- Summary:
- Manta Network has announced a partnership with Axelar in a bid to leverage its high-security infrastructure. What informed the move?
Manta Network has partnered with universal overlay network, Axelar, to bridge crypto assets to privatize within Manta Network’s L1 privacy solution. The partnership will enable Manta to offer privacy for crypto assets and dApps on other chains outside the Polkadot ecosystem. Also, it will help Manta Network to expand the adoption of its ZKP privacy technology to the entire Web3 ecosystem of projects and networks.
The decision to work with Axelar Network is due to its proven ability to employ its decentralized bridge for high performance and security across different chains. The Axelar’s uses a bridge-hub design and stands out because it is not a P2P bridge. Instead, it can link multiple chains at the same time.
As more stakeholders keep pushing for interoperability among different blockchains, the vulnerability of bridges remains a key concern. Vitalik Buterin, for example, has highlighted the existential weaknesses of most bridges in the market. In 2022, two DeFi protocol bridges, Ronin and Solana Wormhole, suffered hacks that cost about $900 million. In total, the DeFi sector lost over $1.1 billion in Q1 of 2021.
Based on the aforementioned security vulnerabilities, many projects will certainly pay greater attention to platform security. This is likely to result in greater demand for Axelar’s bridge-hub services. “On our mission to bring privacy to Web3, we are focusing on broadening Manta Network’s privacy capabilities to other chains and projects,” said Shumo Chu, Co-founder and core contributor to Manta Network.
About Manta Network
Manta Network is a privacy-first Web3 platform that offers users the ability to conduct transactions and transfers among parallel chains of assets. It employs end-to-end privacy protection and security using high-grade cryptographic technologies such as zkSNARK. Also, it prioritizes interoperability, convenience, high performance, and auditability.
About Axelar
Axelar is the universal overlay network providing Web3 interoperability solutions through secure architecture. It leverages Developer tools and APIs to facilitate seamless interoperability integration across different blockchain ecosystems. Some of the key VCs who have funded Axelar’s growth include Coinbase Ventures, Binance and Polychain Capital.