charges.
Altcoin project Manta has completed its test-net phase
“Following a successful test-net phase, Manta Pacific will build on its strengths by leveraging Celestia’s data availability layer to deliver on-chain interactions at a fraction of the cost of other monolithic L1s and L2s,” said Manta Network core contributor Kenny Li. Pacific Network currently hosts applications enabled by zero-knowledge circuitry, including an on-chain game called zkHoldEm, a verified credential protocol called zkMe, and a data verification protocol known as zkPass.
Mantle announces Ondo Finance Token as RWA showcase partner
Mantle Network announced Ondo Finance as a showcase partner for Real World Assets (RWA). In X, the altcoin celebrated the opening of users’ access to US Treasury yield directly through their Mantle wallets.
https://twitter.com/0xMantle/status/1701536736046944323
According to Mantle, RWAs provide “the greatest potential to provide significant benefits for users.” Therefore, it serves as a “great choice” for the Mantle Showcase. Additionally, it provides seamless user experience along with investor protections. Additionally, Mantle Chief Alchemist Jordi Alexander shared:
$USDY is truly a game changer for the DeFi world. For the first time, users will be able to access US Treasury yield directly from their wallets with an ease of access similar to stablecoins such as USDT and USDC.
What will the partnership between altcoin projects bring to the parties?
Additionally, Mantle’s announcement notes that holders of $USDY tokens secured by a combination of U.S. Treasury securities and bank deposits receive a return that is currently 5% APY and backed by premium assets. Mantle also highlights their efforts to protect investors and their capital. The blog analyzes the current bankruptcy remoteness process. He then confirms that “$USDY’s investor protections are the best there are in tokenized RWAs.”
The altcoin project also clarified that Mantle users do not have to switch to Ondo’s platform to buy or trade $USDY. Because he said that it is a tokenized carrier vehicle in terms of legal structure. Additionally, Ondo has a 50% market share in tokenized securities, according to data from Dune Analytics. In this way, RWA is already a leader in its field.
Security tokens market shareMantle also discussed plans to use $USDY as collateral for derivatives and lending protocols and as a “cash leg” in an AMM. Meanwhile, $USDY will be pegged to $1, creating new token units to pay interest. This will simplify the token for payment use. Finally, Ondo Founder and CEO Nathan Allman expressed his excitement about the partnership. Allman talked about Mantle aiming to create an integrated on-chain ecosystem. In this regard, he praised the strategy of providing solid support for a portfolio of high-end protocols and products.
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