|

Crypto News

Developer For Manta Network Raises $25m In Series A And Introduces Layer 2 For Zk Apps

Author

Jay Solano

Tags

Reading time

2 mins
Last update

Author

Jay Solano

Tags

Reading time

2 mins
Last update

Author

Jay Solano

Tags

Reading time

2 mins
Last update

manta network

Join our growing community


The funds will be used to develop Manta Pacific’s network, draw in more users, and investigate other use cases.

With major contributions from Polychain Capital and Qiming Venture Partners, P0x Labs, the cryptographic development team behind Manta Network, has announced that it has raised $25 million in a Series A fundraising round. The funding increases the company’s valuation to $500 million.

A press release from Manta Network mentions that the layer-2 infrastructure’s testnet, dubbed Manta Pacific, has been added to the ecosystem for zero-knowledge (ZK) applications. The money raised will be used to develop Manta Pacific’s network, draw in additional users, and investigate other use cases.

CEO of Manta Network Kenny Li emphasized Manta Pacific’s main objective, which is to streamline the development of features and apps while guaranteeing user-friendliness, in an interview. Although ZK has drawn attention as a worthwhile proposal, according to Li, it primarily functions as a feature set that supports a variety of application use cases.

The difficulty, however, comes from the possibility that decentralized developers lack cryptography knowledge or would rather forego a high learning curve. Li says this:

“The hurdle is overcome by Manta Pacific’s ZK application layer, which utilizes pre-compiled circuits which can be seamlessly integrated into applications with minimal code.“

Implementing ZK applications for patient data, which involves gaining self-sovereignty and ownership of one’s medical data, is the ultimate objective, in Li’s opinion. But according to Li, this objective is still years away because it is difficult to gather and access hospitals’ fragmented data because they are not driven to use blockchain technology or effectively manage their data.

Li claims that Manta Network has discovered a use case in finance where users are given staked tokens based on their holdings on exchanges like Binance. According to him, privacy issues occur when individuals are hesitant to provide identification because doing so would expose their entire wallet.

To solve this, Li stated that a privacy layer was created with ZK-enhanced staked tokens, similar to the Binance account-bound token, resulting in roughly 58,000 confirmed user mints. As a result, user privacy is prioritized while also improving the usability of staked tokens for identity reasons.

Users can presently access a number of ZK applications on Manta Pacific’s testnet, including zkPass, a privacy-preserving protocol for data verification, zkMe, a protocol for private and validated credentials, and zkHoldEm, a fully on-chain and private Texas Hold’em game.

Launched in April 2023, Manta Atlantic’s nonfungible token private offering platform has since produced approximately 300,000 zero-knowledge soulbond tokens among significant ecosystem participants, including Arbitrum, Galxe, Linea, and CyberConnect.