Manta has generated a massive amount of cash in its latest fundraising round. According to the company’s announcement on Tuesday, $1.1 million was received from participating customers and investors.
The PolyChain Capital and Hypersphere were the top donators. Other companies who mainly participated in the fundraising process include Three Arrows Capital, Defiance Capital,Multicoin Capital, Alameda Research, BTC12 Capital, Genblock Capital, Rarestone Capital, AU21 Capital, and TRG Capital. It is believed that the amassed fund will be used to launch a decentralized private exchange on Polkadot.
Manta’s survey reveals Defi users’ reluctant to trade due to privacy implications
It has been a complicated task for Defi users to carry out complete and accurate privacy when trading assets on smart contracts. Their transactions can easily be tracked and revealed through blockchain analytics software because the smart contract isn’t programmed to obfuscate the fund’s flow despite passing through multiple tokens.
Just as it is with the smart contract, decentralized exchanges equally lack optimum privacy, which has had an enormous effect on markets. Bots often look for any transaction that can be copied display it at a very high fee rate, making sure that the bot acquires the loot ahead of the original sender.
As for Uniswap, front-runners are expected to place their bids before a large order, thereby giving room for the extradition of trade’s value. Though Uniswap deploys quality and adequate protection mechanisms such as the slippage tolerance setting, smart contract blockchain’s transparency remains a significant concern to traders who have been discouraged from engaging in full-time transactions.
Manta aims to provide long-lasting solutions to DeFi’s privacy-related issues
Manta’s longtime dream is to establish an automated market maker exchange on Polkadot, which will permit complete private swaps. The automated market maker is equally expected to deploy zk-SNARKs with Groth16 proofs — a technology deployed by Zcash ( ZEC). The technology is expected to provide long-lasting solutions to the privacy issue facing all Defi token holders.
The zk-SNARKs is a technology programmed to conceal any swap, and it will ensure that all transactions pass through the right channel. Acquiring the highly effective zk-SNARKs technology means Manta will become a para chain on Polkadot.
One of Manta’s co-founders, Victor Ji, disclosed to Cointelegraph that the move would be of great importance to the users because Polkadot possesses one of the fastest runtime(s) in the Defi (decentralized finance) sector. He also claimed that Polkadot has a well-developed ecosystem compared to Ethereum’s system, meaning users have a lot to benefit from purchasing the new technology. However, Manta will have to entice users to switch from their current heavyweights of the Defi space on Ethereum to Polkadot as soon as possible if it must record a great success.