Manta Network (MANTA)
Privacy-focused L2 on both Polkadot and OP Stack that failed to differentiate; near-zero TVL and activity in 2026
Ranked 225th of 251 rated tokens. Scoring pass 11 Jun 2026.
What the numbers say
MANTA scores 76 of 250 across the 25-variable framework, which places it 225th of 251 rated tokens and inside the bottom quartile of the set. The framework verdict is PASS.
The score rests on P/S Multiple 6/10, 23rd of 251 and Exchange Depth 6/10, 37th of 251.
Against the same universe, MANTA sits in the bottom third on Social Mindshare 2/10, 230th of 251, Protocol Revenue 1/10, 221st of 251, Active Users 2/10, 220th of 251 and Network Growth 2/10, 215th of 251. These are the variables that would have to move for the verdict to change.
Only 47.8% of MANTA's maximum supply is in circulation, so 2.09x the current float is still scheduled to arrive. Holding price per token flat while the rest enters circulation implies 52.2% of the fully diluted value sitting ahead of today's holders. That is a heavy overhang: most of the eventual supply has not reached the market yet.
MANTA trades 98.6% below its all-time high of $4.05. Recovering that level is a 71.4x move, not a 98.6% one, which is the arithmetic most drawdown charts hide.
$22.0M sits in the protocol. Each dollar of value locked carries 1.27 dollars of token market cap.
25-variable breakdown
Each variable is scored 1 to 10 and ranked against every other rated token, so a 7 that ranks 20th means something different from a 7 that ranks 180th. The rank is the part that is hard to get anywhere else.
Cash flow
| Protocol Revenue | 1 | 221st of 251 | |
| Revenue Trend | 2 | 191st of 251 | |
| P/S Multiple | 6 | 23rd of 251 | |
| Real Staking Yield | 3 | 143rd of 251 |
Supply
| Supply Inflation | 4 | 146th of 251 | |
| Vesting Schedule | 3 | 204th of 251 | |
| Circulating / FDV Ratio | 5 | 135th of 251 | |
| Buyback and Burn | 1 | 205th of 251 |
Ownership
| Smart Money Flows | 3 | 149th of 251 | |
| Insider Selling | 3 | 201st of 251 | |
| Holder Concentration | 3 | 197th of 251 |
Traction
| TVL Trend | 2 | 189th of 251 | |
| Active Users | 2 | 220th of 251 | |
| Developer Activity | 3 | 208th of 251 | |
| Network Growth | 2 | 215th of 251 |
Position
| Market Share | 2 | 203rd of 251 | |
| Competitive Moat | 3 | 175th of 251 | |
| Institutional Adoption | 2 | 192nd of 251 | |
| Exchange Depth | 6 | 37th of 251 | |
| Social Mindshare | 2 | 230th of 251 |
Risk
| Regulatory Safety | 5 | 102nd of 251 | |
| Catalyst Calendar | 3 | 158th of 251 | |
| BTC Alpha Potential | 3 | 114th of 251 | |
| Team Execution | 3 | 208th of 251 | |
| Treasury Runway | 4 | 181st of 251 |
The vertical tick on each bar marks the median score across all 251 rated tokens, so a bar ending left of the tick is below the universe on that variable.
Catalyst and risk
Next catalyst
Manta Pacific modular privacy layer adoption if privacy regulation becomes favorable
Principal risk
Down 97.4% from ATH; TVL evaporated; privacy narrative not resonating; team split between two chains diluting focus
Market and supply
| Price | $0.0586 |
| Market cap | $28.0Mrank 661 |
| All-time high | $4.0512 Mar 2024 |
| Circulating supply | 477,828,808 |
| Eventual supply (max supply) | 1,000,000,000 |
| Dilution to full supply | 2.09x |
| Total value locked | $22.0M |
| Listed on | Binance, Bybit, OKX |
Price, market cap, supply and all-time high from CoinGecko, fetched 6 Aug 2026. The 25 scores come from the research pass dated 11 Jun 2026 and don't move with price.
Tokens with a similar profile
These are the closest matches to MANTA measured on the shape of all 25 variables after removing overall quality, so what they share is a pattern of strengths and weaknesses rather than a similar size or price.
Sources
- [DefiLlama] Manta Network TVL declined from $800M+ peak during new model farming to under $25M by 2026link dead, claim unverified
- [CoinGecko] MANTA down 97%+ from ATH as liquidity mining incentives dried up and genuine users didn't materialize
- [Manta Network Docs] Manta operates both an Atlantic parachain on Polkadot and Manta Pacific L2 on OP Stack, diluting development focus
One source link above no longer resolves, so we stripped the hyperlink rather than leave something that looks like evidence until you click it. The claims stay visible because they are part of the research record, but treat them as unverified. Every link was rechecked 6 Aug 2026.
Common questions
- What is the Early Thunder score for Manta Network (MANTA)?
- MANTA scores 76 out of 250 on the 25-variable framework, ranking 225th of 251 rated tokens (bottom quartile). The framework verdict is PASS.
- What are MANTA's strongest fundamentals?
- MANTA ranks highest on P/S Multiple 6/10, 23rd of 251 and Exchange Depth 6/10, 37th of 251. Ranks are measured against all 251 tokens in the same scoring pass.
- What are the weakest parts of the MANTA thesis?
- MANTA scores in the bottom third of the universe on Social Mindshare 2/10, 230th of 251, Protocol Revenue 1/10, 221st of 251, Active Users 2/10, 220th of 251 and Network Growth 2/10, 215th of 251. The single risk carried on the scorecard is: Down 97.4% from ATH; TVL evaporated; privacy narrative not resonating; team split between two chains diluting focus
- How much MANTA supply is still to enter circulation?
- 47.8% of eventual MANTA supply is circulating today, leaving 2.09x the current float still to arrive. At a flat price per token that is 52.2% of fully diluted value ahead of current holders.
- How far is MANTA from its all-time high?
- MANTA trades 98.6% below its all-time high of $4.05. Returning to that high requires a 71.4x move from the level used in this scoring pass.
- Which tokens have a similar profile to MANTA?
- Measured on the shape of all 25 scored variables rather than on price, the closest matches to MANTA are MODE (72), BLAST (87), MASK (82) and API3 (99). Similarity here means the same pattern of strengths and weaknesses, not a similar market cap.
- What is the next catalyst for MANTA?
- Manta Pacific modular privacy layer adoption if privacy regulation becomes favorable
Keep reading
Research and analysis, not investment advice. Scores are one framework applied consistently across 251 tokens, not a prediction of price.