Manta Network, a promising blockchain, encountered a distributed denial of service (DDoS) attack coinciding with the launch of its MANTA token. The attack led to prolonged withdrawal times and network sluggishness. Manta developers acknowledged the issue, citing an accumulation of transactions causing delays and impacting gas fees. Efforts are underway to resolve the situation.
Attack Details and Response
⚠️ Because of yesterday’s DDoS attack, the network has accumulated a large queue of recent transactions. This is leading to longer transaction times and impacts on gas fees. We are aware of this issue and working to resolve it.
— Manta Network (🔱,🔱) #MantaNewParadigm (@MantaNetwork) January 19, 2024
DDoS attacks involve flooding a server with internet traffic to disrupt online services. The assault occurred around the initial token issuance event, causing communication challenges between the blockchain and native applications. Despite limited communication, co-founder Kenny Li assured users that all funds were secure, and the blockchain operated normally apart from the disruptions.
MANTA Token Performance
The MANTA token, which went live on Thursday, experienced a surge, gaining up to 25% after issuance. This propelled the network’s market capitalization to nearly $550 million by Friday. Manta had previously attracted nearly $1 billion worth of ether (ETH) for its layer-2 network, New Paradigm. This influx was driven by an airdrop program rewarding users who transferred funds to the platform.
Blockchain Landscape Dynamics
Manta Network is part of a growing cohort of new blockchains aiming to offer faster transactions and lower costs compared to established networks like Ethereum. These emerging networks often garner support from prominent funds and actively promote their features across social media platforms, seeking to capture market share and transaction fees, thereby enhancing token value.
Despite the DDoS disruption, Manta Network remains resilient, with the MANTA token gaining significant traction. As the team addresses the attack aftermath, users are keenly observing how the situation unfolds. The incident underscores the challenges faced by newer blockchains navigating the competitive crypto landscape.