p0x Labs concluded the Series A funding round steered by Qiming Venture Partners and Polychain Capital. The fundraiser yielded $25 million to facilitate the pursuit of zero-knowledge (ZK) based Manta Network. The funding round saw p0x labs realize a $500 million valuation.
Addressing Scalability and Privacy Concerns on Ethereum Network
The conclusion of the fundraiser coincides with p0x Labs unveiling Layer 2 testnet. The team developing Manta Network restated that ZK technology is best placed to help address the scalability challenges emerging on the Ethereum network.
The p0x Labs team is optimistic that ZK technology will address the privacy concerns developers cite as existing on the Ethereum network. The team decried that today’s tech seems isolated from the individuals driving the blockchain activity.
The primary contributor of the Manta Network project Kenny Li expressed excitement for the successful equity round of realizing $25 million. He lauded the participants’ contribution and restated that they invested in the team and the token.
p0x Labs Unveils Manta Network Testnet
News of the Manta Network project became public during the EthCC held in Paris. While the project is in the development phase, the team confirmed releasing the testnet of the Layer 2 network targeting ZK applications within the inexpensive gas fee context. The team identified it as Manta Pacific and will complement the Layer 1 Manta Atlantic, oriented to address complaints involving on-chain privacy.
The development team defined zero-knowledge proofs as allowing individuals to prove the reality of things without direct disclosure. p0x Labs believes that the completion of building the Manta Network would enable users to exercise control over their identity. Doing so will eliminate surveillance risks, attracting individuals uncertain of utilizing DeFi protocols citing transparency of transaction histories.
Equity Round to Facilitate Manta’s Expansion in Ethereum
The input of Polychain Capital alongside Qiming Venture Partners was critical to make the p0x Labs funding round successful. Polychain Capital’s Luke Pearson acknowledged the funding round as a pathway to facilitate Manta’s expansion into the Ethereum ecosystem. As such, he confirmed Polychain Capital would double the investment during the Series A round.
Qiming Venture Partners’ principal And Tang appreciated the participants’ contribution as it could facilitate Manta Network to penetrate the Asia market. Tang believes that Manta Network garners traction even among the web2 operators.
Tang indicated that supporting Manta Network was inevitable, given that it is a journey towards unlocking the ZK adoption. He illustrated the real potential harbored by ZK, particularly in onboarding colossal user numbers, as witnessed in the private soul-bound tokens (zkSBT).
p0x Labs Gaining Foothold in Asia
Li illustrated that a significant portion of the money raised would help deliver a global presence for the project. The presence of large investors from China would enable p0x Labs to realize a considerable foothold within Asia.
Li admitted that the project completion will see demand for those seeking to build applications on the L1 network. He noted that the Manta Network would feature 300000 zkSBT to facilitate on-chain identity verification without data leakage. The tokens’ minting was a possibility by partnering with Linea and Arbitrum.
The participants in the Series A funding round lauded the achievements of the native Manta Wallet, particularly the 200,000 installations. Also, the email-based notification realized an increased user base estimated to exceed 1.5 million.
Li expressed confidence in the inclusion of a testnet fitted with plug-and-play functionalities. The inclusion will enable developers to prioritize resources and time allocation to the core products.
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