Manta Pacific, a leading decentralized exchange (DEX) for privacy-preserving tokens, has announced that it will migrate from Optimism to Polygon tech as its preferred zkEVM Layer 2 solution. This decision comes after a careful evaluation of the trade-offs between different scaling options for Ethereum.
Manta Pacific’s vision is to enable users to trade any ERC-20 token with full privacy and security, without compromising on speed or cost. To achieve this, Manta Pacific leverages zero-knowledge proofs (ZKPs), a cryptographic technique that allows users to prove the validity of their transactions without revealing any sensitive information.
However, ZKPs are computationally intensive and require a lot of gas on Ethereum, which makes them impractical for mass adoption. That’s why Manta Pacific chose to deploy its DEX on Optimism, a Layer 2 solution that uses optimistic rollups to reduce the load on the main chain and lower the fees.
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Optimism is one of the most popular and promising Layer 2 solutions for Ethereum, but it also has some limitations. One of them is that it does not support arbitrary smart contracts, which means that Manta Pacific cannot implement its full range of features and functionalities on Optimism. Another one is that it relies on a centralized sequencer to order transactions, which introduces some degree of trust and potential censorship.
That’s why Manta Pacific decided to switch to Polygon tech, a Layer 2 solution that uses zkEVM, a novel approach that combines ZKPs and EVM compatibility. zkEVM allows any smart contract written in Solidity to run on Polygon tech with minimal changes, while also benefiting from the scalability and privacy advantages of ZKPs. Polygon tech claims to offer up to 100x lower gas fees and sub-second finality compared to Ethereum.
By migrating to Polygon tech, Manta Pacific hopes to offer its users a better experience and more features, such as cross-chain swaps, liquidity mining, governance, and more. Manta Pacific also believes that Polygon tech aligns better with its vision of decentralization and censorship-resistance, as it does not rely on any trusted third parties or intermediaries.
Manta Pacific plans to complete the migration by the end of Q4 2023 and will provide more details and instructions for its users in the coming weeks. Manta Pacific thanks its community for their support and feedback, and invites them to join the discussion on Discord, Twitter, and Medium.
Solana-based multisig protocol Squads raises $5.7 million.
Squads, a Solana-based multisig protocol that enables teams to manage their crypto assets securely and collaboratively, has announced that it has raised $5.7 million in a seed round led by Multicoin Capital. Other investors include Solana Foundation, Jump Capital, CMS Holdings, and DeFi Alliance.
Squads is a novel solution that leverages the speed and scalability of Solana to provide a seamless user experience for multisig transactions. Unlike traditional multisig wallets that require multiple signatures from different devices or accounts, Squads allows users to create and join teams with shared access to a single wallet. Teams can set custom rules and policies for their wallet, such as quorum size, spending limits, and whitelisted addresses. Squads also integrates with popular Solana applications, such as Serum, Raydium, and Phantom, to enable teams to interact with the Solana ecosystem without compromising security or convenience.
Squads aims to democratize access to crypto assets and empower teams to collaborate on their financial goals. Whether it is a DAO, a fund, a startup, or a family, Squads provides a simple and intuitive way to manage crypto assets as a team. Squads also plans to expand its functionality and support more use cases in the future, such as governance, treasury management, and NFT creation and distribution.
The seed round will help Squads grow its team, develop its product, and launch its mainnet in Q1 2022. Squads also intends to use the funds to foster community engagement and education, as well as to explore partnerships and integrations with other projects in the Solana ecosystem.
Squads is currently in beta testing and invites interested users to sign up for early access on its website. Squads also welcomes feedback and suggestions from the Solana community and invites potential collaborators to reach out via Discord or Twitter.