A funding round involving previous investors takes the Polkadot startup’s valuation to $60 million
BRATISLAVA, SLOVAKIA / ACCESSWIRE / April 28, 2022 / Mangata, the community-run DEX aiming to solve some of the biggest problems facing the global crypto market, has raised a $4.2 million funding round shortly after launching its first blockchain on the Kusama Network, leaving the company at 60 valued at millions of dollars.
Returning investors Altonomy, Polychain and TRGC participated in the strategic round and were joined by new investors including Signum Capital, Headline, Figment, ZMT Capital, AngelDAO and Paribu Ventures.
“Altonomy believes in Mangata’s efforts to connect large blockchains, improve security for merchants and help reduce fees by eliminating gas from the equation, which is why we have returned for a second round of funding,” says Ricky Li, Director of Altonomy.
Offering simple and secure decentralized trading for Polkadot and Ethereum, Mangata is the first production-ready Layer 1 DEX blockchain to prevent dominant forms of price manipulation and maximum extractable value (MEV). Other blockchains are vulnerable to front-running bots that traders steal right under their noses, but Mangata DEX stops them at the consensus level with a new block production method, Themis architecture, that makes front-running nearly impossible.
The network is secured by its unique proof-of-liquidity mechanism that reuses liquidity to ensure chain security. This helps create deeper liquidity pools, increases capital efficiency and allows players to be double rewarded. Mangata deliberately does not support smart contracts, which further protects it from malicious actors or bots.
Other blockchains are notorious for high gas fees. One of Mangata’s biggest value propositions is eliminating gas from the swap equation entirely, enabling new strategies like dollar-cost-average and resulting in faster settlement at no additional cost. With their novel algorithmic buy & burn, the token price is tied to the success of the protocol. The way the blockchain is designed ensures fixed fees while providing better control over trading costs and more opportunities for arbitrage.
“Mangata’s unique Proof-of-Liquidity mechanism raises the bar for chain security and staking rewards, and our no-gas economy eliminates slow, expensive settlements prevalent on other blockchains. This latest round of funding will allow us to continue our mission to create a better crypto market for everyone, within the Polkadot ecosystem and beyond,” said Peter Kris, CEO of Mangata.
About Mangata Finance
Mangata is a next-gen DEX that makes tokens from all ecosystems tradable on a single exchange. It offers gasless swaps, prevents front-running and MEV with no additional fees, and secures the network with the revolutionary Proof-of-Liquidity consensus. As a Layer 1 app chain, it is not bound by legacy constraints and can be optimized from the ground up for capital efficiency and fairness. Mangata X is THE upcoming Kusama DEX that broke records by completing its crowdloan in 50 minutes.
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SOURCE: manga finance
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