ArkStream 很高兴宣布二期基金在 2023 年 Q4 完成对 Manta 的战略投资，并恭喜 New Paradigm 突破 900M 的 TVL，上线 Binance Launchpool。这是我们在 2021 年 8 月一期基金投资 Manta 后，再次进行对 Manta 的投资，而过去两年多的时间，我们也见证了一个领先的区块链网络茁壮成长。从 Manta 创立过去两年多的时间，我们也见证了一个领先的区块链网络茁壮成长。

ArkStream is pleased to announce that its second fund completed a strategic investment in Manta in Q4 of 2023, and congratulates New Paradigm on breaking through 900M in TVL and launching on Binance Launchpool. This investment in Manta marks a repeat investment following our first fund's investment in Manta in August 2021. Over the past two-plus years, we have also witnessed the robust growth of a leading blockchain network. From the establishment of Manta over two years ago, we have witnessed the robust growth of a leading blockchain network.

1.模块化区块链的叙事:

从一开始 Polkadot 上主打 ZK 的 Parachain, Manta Atlantic ，到现在 Manta Pacific 作为 the first EVM-native modular execution layer that will leverage modular DA through Celestia and ZK-as-a-Service through Manta’s Universal Circuits. 底层基础设施的叙事不断升级，我们曾发布多篇文章解析模块化区块链，ArkStream 认为执行层作为用户交易发起的入口，直接面向用户、面向生态项目方，是处于第一生态位。Manta 的 zkEVM 不仅是 ETH 的 L2 解决方案，同时也是第一个利用 modular DA through Celestia 的 L2。Users have saved over $850k in gas fees over the past month from modular DA，这意味着以 Manta 正在给整个模块化区块链的新叙事带来真实场景和用户数据，随着更多的项目和用户开始采用这种新型的区块链解决方案，我们可以预见到一个更加高效、安全且经济的区块链生态系统的成长。

1. The narrative of modular blockchain

From the initial zk-focused parachain on Polkadot, Manta Atlantic, to the current Manta Pacific, which serves as the first EVM-native modular execution layer leveraging modular Data Availability (DA) through Celestia and ZK-as-a-Service through Manta's Universal Circuits, the narrative of underlying infrastructure has continuously evolved. We have published numerous articles analyzing modular blockchains. ArkStream believes that the execution layer, as the entry point for user transactions and directly facing users and ecosystem projects, occupies a primary ecological niche. Manta's zkEVM is not only an L2 solution for ETH but also the first to utilize modular DA through Celestia. Users have saved over $850k in gas fees over the past month from modular DA, indicating that Manta is bringing real-world scenarios and user data to the new narrative of modular blockchains. As more projects and users begin to adopt this new type of blockchain solution, we can foresee the growth of a more efficient, secure, and economical blockchain ecosystem.

2. 不断迭代的市场适应性战略

Manta 并没有偏安一隅，而是根据行业最新的探索不断迭代。在 blast 推出后，通过代币空投预期和与社区分享协议收入的理念迅速引爆了市场，过去两个月，Blast 获得了超过 10 亿美金的 TVL。在其压力之下，其他尚未发行代币的 L2 受到了巨大的冲击，而唯有 Manta 迎难而上，开启了 New Paradigm，一个月的时间，TVL 数据已经和 Blast 相差无几，相比其他 Rollup，已然遥遥领先。纵然 Blast 在最初两周获得了大量的关注，但后续却略显疲乏，这缘于其在开发进展和生态建设上的薄弱。“L2 不是一天建成的”，Manta 在众多 zkRollup 中，在技术和生态上都有领先优势，其生态之上原本已有 1 亿美金 TVL 有余，再加上 New paradigm 带来的新范式，将把 L2 的竞争带到一个新的维度。

2. Continuously Iterating Market Adaptation Strategy

Manta did not confine itself to a niche but continuously iterated based on the latest industry explorations. Following the launch of Blast, the concept of token airdrop expectations and sharing protocol revenue with the community quickly ignited the market. In the past two months, Blast has achieved over 1 billion USD in TVL. Under its pressure, other L2s that had not yet issued tokens faced significant challenges. Manta, however, bravely faced these challenges and launched New Paradigm. In just one month, its TVL has nearly matched that of Blast, far outpacing other Rollups. Even though Blast gained a lot of attention in the first two weeks, it subsequently showed signs of fatigue, due to its weaknesses in development progress and ecosystem building. "L2s are not built in a day." Among the numerous zkRollups, Manta has a leading advantage in both technology and ecosystem. Its ecosystem already had over 100 million USD in TVL, and with the new paradigm brought by New Paradigm, it is taking the competition in L2 to a new dimension.

