The news about Manta Network and its recent developments is as follows:

  1. 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.
  2. 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.
  3. 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.
  4. 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.
  5. 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.
  6. 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.
  7. 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.
  8. 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.
  9. 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).
  10. 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.
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