Equity round joined by previous investors lifts the Polkadot startup’s valuation to $60M
Bratislava, Slovakia/April 28, 2022 — Mangata, the community-driven DEX looking to solve some of the biggest problems facing the global crypto market, has raised a $4.2 million equity round, valuing the company at $60 million, shortly after the launch of its first blockchain on the Kusama network.
Returning investors Altonomy, Polychain, and TRGC took part in the strategic round, and were joined by new investors including Signum Capital, Infinity Ventures Crypto, Figment, ZMT Capital, AngelDAO, and Paribu Ventures.
“Altonomy believes in Mangata’s efforts around connecting major blockchains, improving security for traders, and helping reduce fees by eliminating gas from the equation, which is why we returned for a second round of funding,” says Altonomy Director Ricky Li.
Mangata offers easy and secure decentralized trading for Polkadot and Ethereum and is the first production-ready Layer-1 DEX blockchain that prevents dominant forms of price manipulation and maximal extractable value (MEV). Other blockchains are vulnerable to front-running bots that steal from traders right under their noses, but Mangata DEX stops them on the consensus layer with a new block production method, Themis architecture, which makes front-running next to impossible.
The network is secured through its unique Proof of Liquidity mechanism, which reuses liquidity to ensure chain security. This helps create deeper liquidity pools, increases capital efficiency, and allows stakers to be rewarded twice. Mangata deliberately does not support smart contracts, which further shields it from malicious actors or bots.
Other blockchains are notorious for high gas fees. One of Mangata’s greatest value propositions is eliminating gas from the swaps equation entirely, allowing for new strategies like Dollar-cost averaging and resulting in faster settlement at no additional cost. With their novel algorithmic buy & burn the token price will connect with the success of the protocol. The way the blockchain is designed ensures fixed fees while providing greater control over trading costs and increased opportunities for arbitrage.
“Mangata’s unique Proof-of-Liquidity mechanism raises the bar on chain security and staking rewards, and our no-gas economy does away with slow, expensive settlements rampant on other blockchains. This latest round of funding will enable us to continue our mission to create a better crypto market for everybody, within the Polkadot ecosystem and beyond” says Mangata CEO Peter Kris.
Mangata is a next-generation DEX that makes tokens from all ecosystems tradable on a single exchange. It features gasless swaps, prevents front-running and MEV without 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 restrictions and can optimize from the ground up for capital efficiency and fairness. Mangata X is THE upcoming Kusama DEX that broke records when closing its crowdloan within 50 minutes.
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