Polychain Capital-Led Mangata Builds Sleek and Fair Trading Terminal for Polkadot Assets, Raises $1.4M
The growth of the Polkadot ecosystem has made it clear that many of the market’s chains are plagued by unfair frontrunning practices, rising fees, and slow settlements, causing significant losses. As the industry continues its scalability narrative of faster and efficient base layers, these ever-present setbacks need to be addressed.
Mangata Finance is a Polychain Capital-led solution built upon the belief that Polkadot traders should not fall victim to these problems. To achieve its mission, Mangata Finance is creating the go-to protocol for Polkadot-based traders and liquidity providers, opening the floodgates to profitable trading and investing opportunities.
Introducing Mangata, the One-Stop Shop for Polkadot Assets
It is known that Polkadot’s key value proposition is its interoperability, a much-demanded characteristic that the market has been lacking thus far. On this note, it only makes sense that Mangata launches a multi-purpose DEX that leverages Polkadot’s many benefits and will become a parachain. Mangata is a blockchain and a DEX at the same time that will be connected as a parachain in the Polkadot ecosystem.
Assets deposited onto the DEX serve multiple purposes. Mangata’s Proof of Liquidity enables validators’ stakes to not only secure the network, but also provide AMM liquidity, hence doubling the rewards earned.
Interoperability is not taken lightly either. Thanks to the POLKA-ETH bridge developed by Mangata, DEX-traded assets are seamlessly migrated on-demand between the two ecosystems.
Lastly, the DeFi market is also prone to flash loan attacks and price oracle manipulation. Since Mangata only entails AMM functionalities, it doesn’t make use of risky smart contracts that can be exploited.
Preventing Front-Running through Unique Consensus Mechanism
Rising transactional fees act as an entry barrier to smaller players looking to join the DeFi realm. Most DEXes entail the payment of two separate fees for all trades, one for the network and one for the trade itself. Mangata does not charge a network fee, with users only having to cover the fixed-fee per operation, leading to significantly lower costs. Lower costs will be highly leveraged by algorithmic bots as well.
As a result of the solution proposed by Mangata research team led by CTO Gleb Urvanov, the innovative fee structure effectively prevents users from frontrunning transactions by paying higher network fees. Miner-based frontrunning (also called miner-extractable value) is also minimized through custom consensus that guarantees random ordering and timestamping of transactions. In this way, transactions cannot be rejected or reshuffled. The front-running prevention system makes it easier for people to invest into emerging crypto assets whose prices would have otherwise been influenced by sophisticated bots or exploited by miners.
In consequence, Mangata’s core pillars solve key challenges, creating a high-quality trading system that facilitates community access to early-stage Polkadot projects. Mangata’s road to success is also paved by its team, consisting of skilled software engineers, blockchain architects, derivatives experts, product designers, business strategists, and more. Speaking of the project’s unique market position, Mangata’s CEO Peter Kris believes that: ‘ Mangata is the best positioned protocol, being cutting-edge in R&D, that will solve trading UX, costs and frontrunning problems. With industry’s top investors, this team has the best support to build a successful product.‘
Polychain’s partner William Wolf added: ‘I’m really excited about what Mangata is building. They’re leveraging the full-stack capabilities of Polkadot and Substrate to bring a cheaper, faster, and more fair trading experience to their users. With bridges to various other blockchain ecosystems, and strong token-incentives, Mangata could become a valuable source of cross-chain liquidity for both traders and liquidity providers.’
The Backers
To this moment, Mangata has raised $1.4M USD for equity and tokens, with its key backers including the likes of Polychain Capital, IOSG Ventures, Altonomy, CMS Holdings, TRGC and angel investors such as Ricky Li and many others.
Interested traders may follow Mangata Finance’s progress via Twitter, Medium, Telegram, Discord or Github code.
