NEW DELHI (CoinChapter.com) — Layer 2 blockchain platform Manta Network has exhausted its price rally, suggesting that the network’s partnerships and reward programs have little impact on MANTA price action.

The MANTA token ran into trouble during token issuance after suffering a targeted Distributed Denial of Service (DDoS) attack. The attackers overwhelmed the Manta Network’s Remote Procedure Call (RPC) nodes with over 135 million fake requests, disrupting operations.

Furthermore, the MANTA token airdrop also landed in a bit of controversy, with several users complaining about low returns for their investments. 

Manta Network Amps Up Partnerships And Rewards Programs

The Manta Network team has been forging partnerships to ensure more visibility for the project. However, some of the project’s partners are relatively less popular. For instance, multi-chain block explorer Loree announced support for the Manta Network on its platform.

Furthermore, the Manta Network recently announced the Manta Ecosystem’s EcoWave Raffle, with a prize pool of “$7,000 in Manta Tokens, a $1,000 .manta domain Gift Card, and 17,000 iZUMI points.“

Participants would need to complete certain tasks on the Galxe platform and mint OAT tokens to qualify for the raffle.

DEX aggregator Vooi announced it would distribute its native token VOOI to MANTA stakers, which could attract traders looking for new airdrops to buy MANTA tokens. Moreover, on Jan. 30, payments platform Fetcch announced integrating the MANTA token to support peer to peer payments on Manta Pacific.

Another Manta Network partnership that could attract buyers to the market is the platform’s integration with the WOWMAX exchange. The partnership would introduce on-chain liquidity for Manta Pacific.

Additionally, Polygon-based DEX Quickswap announced an airdrop of MANTA tokens to reward users engaged in Manta Pacific activities and QUICK governance voters.

The Manta Network partnership would result in an airdrop allocating tokens to MantaFest participants, governance-active QUICK holders, and various on-chain campaign participants. Moreover, Manta Takeover and MantaFest participants would also be eligible for the airdrop.

Furthermore, Manta Network launched a token bridge linking its Manta Atlantic and Manta Pacific chains within the Polkadot ecosystem. The bridge would help increase interoperability and user convenience.

MANTA Price Rally Fizzling Out

Meanwhile, the various Manta Network partnerships failed to stop the MANTA token price rally from fizzling out.

The Manta Network token dropped over 17% this week to $3.15 on Jan. 31. However, if the Manta Network partnerships attract buyers to the market, MANTA prices could restart their rally.

The post Manta Network Ramps Up Partnerships Amid Bearish Reversal Scare appeared first on CoinChapter.

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Filed under: Bitcoin - @ January 31, 2024 5:17 pm