A new Layer 2 testnet is launching today as p0x labs, the developer of Manta Network, secures $25 million in a Series A funding round. According to Manta Network’s team, ZK technology can solve the scalability and privacy issues on the Ethereum network.
However, they also say that most of the ZK solutions are disconnected from the actual users of the blockchain. According to a statement, the new funding round, which values the project at $500 million, will help Manta Pacific scale its network, user base, and use cases, as well as expand into key Asian markets. The round also included Alliance, CoinFund, and SevenX Ventures as additional investors.
Manta Network is no Stranger to the Crypto Community
Manta Network is a privacy-oriented decentralized exchange that has raised a $1.1 million seed round investment led by Polychain Capital. They have also raised another $28.8 million in its latest fundraising effort by selling 80 million MANTA utility tokens. MANTA is a governance token that is deflationary and burned through network usage.
Manta Network previously launched Manta Atlantic, a layer 1 blockchain focused on zero-knowledge (ZK) privacy. The company has now rolled out Manta Pacific, which is currently in testnet and aims to serve as a layer 2 ecosystem for Ethereum Virtual Machine-native ZK applications. The goal is to make it easier for developers to deploy these applications.
Polychain Capital has been at the forefront of investing in blockchain technology startups such as Manta Network. The goal of these investments is to design an interface and protocol layer that makes the base layer of web services, such as storage, hosting, and billing, available to all people.
Web3 infrastructure has been a popular investment choice since the beginning of this year after FTX’s implosion last year. According to a recent survey by Binance, most of its institutional investors found infrastructure to be the most important investment, followed closely by layer 1 and layer 2 projects.
