Polkadot’s Manta Network raises $ 28.8 million

By November 17, 2021Polkadot
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Manta Network, Polkadot’s DeFi escort (DOT / USD), sold 80 million MANTA utility tokens during its Squad Game token generation event held by Tokensoft, Invezz learned from a press release.

They were valued at $ 28.8 million and grant holders on-chain community governance rights in addition to MantaPay and MantaSwap usage fee rewards. Tokens are deflationary and burned through the use of the network.

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The token sale was welcomed by the community and accounted for 8% of the $ MANTA 1 billion token fixed offering. This will facilitate progress towards the next stage of development with the start of the Polkadot chain guard rods.

The successful outcome of the token generation event marks another milestone for the protocol. It closed a $ 5.5 million funding round led by CoinFund and ParaFi Capital and a $ 1.1 million round led by Polychain Capital last year.

Privacy protocols designed to add a level of anonymity

Manta Network has developed several platforms and protocols to improve the security and privacy of the DeFi ecosystem. The ultimate goal is to make on-chain privacy a utility through scalability and interoperability. Its DeFi-oriented privacy protocols aim to add a layer of anonymity to DeFi transactions by hiding user addresses.

This is done by applying zero-knowledge tests known as Groth16 and zk-SNARKS tests. This can help hide portfolio management activities for users who transact in large quantities.

The protocols cover several areas of the DeFi ecosystem

Manta Network represents one of the pioneering platforms looking to deliver these attributes in a layer 1 format solution with privacy becoming an increasingly important aspect of blockchain business. The platform’s protocols cover multiple areas of the DeFi ecosystem, including Mantapay, a payment protocol with integrated privacy, and MantaSwap, a decentralized market maker (DEX) exchange.

The platform has discarded the IDO for Calamari Network

By discarding the IDO for its Calamari canary network, the platform has demonstrated its highly democratic nature. Now, the upcoming Polkadot parachain auctions represent the next phase of Manta Network development.

Users have currently pledged $ 130 million to its crowdloan initiative at the start of these auctions. DOT token holders can contribute with $ MANTA rewards.

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