Privacy Finance Platform, Manta Network, Confirms Plans to Participate in Polkadot (DOT) Parachain Auctions 

FinanceFeeds Editorial Team

Manta Network, which is trailblazing the path for privacy finance (PriFi), confirms that you may now begin contributing to the Manta Network crowdloan via Binance.

Manta Network, which is trailblazing the path for privacy finance (PriFi), confirms that you may now begin contributing to the Manta Network crowdloan via Binance.

As noted in the announcement, the Polkadot (DOT) Slot Auction is reportedly the safest and easiest way to earn sizable rewards while supporting your favourite DOT initiatives.

As explained in the update, the Slot Auction Process will include a warm-up period of 7 days. During this time period, participants may earn and take advantage of a special Binance bonus. There’s $30 million in Tether (USDT) worth of rewards that will reportedly be shared and distributed to users according to their “voting power” – which would be before the auction begins. The staked DOT tokens will be locked up to the Auction Period directly, the announcement clarified.

Auction Period Scheduled to Begin November 11, 2021

The Auction Period, which is set to begin on November 11, 2021, will involve voting for quality parachain projects. You may stake DOTs for the projects you plan to support during the 5 round auction intervals.

As mentioned in the update, there will also be a Reward Distribution phase, starting on December 21, 2021. Binance has noted that it will distribute 100% voting rewards to participants. As noted in the announcement, projects that win the slot auction will “lock the staked assets according to the project’s lease period, and Binance will start distributing rewards to participants based on the Rewards Timeline.”

The auction is scheduled to end in the coming months. At that time, you may convert your DOT to BDOT for liquidity. As stated in the update, BDOT is a tokenized asset “representing your staked DOT on a 1:1 basis.” Binance activates the “convert to BDOT” feature “within 45 days when the auction period ends,” the announcement confirmed.

As explained by its developers, the Manta Network is focused on creating an improved version of Web 3.0 with privacy guarantees “designed from the first principle: applying cutting-edge cryptographic constructions such as zkSNARKs to deliver end-to-end privacy guarantees for blockchain applications.”

Enabling Greater Privacy for Crypto Transactions

The project aims to provide this guarantee while placing a high priority on interoperability, ease-of-use, high performance and auditability. What this translates into for the end-user is a high level of on-chain privacy in performing transactions and swapping various parachain assets. As noted by the development team, this means that users can effectively privatize parachain assets such as DOT into private DOT. They are also able to privately swap for other parachain assets or privately send to other crypto wallet addresses.

The Manta Network team notes that their goal is to further expand privacy preservation in an intuitive manner to all blockchain apps. Manta’s founding team reportedly includes many US crypto professionals, University professors, and academic scholars whose experience reportedly includes Harvard, MIT, and Algorand. 

The advisors of Manta Network include Hypersphere Ventures co-founder Jack Platts, Polychain partner Tekin Salimi, former Web3 Foundation co-founder Ashley Tyson, and Consensys’ Shuyao Kong. 

Manta Network’s investment rounds include prominent investors like Polychain, ParaFi, Multicoin, CoinFund, Alameda, DeFiance and Hypersphere. Notably, Manta is a grant fund recipient of Polkadot’s Web3 Foundation. 

Manta is also a member of the Substrate Builder Program as well as the Blockchain Accelerator of the University of California, Berkeley.

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