Manta Network’s privacy protocol for Polkadot sold 80,000,000 of its governance MANTA coins to raise $28.8 millions. At Tokensoft’s Squad Game token generation, the project was able to sell 8% of its fixed supply. This event saw a large participation by Manta communities.
The latest round follows the last $5.5 million round, led by ParaFi Capital and CoinFund. It had previously been led by Polychain Capital, a $1.1million round in 2021.
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.
As parachain auctions begin, $130 million has already been pledged to the crowdloan initiative. 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.
Build a private Smart Contract Platform
Manta Network (privacy layer) is working towards making on-chain privacy an utility by scaling and interoperable. The company has created several platforms for improving the security and privacy of decentralized finance ecosystem (DeFi).
This means that users can transact and trade any parachain assets on their own blockchains.
DeFi-oriented privacy protocol include Mantapay and DEX MataSwap, an automated market maker. Manta adds an additional layer of anonymity for DeFi transactions through the use of Groth16 and zk-SNARKS.
This is especially useful for large transactions, as it helps to hide portfolio management activities.
Manta Network has also created a private smart-contract platform. The platform uses zero-knowledge privacy proofs to ensure that it deploys privatized, decentralized applications. Developers can also build DApps to increase the Manta ecosystem.
The project is supported by a number of notable crypto industry investors, such as Alameda Research and Polychain Capital. DeFiance Capital, CoinFund and ParaFi Capital. Divergence Capital, Zee Prime Capital. CMS Holdings. ConSensys. Digital Currency Group (DCG).
Manta Network partners with Bit.Country in order to make its privacy features available to other metaverses. “Many other individualized worlds will be able to utilize their privacy features for their people,” saysManta’s team.