Manta Network, Axelar Enter Deal to Bridge Private Assets
2022.04.07 15:16
Manta Network, Axelar Enter Deal to Bridge Private Assets
- Manta Network and Axelar have inked a deal to allow privacy for assets on other chains, such as Ethereum and Polygon.
- Leveraging Axelar’s platform, Manta looks to expand the adoption of its ZKP privacy technology to the entire Web3 ecosystem of projects and networks.
- The partnership will also privatize assets within networks and dApps beyond the Polkadot ecosystem.
Web3 privacy hub Manta Network and universal overlay network Axelar have inked a deal to enable Manta to privatize crypto assets within its Layer-1 privacy platform, CoinQuora has learned.
The partnership between the two entities will allow privacy for assets on other chains, including Ethereum, Polygon, Avalanche, and Terra. Furthermore, assets within networks and dApps existing beyond the Polkadot ecosystem will be privatized as well.
According to Manta Network, it will leverage Axelar’s platform to expand the adoption of its Zero-Knowledge Proof (ZKP) privacy technology to the entire Web3 ecosystem of projects and networks.
Shumo Chu, Manta Network co-founder and core contributor, explained that the company is centering on “broadening [their] privacy capabilities to other chains and projects” to realize its goals of bringing privacy to Web3.
Praising Axelar, Chu revealed the decision to work with the overlay network:
Axelar’s decentralized bridge provides an excellent solution for us. They achieve decentralization, high performance, and security at the same time. Their bridge-hub design can bridge Manta to a wide variety of chains.
Notably, employing a P2P bridge will limit Manta to only one network. By utilizing Axelar’s bridge hub, Manta can connect with the likes of Ethereum and Polygon, among others.
Moreover, Manta’s trust in Axelar stems from Chu’s history with the overlay network during his time with cryptocurrency protocol Algorand. “I have a lot of confidence in their engineering team’s execution, which is exceedingly important to bridge security,” said Chu.
CEO and Co-founder Sergey Gorbunov acknowledged Manta’s “leadership position” in Web3 security. He explained that Axelar is all about allowing developers like “the Manta Network team to focus on their core functionality and build on the blockchain that is best for their users’ needs.”
Gorbunov shared that he is looking “forward to seeing [the] value proposition extend across chain.”
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