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Manta Network Raises $28.8 Million as Its Squad Game Event Concluded

Tue, 11/16/2021 - 16:08
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Vladislav Sopov
Manta Network secures a notable sum after selling 80 million MANTA tokens on Tokensoft-based TGE
Manta Network Raises $28.8 Million as Its Squad Game Event Concluded
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The project focused on empowering Polkadot's architecture with an additional privacy layer and concludes its multi-phase token sale.

Manta Network completes funding campaign, transits toward Polkadot parachain auction

According to the official statement released by Manta Network, its community "Squad Game" token generation event is finally closed.

The sale took place on popular fundraising platform Tokensoft. Eighty million MANTA tokens (8% of its fixed supply) were allocated to this stage of the token sale.

MANTA token's role in the Manta Network ecosystem is dual: it acts as both a governance asset and utility token. Their holders will have a say in crucial community referendums on all major updates to the network design.

Also, MANTA tokens will be used to pay fees for MantaPay and MantaSwap usage with periodic token burn events.

Previously, Manta Network successfully completed two strategic funding rounds with $6.6 million raised in total.

The rounds were led by Polychain Capital, CoinFund and ParaFi Capital, while Alameda Research, DeFiance Capital, LongHash Ventures, SkyVision Capital, Zee Prime Capital, The Spartan Group, Divergence Capital, SNZ Holding, CMS Holdings, Global Coin Ventures, ConSensys, Digital Currency Group and other heavyweight VCs also backed Manta in its fundraising efforts.

Advancing Polkadot's infrastructure with privacy layer

Right now, Manta Network is running a crowdloan campaign to secure a parachain slot in Polkadot's infrastructure. Its enthusiasts have already locked $130 million in Polkadot (DOT) to receive periodic rewards in MANTA.

Manta Network addresses the Layer 1 ecosystem of solutions focused on advanced privacy for Substrate-based protocols.

MantaSwap, a decentralized cryptocurrency exchange with an automated market-making engine and MantaPay, a payment solution with an extended security stack, are up and running under Manta Network's umbrella.

Currently, Manta Network is building its privacy-first smart contracts platform with zero-knowledge proofs that would allow devs to build highly secure decentralized applications. In Manta's ecosystem, users' addresses are obfuscated via the most sophisticated zk-proofs implementations, i.e., zk-SNARKS and Groth16 proofs.

Before switching to Polkadot, Manta Network deployed its Calamari "canary network" on Kusama, a Polkadot "sister chain." A total of 10,000 KMA were awarded to every early backer per one Kusama (KSM) locked in support of Calamari's parachain slot bid.

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About the author

Blockchain Analyst & Writer with scientific background. 6+ years in IT-analytics, 3+ years in blockchain.

Worked in independent analysis as well as in start-ups (, Monoreto, Attic Lab etc.)