The news about Manta Network and its recent developments is as follows:
- Series A Funding: P0x labs, the development team behind Manta Network, has successfully raised $25 million in its Series A funding round. The funding was led by Polychain Capital and Qiming Venture Partners, and it has brought Manta Network’s valuation to $500 million. Other notable backers include Alliance, CoinFund, and SevenX Ventures.
- Manta Pacific Testnet Launch: Manta Network has launched the testnet of its Layer 2 for ZK (Zero-Knowledge) applications, called Manta Pacific. This testnet is an essential step towards further development and implementation of the Manta Network ecosystem.
- Focus on ZK Applications: Manta Pacific testnet comes with a range of applications that focus on various use cases, including DeFi, infrastructure, bridging, social, gaming, and growth-oriented applications. The goal is to create an ecosystem that allows developers and users to leverage Zero-Knowledge (ZK) solutions effectively.
- Combining Solutions: Manta Network is combining its ZK solutions with Celestia’s modular data availability layer and Optimism’s OP Stack. This combination is expected to create a best-in-class ecosystem for developers and users in the ZK space and drive user adoption of ZK products.
- EVM-Native Modular Execution Layer: Manta Pacific is the first EVM-native modular execution layer designed specifically for ZK adoption and use cases. It utilizes Manta’s universal circuits and SDKs with plug-and-play functionality to simplify and expedite the development process for ZK applications.
- Low Gas Fees and Scalability: Manta Pacific uses Celestia’s data availability layer for security and low gas fees, ensuring cost-effectiveness for users. Additionally, it implements the modified OP Stack through Caldera to enhance scalability.
- Promising Solution for Ethereum: ZK technology has gained recognition as a promising solution to address scalability and privacy challenges on the Ethereum blockchain. The growing investor and developer interest in this sector reflects increased confidence and support for ZK adoption.
- Growing User Base: Manta Atlantic, Manta Network’s fastest ZK Layer-1 for compliant on-chain privacy, has garnered a large and growing user base. Its flagship NPO platform has been successful in minting over 300,000 zero-knowledge soulbound tokens (zkSBTs) across various ecosystem partners. Manta Wallet, the network’s native wallet, has also seen over 200,000 installations, attracting users to the ecosystem.
- zkApps on Manta Pacific: The testnet currently features various zkApps for users to access, including zkHoldEm (a private Texas Hold’em game), zkMe (a protocol for private and verified credentials), and Celer (a multi-chain, cross-layer asset bridge).
- Asian Market Entry: Qiming Venture Partners, a backer in the Series A funding, is optimistic about supporting Manta Network’s entry into the Asian markets. They believe ZK adoption has significant potential in these markets, driven by various applied use cases.
Read also: Within just a month, Manta Wallet has become one of the best extensions for mobile browsers
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