Manta Network, a privacy-preserving DeFi stack, has revealed a new survey that highlights the need for privacy in DeFi. The survey highlighted that privacy is a central concern in the cryptocurrency space. Manta Network is one of the leading DeFi projects that intend to increase privacy in the space. One of the ways where Manta Network can boost privacy in DeFi is by jumbling up the wallet addresses to let users transact and exchange in private.
One of the biggest concerns of privacy exists on decentralized exchanges, according to Shumo Chu, CEO and the co-founder of Manta Network.
In a survey conducted by Manta Network, nearly three-quarters of the 404 respondents (73.2%) have either hesitated or completely avoided making a transaction in the past due to the privacy implications of that transaction.
Additionally, 84% of respondents seemed concerned about their wallet addresses being linked to their real identity. This is due to the fact that the nature of blockchains allows people to see address balances.
For instance, over 90% of survey respondents said they have looked up someone’s wallet address to view a person’s holdings and/or transactions.
As DEX volumes are larger and keep on increasing, so do the vulnerabilities associated with privacy due to the very transparent nature of blockchain.
Moreover, someone might still be able to see a user’s transaction before it gets written and confirmed. The very same transaction will be conducted with a higher fee to get priority and pass the transaction before the user.
The Manta Network was previously a Web 3.0 Foundation grant winner. It even closed a $1.1 million funding round led by Polychain Capital. The funding amount will be used to invest in the development of the Manta Network. The team is currently finishing its prototype to deliver to the Web 3.0 Foundation.