The Manta Network airdrop participants feel cheated because they received a significantly smaller number of tokens than anticipated. The value of rewards for those who accepted Manta’s offer to lock their money on its Ethereum layer 2 blockchain frequently fell short of covering transaction fees.
- To increase their airdrop, other eager airdrop hunters paid thousands of dollars to gather Manta NFTs. However, it became evident that the market had greatly overpriced NFTs when Manta disclosed the number of tokens each one was worth.
- A trader using the nickname CC2, who is well-known for his serial airdrop farming, told DL News that “people had too high expectations.” “The disappointment stems from people gobbling up the more expensive NFTs, expecting a massive payout.”
- After receiving significantly less, Manta Network’s airdrop participants feel underwhelmed.
- The episode emphasizes how crypto businesses must carefully tread the fine line between offering users airdrops of valuable coins.
- Many participants in Manta’s airdrop hold the project responsible for developing an intricate airdrop structure that, in their opinion, was intended to trick consumers into locking up their money in exchange for valuable tokens.
- Numerous airdrop participants voiced their dissatisfaction with the airdrop on Manta’s X post. Phrases like “the worst airdrop ever” were all over the comments.
- However, some argue that the issue lies with obsessive airdrop hunters who overflowed Manta without taking the risks into account.
- Regarding this story, Manta Network declined to comment.
Manta’s ‘complex’ Airdrop
Tokens might be obtained by Manta airdrop participants in a variety of ways, including by finishing the project’s Galxe campaigns or adding to the network’s Polkadot para chain.
However, Manta unveiled a mechanism to accrue points on December 14. This is a well-liked concept that usually indicates a project is getting ready for an airdrop. Users had to bridge funds to Manta’s Ethereum layer 2 blockchain, Manta Pacific, to accrue points. In exchange, they would get comparable tokens that reflected the funds they had spanned.
There was a catch: users would get more points the more bridges they made. There was no way to bridge back to the comparable tokens.
Users were awarded with a treasure chest containing an NFT of one of six rarities for every 25 points they had acquired. On the secondary market, NFTs like these could be purchased and traded. Manta informed users that they would be qualified for an extra 20 million token airdrop if they collected NFTs.
A pseudonymous crypto researcher who participated in Manta’s airdrop, USD Denominated, told DL News that “it was difficult to price them because it was unclear how much the six rarities buckets would get individually.” According to USD Denominated, Manta ultimately distributed the majority of tokens to owners of the more widely held NFTs with the lowest rarity.
The rarest NFTs, which formerly sold for more than $1,000 per, only produced 60 Manta tokens, or about $132.
Before the coin was released, speculators lost a lot of money because of the intricate nature of the situation, the ambiguity of the regulations, and the introduction of new ones along the way, according to USD Denominated.
Manta was questioned by DL News about whether it was worried that its points system had led to erroneous assumptions within its community. Manta chose not to respond.
‘Users of Manta are farmers.’
On January 17, Manta disclosed the number of tokens that each airdrop participant was expected to receive. Manta’s community retaliated violently.
Manta user Zac Duggan told DL News that “it seems like new protocols like Manta are farming users more than the community is getting rewarded.”
Duggan claimed that he paid $40 in transaction fees to Manta Pacific to bridge over one Ether, which is presently valued at approximately $2,500. He claimed that in exchange for his work, he was only given 13 MANTA tokens, or about $28.
Another user who crossed a little more than $5,000 worth of tokens, Terry Junior, expressed his dissatisfaction with his 13 MANTA token reward to DL News.
- The token airdrop by Manta Network has come to an end.
- In the wake of the airdrop, a large number of participants harshly criticized Manta.
- Hard-to-find NFTs that once brought in over $1,000 in trade only brought in $132 in MANTA tokens.