Slovakia-based exchange platform Mangata, which allows tokens of all ecosystems to be exchanged on a single platform, received investment from Paribu Ventures. In addition to Paribu Ventures, Mangata’s investment tour, which has collected 4.2 million dollars with a valuation of 60 million dollars; Altonomy, Polychain, IOSG Ventures, TRGC, Signum Capital, Infinity Ventures Crypto, Figment, ZMT Capital and AngelDAO participated.
Mangata will use the investment to develop and publish a protocol that finds a solution to MEV (Miner Extractable Value) attacks, which is seen as the biggest technical problem faced by decentralized exchanges. MEV attacks, which caused a loss of 902 million dollars to the users of the decentralized exchange only in 2020 and 2021; It means that the miner or validator does not queue the transactions in the produced blocks for his own benefit or takes it to the end of the queue. With this move, the miner or validator gets in front of the user during the transaction and manipulates the price, causing the user to pay higher fees for the same transaction.
Mangata, which was recently brought live on Polkadot’s Kusama network, plans to find a solution to the same problem not only in Polkadot but also in the Ethereum blockchain, with the protocol it has developed. Mangata aims to move its decentralized exchange platform to the Polkadot mainnet and grow rapidly with token issuance in the last quarter of this year.
Mangata Co-Founder and CEO Peter Kris, speaking about the investment round, said:
“Mangata’s unique ‘Proof-of-Liquidity’ feature provides security in blockchain. We added a different dimension. While providing our users with an infrastructure that does not need to pay ‘gas fees’, we have also succeeded in being fast and secure. With this investment round, we will continue to work across the Polkadot ecosystem and other blockchains with our vision to deliver a better decentralized finance experience for everyone.”
Continuing to work with a team of 16 people for now, Slovakia-based Mangata continues to expand its team with the option to work remotely. You can follow the developments on Mangata’s Twitter page or Telegram group.
You can reach the details of investments from the following links:
https://mangata.finance
https://blog.mangata.finance/news/2022-04-28- mangata-finance-raises-4-2-million-usd/
https://www.paribu.com/blog/haberler/paribu-ventures-yeni-nesil-merkeziyetsiz-borsa-platformu-mangataya- invested-yatti/
About Paribu Ventures:
Announced at the beginning of 2022, Paribu Ventures is positioned as the VC fund of Paribu. With a fund size of $30 million, Paribu Ventures focuses on blockchain technology and deals with startups in the web3 space, from cryptocurrencies to NFTs, metaverse to blockchain-based games.
About Mangata:
Mangata, the next generation decentralized exchange platform, allows tokens of all ecosystems to be exchanged on a single platform. Some of the prominent features of Mangata are listed as being able to transfer without paying a ‘gas fee’, preventing the MEV attack that causes other decentralized exchange users to lose money, and providing the highest security with ‘proof-of-liquidity’.
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