Manta Network Successfully Completes its 3rd Funding Round of the Year at $28.8 Million from Squad Game Event
November 18 2021 - 12:15AM
NEWSBTC
Manta Network, the privacy protocol for Polkadot, sold 80 million
of its governance MANTA tokens to raise $28.8 million. The project
sold 8% of its 1 billion fixed supply at its Squad Game token
generation event hosted by Tokensoft, which saw widespread
participation from the Manta community. This latest funding round
comes after the $5.5 million funding round that took place last
month, which was led by CoinFund and ParaFi Capital. Before this,
it had a $1.1 million round led by Polychain Capital in 2021
itself. After winning the parachain network on Polkadot’s canary
network Kusama, Manta Network is now preparing for the next stage
of its development with the forthcoming Polkadot parachain
auctions, which officially began on November 11. $130 million have
already been pledged by users to its crowdloan initiative as
parachain auctions commence. But the holders of Polkadot’s native
DOT tokens can still contribute to the crowdloan with MANTA
rewards. Manta’s utility tokens grant its holders rewards for
MantaPay and MantaSwap usage fees in addition to on-chain
community-governance rights. Building a Private Smart Contract
Platform The privacy layer for the Polkadot ecosystem, Manta
Network, is working to make on-chain privacy a utility through
scalability and interoperability. And it has developed several
platforms to improve the privacy and security of the decentralized
finance (DeFi) ecosystem. For users, this means on-chain privacy in
transacting and swapping any parachain assets. These DeFi-oriented
privacy protocols include the automated market maker DEX MataSwap
and payment protocol Mantapay, which has embedded privacy. Here,
Manta basically adds a layer of anonymity to DeFi transactions by
obfuscating user addresses through the application of zk-SNARKS and
Groth16 proofs. It is particularly helpful for those transacting in
large amounts as it can help mask their portfolio management
activities. Manta Network is also building a private smart contract
platform. Leveraging zero-knowledge proofs for privacy, this
platform will deploy privatized decentralized applications and
allow developers to build their own DApps on it to expand the Manta
ecosystem. The project has a long line of prominent crypto industry
backers, including Alameda Research, Polychain Capital, DeFiance
Capital, CoinFund, ParaFi Capital, The Spartan Group, LongHash
Ventures, Divergence Capital, Zee Prime Capital, CMS Holdings,
ConSensys, Digital Currency Group (DCG), and more. Manta Network is
also bringing its privacy features to the metaverse by partnering
with Bit.Country. “Many other individualized worlds will be able to
utilize their privacy features for their people,” says the Manta
team.
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