Description

Overview:

Mangata finance is developing omnichain ZK-rollup for L1-grade native liquidity, powered by Eigen layer. Mangata AMM zk-rollup allows to use liquidity from native EVM and non-EVM chains, with keeping the L1 grade security. This is one of the biggest advantages against their competitors, such as Thorchain and Chainflip. Their next advantage against the competition is as well their focus on MEV minimization, gas less fees and 100% widhtrawal guarantee of funds from Mangata zk-rollup.

Mangata team consist of over 20 team members that are working together through out the bear market, ready to launch the product once Eigen layer is fully released. You can listen to CCC podcast with Mangata founder, Peter Kris, interviewed by Rene.

Mangata had previous funding rounds, in 2022 they raised 5,5M USD round valuated at 60M usd, with participation of Polychain, TRGC and Signum Capital, amongst others. Previously Mangata focus was to build DEX on Polkadot, but now they switched their focus to building solution described above. In the current round, they are raising 3M USD at valuation lowered to 40M USD. Polychain is participating in the current round as welland team is speaking with various A-tier VC funds at the moment that are intereted to participate in this round. Token vesting schedule is the same for all rounds, 24 months linear vesting. TGE is planned for Q1 2024.

Token utility will be to lock the tokens to access the network throughput. As well, token stakers are provided MEV minimization and gets rewarded. Product on testnet is supposed to be launch within December 2023.

Podcast link

Positives:

• Team is building strong product with already proven market fit and exceeding their competitors in various aspects (Thorchain and Chainflip). Focus on the security, MEV minimization and gassles fees.
• Strong and already finalised team, no need to hire new members.
• Eigen layer launch program partner - flagship project in the ecosystem. There might be narrativ around Eigen layer, once launched.
• Product ready to be launched in 12/23.
• Valuation lowered against previous round, notable investors in the round.
• No cliff, 24months linear vesting

Negatives:

• Team had to pivot from building DEX on Polkadot as they were not able to get any traction
• Legal entity established in Slovakia and Estonia, not that familiar in the space
• Project is building on the new technology, that is not battle-tested yet
• People might not be interested in improved security and other features that already established competition does not have and they might not be able to convert their user base

Disclaimer

• • Risk of Loss: Investing in cryptocurrency projects carries inherent risks, including the risk of losing your entire investment. Be prepared to potentially lose all the funds you invest.
• • No Guarantees: There are no guarantees of profits, returns, or success when participating in projects. Past performance is not indicative of future results.
• • No Financial Advice: The information provided is not financial advice. Consult with a financial advisor if you are uncertain about participating.
• • Due Diligence: It's your responsibility to conduct thorough due diligence on the project, team and tokenomics before participating. Make informed decisions.
• • Community and Social Hype: Be aware that investment decisions based solely on social media hype or community sentiment can be risky and speculative.
• • Backup Your Private Keys: Ensure you have securely stored your private keys or seed phrase. Losing access to them may result in permanent loss of your assets.