ETH Pool on Manta Pacific

Summary

This governance proposal aims to enhance cross chain activities on Manta Network by launching a Stargate ETH pool. By seeding the pool with $1 million and providing $1 million for incentivizing liquidity providers (LPs) for at least 12 months. The proposal seeks to:

• Facilitate ETH Bridging: Enable seamless transfer of ETH between Manta Network and other supported chains via Stargate.

About Manta

Manta Network is the First and largest modular L2 scaling solution on Ethereum. It offers unparalleled throughput and resiliency to power over 200 applications live on the network. Combined with a suite of tools to quickly build and deploy applications, Manta Network provides the best-in-class environment for decentralized applications focused on scaling to a global userbase. Manta is currently one of the cheapest L2s on the market.

Manta Network was 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.

Motivation

By integrating Stargate, Manta Network aims to significantly enhance its bridging and user experience. This integration will simplify cross-chain transactions, making it easier for users to bridge assets between Manta and other chains. This increased accessibility will attract more developers to build innovative applications on Manta, further bolstering the network’s ecosystem. Additionally, by facilitating seamless ETH transfers from other L2s, Stargate will boost liquidity on Manta, driving network growth and adoption. Aligning with Manta’s vision of a scalable and efficient blockchain ecosystem, Stargate’s efficient and secure cross-chain technology will play a crucial role in achieving these goals.

By positioning Stargate as the primary bridge for ETH liquidity between L2s, Manta Network can solidify its position for its users and the broader blockchain community.

Proposal

To incentivize liquidity provision and adoption of the Stargate ETH pool on Manta Network, Manta Foundation will:

1. Seed Liquidity: Provide an initial $1 million in ETH as seed liquidity for the pool.
2. Manta will allocate $1 million for incentivizing liquidity providers (LPs) for at least 12 months. (If the rewards are not fully distributed within 12 months, the incentive program will continue until all funds are exhausted)

Note: The reward of 7% APY will be calculated and distributed in $MANTA tokens based on the average price of the last 7 days equivalent to USDT. (The $MANTA tokens will be distributed 5 days prior to the Stargate team)

3. Marketing and Community Engagement

• Joint Marketing Efforts: Collaborate with Stargate to launch joint marketing campaigns to promote the benefits of the integration.
• Internal Campaigns: Integrate Stargate into internal marketing campaigns related to DeFi and bridging.

Execution

Upon community approval, the Stargate ETH pool will be deployed on the Manta Network. The Manta Foundation will provide initial ETH liquidity for the pool, and incentives for liquidity providers will begin for the next 12 months