MANTA Surges After Announcing Reimbursement for Gas Fees

Daily Top Performer — Manta Network (MANTA)

Last Friday, the SPX index was up 1.23%, fueled by strong corporate earnings, particularly from semiconductor companies. The broader cryptocurrency market was down, with Bitcoin and Ether dropping by 0.53% and 0.68%, respectively in the past 24 hours. 

Today’s outperformer is MANTA, which jumped 15.9% as Manta Network announced that it will reimburse users for elevated gas fees due to DDoS attack on Manta Pacific.

Manta Network (MANTA), established in 2020, is a blockchain platform focused on zero-knowledge applications, featuring Manta Pacific as its EVM-based Layer 2 solution with native yield for ETH and USDC as well as using Celestia to save on Data Availability costs, and Manta Atlantic, a Layer 1 chain on Polkadot. Manta Pacific faced a DDoS attack on January 18, 2024, its token launch date. Although the network continued to operate, it caused a surge in gas fees for users. To address this, Manta Network will automatically reimburse users for gas fees exceeding 0.001 ETH incurred during the attack period. Manta Network is recognized for its efficient gas costs and significant backing in the web3 sector. 

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