Stargate Deployment on Manta Network

Introduction

Manta Network is the modular ecosystem for zero-knowledge applications. Manta Pacific, its modular L2 chain, provides a scalable and inexpensive gas-fee environment for ZK applications to deploy simply using Solidity. Manta Pacific is the first Modular L2 with Celestia DA and one of the largest OP Stack chains with zkEVM in its future roadmap by leveraging Polygon CDK integrated with LayerZero. Manta Pacific is one of the fastest growing Ethereum L2 chains with more than 550m+ TVL.

Proposal

We propose for Stargate to launch on Manta Pacific Layer 2 as early as possible. We are also working closely with the LayerZero team to ensure an LZ endpoint will be deployed on Manta following our launch. The Manta team would like to request two pools: ETH (Ethereum, Arbitrum, Optimism, Polygon, BNB Chain and Avalanche) STONE (Ethereum and Manta) Introducing the New Paradigm, we will offer Manta tokens as an incentives to get the adoption of ETH and STONE on Manta Pacific. ETH (Ethereum, Arbitrum, Optimism, Polygon, BNB Chain and Avalanche) To incentivize this launch and campaign, Manta Pacific proposes a 1-year grant distributed as a guaranteed 20k Manta Tokens monthly over the next 1 year distributed in 12 equal installments and in addition to Manta Paradigm which is an innovative and transparent on-chain incentive program. To kick off the agreement as soon as the proposal is accepted, the first tranche of 20k will be paid in advance for developers driving adoption. This will allow Stargate to capture user growth in the Manta ecosystem, while providing developers and users with crucial bridging infrastructure. The total grant will be 240k Manta tokens and this pool of ETH should start with immediate effect. This will help ensure that enough liquidity is present at launch for users to transfer ETH. Stone (Ethereum and Manta) To incentivize the launch of Stone, Manta Pacific proposes another 12 months of grant distribution as a guaranteed 20k Manta token monthly over the next 1 year with a total of 240k. This will be distributed monthly. The Bridge for Stone token should be live and effective from March 2024. This will allow Stargate to capture user growth of Stone adoption in the native Manta ecosystem. To summarize the plan overall, Manta requested the Stargate team to approve two pools for bridging

1. ETH: 20k Manta Tokens Monthly for the next 12 months (In total 240k) This bridge should be implemented as soon as the proposal is approved
2. STONE 20k Manta Tokens Monthly for the next 12 months (In total 240k) This bridge should be implemented starting from March 2024 In total Manta Network will provide 480k Manta tokens in next 1 year to Stargate for accepting this proposal

Execution

Stargate Protocol enables ETH transfers between Manta, Ethereum, Arbitrum, Optimism, Polygon, BNB Chain, and Avalanche. This integration opens up new access points for value transfer, creating additional opportunities to capture fees for the Protocol. As a result, users can enjoy enhanced flexibility and efficiency when transferring ETH across these blockchain networks. With help of Stone bridge Stargate will bring an additional benefit for StakeStone native bridge to push it for Cross-chain adoption

Summary

Manta Pacific has successfully launched on Mainnet and aims to position Stargate as a top-tier protocol within its ecosystem. This strategic move presents a mutually beneficial opportunity: Stargate can emerge as a leading bridge within Manta Pacific's ecosystem, allowing users to seamlessly bridge assets in and out of the platform. The expansion to a new chain will significantly propel Stargate's mission to become the foremost liquidity cross-chain layer. This advancement will offer a broader array of choices and heightened trading volume on its platform. Not only will this expansion boost revenue for the DAO, but it will also cement Stargate's role as a vital element of the Manta ecosystem. Moreover, this expansion will contribute to fortifying a more resilient DeFi infrastructure on Manta, elevating the network's utility and providing additional value to its users.