Mangata, the omnichain zk-rollup for L1-grade native liquidity, has selected the EigenLayer protocol as a supplier for native ETH security. After 3 years of building a next-generation omnichain liquidity protocol, Mangata will launch on EigenLayer. The first product will be the Mangata omnichain exchange, allowing users to securely trade all tokens from all chains. The mainnet launch of Mangata in 2024 will give traders and liquidity providers access to trading pairs with L1-grade security, which has not been possible before.
What is EigenLayer?
Eigenlayer is a highly anticipated protocol that helps Ethereum scale by allowing new consensus mechanisms and rollups to be deployed on Ethereum. The protocol is secured by ETH restaking. This introduces features and security properties to Ethereum, such as the data availability layers, rollups, oracles, and the Mangata omnichain zk-rollup. EigenLayer allows Ethereum users to use staked ETH to secure those services.
What is L1-grade Liquidity?
Mangata introduces a novel idea to cross-chain value exchange: Don’t add new risks!
Our research team has published an article describing the omnichain zk-rollup, a protocol that ensures that each token stays as secure as transactions on its native ecosystem. It was very important for us to avoid new security assumptions like bridge risks, multi-sigs, MPC, etc.
This means that when you have a trading pair like ETH↔BTC, each token will be as secure as the ecosystem where it originates from. This has not been done before. Liquidity is secured by L1-grade security. We call this L1-grade liquidity.
ZK-rollups by themselves are not powerful enough to ensure the validity of cross-chain swaps. They can only attest to transactions within a single L1, but not transactions between them, such as an ETH↔BTC swap. To realize our vision of building an exchange protocol that allows L1-grade liquidity, we require a trustless source of truth attesting to the honest behavior of the protocol facilitating cross-chain swaps itself. We need Ethereum to vouch for Mangata. Eigenlayer makes it possible.
Mangata on Eigenlayer will make cross-chain atomic swaps as easy as calling a smart contract on Ethereum or any other connected chain.
Ready to Launch!
Mangata recently celebrated its ‘feature-complete’ milestone for the original roadmap, offering features like gas-free swaps, MEV-minimization, algorithmic buy-and-burn, liquidity gauges, and third-party liquidity incentives. All these features will be available on the Mangata mainnet right after the launch. The final version of Mangata will allow users to securely trade all tokens from all chains. With the upcoming introduction of on-chain limit orders, Mangata is also primed to become the settlement layer for cross-chain order flow auction settlement.
“DeFi today is very inconvenient and risky and the crypto industry is not yet ready to serve a billion users. Mangata solves this! Our vision is to build an omnichain liquidity protocol that allows you to trade all tokens from all chains. Eigenlayer will provide Mangata with the strong economic security that is needed to deliver our vision.”, says Peter Kris, co-founder and CEO of Mangata Finance.
The Mangata team will soon launch the first Eigenlayer testnet which will be accompanied by community initiatives to recruit new network validators, operators, restakers, and testnet users.
Follow Mangata Finance to get updated on all our latest developments:
Trade all tokens from all chains on a single platform
Mangata is an omnichain liquidity network with the vision to make tokens from all ecosystems tradable on a single exchange. Built on Eigenlayer and Starkware technology, it features gas-free swaps, prevents front-running and MEV, increases capital efficiency with the revolutionary proof-of-liquidity consensus, and offers weight voting and permissionless third-party incentives. As an appchain building on Substrate, it is not bound by legacy EVM restrictions and optimizes the whole ecosystem around capital efficiency and fairness.