3. ETH 生态仍然具有最大的包容度，代表了 Web3 的前景

上个月，随着 SOL 市值超过 BNB 进入前 3 名，市场上多了很多 FUD ETH 的声音，认为 SOL 将在这个周期 FLIP ETH。诚然，SOL 经过两轮周期的积淀和 FTX 暴雷后筹码的重新洗牌，在其之上踊跃的开发者生态和创新故事已经让其成为以太坊当之无愧的竞争者，但两者之间仍然存在较大的差距。从生态建设上看，ETH 已经不仅是一条公链，而是一个庞大的去中心化架构，无论是通过 Exectuion Layer, Data Availability Layer，Consensus Layer 堆栈而成的模块化架构，还是通过去中心化金融、去中心化身份、去中心化游戏等 DAPP 汇聚而成的 Web3 世界，都让人从 ETH 看到了 Web3 挑战传统互联网和金融世界的可能性；从资金角度来看，ETH 生态上沉淀的资金体量高出其他异构链一个数量级以上，这些资金将是推动牛市的强有力燃料，也是维护共识的最佳背书。

3. ETH Ecosystem Still Exhibits the Greatest Inclusiveness, Representing the Prospect of Web3

Last month, as SOL's market capitalization surpassed BNB to enter the top three, there was an increase in FUD voices against ETH in the market, with some believing that SOL would FLIP ETH in this cycle. Indeed, SOL, after two cycles of accumulation and a reshuffling of chips post-FTX implosion, has become a worthy competitor to Ethereum, buoyed by an enthusiastic developer ecosystem and innovative narratives. However, there remains a significant gap between the two. In terms of ecosystem construction, ETH is more than just a public chain; it represents a vast decentralized architecture. Whether it's the modular architecture formed through the Execution Layer, Data Availability Layer, and Consensus Layer stack, or the Web3 world composed of various dApps such as decentralized finance, decentralized identity, and decentralized gaming, ETH showcases the potential of Web3 to challenge the traditional internet and financial world. From a financial perspective, the scale of capital settled on the ETH ecosystem is an order of magnitude higher than other heterogeneous chains. This capital serves as a potent fuel to propel bull markets and is also the best endorsement for maintaining consensus. 

在这样强大的生态基石上，Manta 与 Celestia 和 Polygon 合作推出了 zkApp Accelerator, 旨在促进下一代可扩展、面向实际应用的 dApps 在 Manta Pacific 上的发展。该加速器结合了 Manta 的零知识证明（zk-proofs）和通用电路（Universal Circuits），以及 Celestia 革命性的数据可用性层，旨在通过这种合作促进模块化区块链生态的成长。该加速器的主旨在于推动 zk-powered 应用、链上游戏和 SocialFi 应用的发展，以提高可扩展性和效率，从而在 Web3 领域获得更广泛的采纳。这不仅对参与者来说是一个转变的机遇，也对整个模块化区块链生态意义重大，因为它有助于推动技术的创新和应用，同时也为区块链技术的普及和成熟提供了动力。

On such a strong ecological foundation, Manta, in collaboration with Celestia and Polygon, has launched the zkApp Accelerator, aimed at fostering the development of the next generation of scalable, practical dApps on Manta Pacific. This accelerator combines Manta's zero-knowledge proofs (zk-proofs) and Universal Circuits with Celestia's revolutionary data availability layer, aiming to promote the growth of the modular blockchain ecosystem through this collaboration. The accelerator's main objective is to drive the development of zk-powered applications, on-chain games, and SocialFi applications, enhancing scalability and efficiency to achieve broader adoption in the Web3 domain. This represents not only a transformative opportunity for the participants but also holds significant importance for the entire modular blockchain ecosystem. It helps propel technological innovation and application, and also provides impetus for the popularization and maturation of blockchain technology.