Crimes in the cryptocurrency space reached an all-time high of $14 billion in 2021. And decentralized finance (DeFi) emerged as a massive attack vector, with DeFi thefts increasing by 1,330% in the last year.
This data calls for an increasing need for security and privacy. And Manta Network is working on achieving just that.
Manta Network is an on-chain privacy solution for blockchain assets that is working on implementing ZkSNARKs, a cryptographic technique that allows two entities to verify information with each other without any interaction on the blockchain level.
Most recently, Manta showcased the usage of zero-knowledge proofs to allow users to transact with privacy in partnership with DeFi protocol Acala.
Besides its layer-one network design leveraging zero-knowledge proofs (ZKP) to privatize crypto assets, it is built with the Substrate framework allowing Manta’s privacy technology to interoperate with other parachain assets within the Polkadot and Kusama ecosystem.
Manta Network’s push towards privacy using ZKP has attracted Binance Labs’ attention, as they made a strategic investment in the project. Binance Labs is the venture capital arm of the largest cryptocurrency exchange Binance.
According to Binance, for Web3 to scale and grow its use cases, privacy is extremely important. And Manta is “bringing a unique and valuable approach to tackling this issue,” Nicole Zhang, Investment Director at Binance Labs said.
“We’re excited to bring on Binance Labs as a strategic investor, and look forward to working with them in expanding Manta Network’s privacy utility to other networks and decentralized applications,” stated Kenny Li, co-founder of Manta Network.
Manta Network’s mission is to bring privacy as a utility to crypto space. The project has launched its Dolphin Testnet, which has seen over 10K in unique private transactions. The testnet features will be deployed on its Calamari Network in MariPay.
At launch, MariPay will privatize various parachain assets on Polkadot’s early, experimental version Kusama including Kusama’s native asset KSM and Calamari’s native asset, KMA. Manta is currently working with several parachains to make the privatization of their projects’ assets interoperable as well.
In the short term, as a product, Manta Network will enable high-performance private DeFi transactions, and in the long term, Manta aims to be the infrastructure for privacy-preserving blockchain applications.