In an effort to establish an automated market maker (AMM) exchange that features completely private swaps within Polkadot, Manta Network recently launched a funding round, which it has reportedly closed just today, involving over $1.1 million. As per the firm’s announcement, the funding round was spearheaded by Polychain Capital and was joined by ten more firms, namely Hypersphere Ventures, Defiance Capital, Alameda Research, Genblock Capital, AU21 Capital, TRG Capital, Rarestone Capital, BTC12 Capital, Multicoin Capital, and Three Arrows Capital.
Manta’s collaboration with Polkadot aims to elevate the privacy properties of the DeFi sector through the obfuscation of user wallet addresses, with the ultimate mission of allowing its users to transact and promptly exchange privacy. This new effort by Manta, a parachain built within Polkadot’s ecosystem, is the partnering firm’s first significant project under the newly-established collaboration. The AMM DEX will reportedly be called “MantaSwap.”
Manta’s latest survey further emphasizes this need for more privacy in the DeFi sector. In it, 73.2% of the total 404 respondents have admitted to either feel hesitation or entirely avoid making transactions in the past as they still feel wary about the privacy implications of said transactions. On top of that, 84% of the total respondents have also shown concern regarding their wallet addresses possibly being linked to their actual identity as it’s only natural for blockchains to let people observe address balances. Notably, over 90% of the same respondents have also admittedly looked up someone else’s wallet addresses just to see that particular person’s transactions or current holdings.
According to the CEO of Manta, Shumo Chu, the network’s main goal right now is to get the mainnet of MantaSwap within 2021. She also noted that they fully recognize the importance of making sure that their present network’s security components are further reinforced and tested before they could even make a move to launch the aforementioned mainnet.