Manta Network, Polkadot’s privacy protocol, raised $28.8 million by selling 80 million of its governance MANTA tokens. The project sold 8% of its 1 billion fixed supply at Tokensoft’s Squad Game token generation event, which was well attended by the Manta community.
This latest funding round follows a $5.5 million funding round led by CoinFund and ParaFi Capital last month. Prior to this, it raised $1.1 million in a round led by Polychain Capital in 2021.
Manta Network has won the parachain network on Polkadot’s canary network Kusama, and is now preparing for the next stage of its development with the upcoming Polkadot parachain auctions, which officially began on November 11.
Users have already pledged $130 million to its crowdloan initiative as parachain auctions begin. Holders of Polkadot’s native DOT tokens, on the other hand, can still contribute to the crowdloan with MANTA rewards.
Manta’s utility tokens reward holders for MantaPay and MantaSwap usage fees, as well as on-chain community governance rights.
Building a Private Smart Contract Platform
Manta Network, the Polkadot ecosystem’s privacy layer, is working to make on-chain privacy a utility through scalability and interoperability. Furthermore, it has created a number of platforms to improve the privacy and security of the decentralised finance (DeFi) ecosystem.
This means that users will have on-chain privacy when transacting and swapping any parachain assets.
Among these DeFi-oriented privacy protocols are the automated market maker DEX MataSwap and the privacy-enhanced payment protocol Mantapay. Manta essentially adds a layer of anonymity to DeFi transactions by obfuscating user addresses using zk-SNARKS and Groth16 proofs.
It is especially useful for those who are transacting in large amounts because it can help conceal their portfolio management activities.
In addition, Manta Network is developing a private smart contract platform. This platform will deploy privatised decentralised applications and allow developers to build their own DApps on it to expand the Manta ecosystem by leveraging zero-knowledge proofs for privacy.
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 others have all backed the project.
Manta Network has also partnered with Bit.Country to bring its privacy features to the metaverse. “Many other individualised worlds will be able to use their privacy features for their people,” the Manta team explains.