CertiK Ventures is pleased to announce our investment in Mantis, a project that marks a significant step forward in Decentralized Finance and AI (DeFAI). Mantis is the first Layer 2 rollup built on the Solana Virtual Machine (SVM), designed to enhance interoperability and simplify the DeFi user journey through AI agents. Our decision to back Mantis is a direct reflection of our investment thesis. At CertiK Ventures, we prioritize projects that:

1. Exhibit Technical Excellence: Mantis’ focus on solving MEV and interoperability challenges aligns perfectly with our emphasis on long-term infrastructure development.
2. Champion Decentralization: Their design choices prioritize user intent and minimize trust, reinforcing our commitment to decentralization.
3. Leverage Crypto-Native Solutions: By building on Solana and innovating with IBC and Picasso, Mantis exemplifies the crypto-native ethos we value.
4. Aim for Sustainable Growth: Their incentivized staking model and diversified revenue streams are designed for resilience in volatile markets.

Why Mantis?

Mantis attracted our attention with its team that stands out for its experience and commitment. They have a history of contributing to infrastructure development and are well-regarded within the developer and DeFi communities. Their shift from Polkadot to Cosmos and now Solana demonstrates adaptability and strategic thinking, tailored to the blockchain ecosystem's evolving needs.

Built on the SVM, Mantis leverages Solana’s high transaction throughput and scalability. Solana currently processes over 4,000 transactions per second, providing a solid foundation for high-performance decentralized applications (dApps). The ecosystem’s initiatives, such as Firedancer—an independent validator client—illustrate its commitment to resilience and decentralization, making it a suitable environment for Mantis to thrive.

Our analysis highlighted Mantis’ architecture over the Cross-Chain Intent Settlement: Their approach directly addresses key challenges in interoperability and decentralization. By structuring intent-based transactions, Mantis is positioned as a complementary solution to existing bridges while addressing long-term security and decentralization concerns.

The project’s incentivized staking model reduces the risks associated with token circulation and fosters a sustainable ecosystem. Their yield, swap fees, and sequencer fee models are promising. While revenue projections will depend heavily on market adoption and transaction volume, Mantis benchmarks itself against the likes of UniswapX and CoW Protocol.

We believe Mantis aligns well with CertiK Ventures' priorities. Solana’s ecosystem continues to grow, with over $1 billion in total value locked (TVL), showcasing its increasing influence in the DeFi landscape. This dynamic environment provides fertile ground for projects like Mantis to address significant challenges and drive meaningful progress in blockchain infrastructure.

This investment represents CertiK Ventures' commitment to rigorous analysis and supporting projects with the potential to make a lasting impact. As we continue to identify and invest in transformative blockchain initiatives, we look forward to the contributions Mantis will make to the field.

Challenges and Risks

No investment comes without its challenges, and Mantis is no exception. While we are confident in Mantis’ narrative, tech abilities and team experience, certain areas require close monitoring:

• Public Roadmap Transparency: While the long term roadmap remains a wish list, Mantis crosschain swaps & solver network is launched and hit $35 millions in transaction volume. Given the complexity of Mantis’ goals, especially with Mantis’ LLM powered AI feature called DISE (DeFAI Interactive Search Engine), this is understandable but warrants attention.
• Audit and Security: With an ongoing audit by OtterSec, Mantis’ innovative cross-chain intent approach must prove robust against unexplored attack vectors, where CertiK Ventures will be able to offer in-house engineering forces on long-term surveys over Mantis’ network.
• Ecosystem Dependency: The success of Mantis is tied to the growth trajectory of ecosystems like Solana. While the potential is immense, it remains ecosystem-dependent.

Looking ahead, Mantis embodies the vision that CertiK Ventures is committed to supporting. As we continue to align ourselves with transformative projects in the blockchain space, this investment is justified by the depth of our research, our belief in innovation, and our dedication to supporting the next generation of blockchain leaders.

About CertiK Ventures

CertiK Ventures is an initiative from CertiK to contribute back to its long-serving builder community. It acts as the Research, Investment and Incubation arm of CertiK. Gathering a team of the industry's best veterans with backgrounds in Funds, VCs, Exchanges, Start-ups/Projects, Infra Ecosystems, CertiK Ventures is additionally backed-up by CertiK's in-house engineering forces to offer comprehensive support to the founders of early-stage projects. Follow us!

Disclaimer: This material is provided solely for informational purposes and should not be construed as financial advice. CertiK Ventures does not offer financial advisory services. Readers are advised to perform independent research and consult with certified professionals, including financial advisers and accountants, to obtain guidance tailored to their individual circumstances