Polkadot Parachain Auctions Kick-Off with Pri-Fi Project Manta Bidding for the Win

Polkadot Parachain Auctions Kick-Off with Pri-Fi Project Manta Bidding for the Win

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The next batch of Polkadot (DOT) parachain auctions are due to commence in the coming days, with a range of exciting new projects jockeying to win a spot on the ascendant Web3 blockchain. 

Among the nine blockchain startups taking part in the upcoming batch of auctions is the Pri-Fi (privacy finance) project Manta Network. Manta aims to provide privacy guarantees as standard for the Web3 framework, using a range of cryptographic solutions such as zkSNARKS to deliver end-to-end privacy for blockchain applications. 

At the time of writing, Manta has already raised over $4.5 million in their crowdloan! 


Privacy in Practice on Polkadot

In practice, Manta’s proposition means turning Polkadot chain assets – such as the native DOT tokens – into privacy coins. Once cleverly privatized, these coins can be swapped anonymously for other parachain assets, or secretly transferred to any other Polkadot-based wallet address. The Manta team aims to eventually expand its privacy-preserving mechanism to all blockchain apps in an easy-to-use manner.

The upcoming parachain auction will take place on Binance, where the warm-up period for early investors began on November 4 and will see $30 million worth of rewards granted to early-birds. The auction period, meanwhile, gets underway on November 11, with users able to stake their DOT tokens for the projects they wish to support during the five-round auction intervals. The auctions will end on December 21, at which time winners will be announced and Binance will distribute rewards to those who took part in the vote.

During the auction, 1 DOT token will be worth 4 MANTA, Manta Network’s native token. A 10% early-bird bonus will be given to those who stake their DOT prior to the auction commencement date, equating to a 6,000,000 token prize pool. A further 5% early-bird bonus will be available to claim for those who stake DOT between the beginning of the first auction and the conclusion of the third. 

Manta, for its part, has set aside a total of 156,000,005 MANTA tokens for the upcoming auctions – amounting to 15.6% of its total supply. 


Blockchain Backing

Manta is a member of the Blockchain Accelerator program of the University of California, Berkeley, and the team is supported by a range of advisors, scholars and blockchain veterans from Harvard, MIT, and blockchain platform Algorand. The project’s funding rounds attracted a number of notable backers in the blockchain and cryptocurrency space, not least Alameda, Polychain, Multicoin, CoinFund, ParaFi, DeFiance and Hypersphere.

Encompassed in its goal of bringing privacy to the Polkadot ecosystem, the Manta team looks to provide interoperability, ease-of-use, high performance and, in particular, auditability – a factor which could do much to inspire confidence in private transactions in general. The Manta project also includes the MantaSwap decentralized exchange (DEX), a private token swap feature built in conjunction with Calamari Network – itself a recent winner of the 7th Polkadot parachain auction in September.

As mentioned, the first batch of parachain auctions begin on November 11, with early-bird bonuses already up for grabs for early DOT stakers. Can Manta claim a coveted slot?

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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