Manta Network has partnered with the universal overlay network, Axelar, to link crypto assets to be privatized within Manta Network’s L1 privacy solution. The partnership will allow Manta to offer privacy for crypto assets and dApps on other chains outside of the Polkadot ecosystem. Additionally, it will help Manta Network to expand the adoption of its ZKP privacy technology across the entire ecosystem of Web3 projects and networks.
The decision to work with Axelar Network is due to its proven ability to use its decentralized bridge for high performance and security across different chains. The Axelar uses a bridge-hub design and stands out because it is not a P2P bridge. Instead, it can link multiple strings at the same time.
As more and more stakeholders continue to push for interoperability between different blockchains, the vulnerability of bridges remains a major concern. Vitalik Buterin, for example, pointed out the existential weaknesses of most decks on the market. In 2022, two DeFi protocol bridges, Ronin and Solana Wormhole, suffered hacks that cost around $900 million. In total, the DeFi sector lost over $1.1 billion in the first quarter of 2021.
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Based on the aforementioned security vulnerabilities, many projects will definitely pay more attention to platform security. This will likely lead to greater demand for Axelar’s hub-bridge services. “In our mission to bring privacy to Web3, we are focused on extending Manta Network’s privacy capabilities to other channels and projects,” said Shumo Chu, co-founder and main contributor of Manta Network.
About the Manta Network
Manta Network is a privacy-focused Web3 platform that provides users with the ability to transact and transfer between parallel chains of assets. It uses end-to-end privacy protection and security using high-grade cryptographic technologies such as zkSNARK. Additionally, it prioritizes interoperability, convenience, high performance, and auditability.
Axelar is the universal overlay network providing Web3 interoperability solutions through a secure architecture. It leverages developer tools and APIs to facilitate seamless integration of interoperability across different blockchain ecosystems. Some of the top VCs that have funded Axelar’s growth include Coinbase Ventures, Binance, and Polychain Capital.