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CDS Startups Manta Network p0x Labs Secures $25 Million in Funding

Startups

Manta Network p0x Labs Secures $25 Million in Funding

ugur20/07/20231 Mins read632

Manta Network p0x Labs Secures $25 million in Series A funding and launches Manta Pacific, a Layer 2 solution for ZK applications.

p0x Labs, the development team behind Manta Network, has successfully raised $25 million in a Series A funding round. The funding round, led by Polychain Capital and Qiming Venture Partners, has elevated the project’s valuation to a staggering $500 million.

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Manta Network p0x Labs Secures $25 Million in Funding

Alongside the funding news, Manta Network has announced the launch of its Layer 2 solution, Manta Pacific. This testnet is specifically designed to scale the network for zero-knowledge (ZK) applications. The funding will be used to expand Manta Pacific and Manta Atlantic, a ZK Layer 1 blockchain for compliant on-chain privacy.

Manta Pacific is a first-of-its-kind Ethereum Virtual Machine-native modular execution layer, designed specifically for ZK adoption. It offers plug-and-play functionality for developers, leveraging Celestia’s data availability layer for enhanced security and reduced fees. It also uses a modified version of Optimism’s OP Stack by Caldera for scalability.

The Future of ZK Tech and Manta Network After the launch of manta pacific

ZK tech is viewed as a promising solution to Ethereum’s scalability and privacy issues. Manta Pacific aims to leverage the performance capabilities of the modular ecosystem while increasing access to ZK. Manta Network’s native Manta Wallet has already been installed over 200,000 times, and its combined project ecosystem reaches more than 1.5 million users.

About p0x Labs, the team behind Manta Network

p0x Labs, the team behind Manta Network, is dedicated to creating a privacy-preserving DeFi ecosystem. They recently secured $25 million in Series A funding, led by Polychain Capital and Qiming Venture Partners, to expand their zero-knowledge (ZK) solutions, Manta Pacific and Manta Atlantic.

Manta Pacific is a Layer 2 solution designed for ZK applications, while Manta Atlantic is a ZK Layer 1 blockchain for compliant on-chain privacy. Their work is driving user adoption of ZK products and addressing scalability and privacy challenges in the Ethereum network.