Polychain Capital leads $25M fundraise for Manta Network developer.

Polychain Capital leads $25M fundraise for Manta Network developer.

The Resilience of Infrastructure Projects in the Blockchain Industry

Manta Network, a leading developer in the blockchain industry, has recently raised $25 million in a Series A funding round led by Polychain Capital and Qiming Venture Partners. This successful fundraising effort highlights the resilience of infrastructure projects in the blockchain industry, even in the face of bear markets.

Manta Network is known for its modular ecosystem for zero-knowledge (ZK) applications. Zero-knowledge applications utilize cryptographic methods to mathematically verify the validity of transactions without compromising their privacy. The company had previously launched the Manta Atlantic blockchain, a layer 1 blockchain with a focus on ZK technology. This blockchain aimed to offer programmable privacy to its users. Building upon this success, Manta Network has now introduced the Manta Pacific, a layer 2 ecosystem that simplifies the deployment of Ethereum Virtual Machine-native ZK applications for developers.

The recent $25 million funding round, which values the project at $500 million, will play a crucial role in scaling the network, expanding the user base, and diversifying the use cases for Manta Pacific. Additionally, this funding will fuel the expansion of Manta Network into key Asian markets. Notable investors in this round include Alliance, CoinFund, and SevenX Ventures.

Luke Pearson, an investor at Polychain Capital, expressed excitement about Manta Network’s expansion into the Ethereum ecosystem. He emphasized the performance capabilities of the modular ecosystem and the increasing accessibility to ZK through Universal Circuits, which will be a key feature of Manta Pacific.

This successful fundraising effort aligns with the growing interest in Web3 infrastructure among investors. Since the FTX implosion last year, Web3 infrastructure has gained significant attention and has become a popular investment choice. A recent survey conducted by Binance revealed that the majority of its institutional investors consider infrastructure projects to be the most important investment, closely followed by layer 1 and layer 2 projects.

The blockchain industry continues to evolve, and infrastructure projects like Manta Network play a crucial role in its growth and development. These projects provide the necessary framework and tools for developers to build innovative applications on blockchain platforms. They enable the integration of privacy features and enhance the scalability and performance of blockchain networks.

To better understand the significance of infrastructure projects in the blockchain industry, it is essential to explore some key technical terms and concepts. Zero-knowledge proofs (ZKPs) are cryptographic protocols that allow one party to prove the veracity of a statement or claim to another party without revealing any further information. In the context of blockchain, ZKPs enable privacy-preserving transactions. They allow users to validate the integrity of a transaction without disclosing the identities or details involved.

Layer 1 and layer 2 solutions are architectural frameworks that aim to improve the scalability and efficiency of blockchain networks. Layer 1 refers to the base layer of a blockchain protocol, while layer 2 represents additional protocols or networks built on top of the base layer. Layer 2 solutions, like Manta Pacific, can enhance the capabilities of layer 1 blockchains by providing off-chain scalability and faster transaction processing.

In summary, the recent success of Manta Network in raising $25 million reflects the resilience of infrastructure projects in the blockchain industry. These projects, such as Manta Pacific, contribute to the growth and development of the industry by offering innovative solutions, scalability improvements, and privacy features. The increasing interest in Web3 infrastructure from investors further highlights the importance of these projects in building a robust and sustainable blockchain ecosystem. As the industry continues to evolve, infrastructure projects will remain key drivers of innovation and adoption in the blockchain space.

Read more: Binance’s Institutional Clients Remain Optimistic on Crypto Amid Tough Market

Edited by Aoyon Ashraf.