MANTRA DAO - Connecting the Dots
Today we are in the early stages of DeFi. Everything is still new and unexplored. We are far away from mainstream adoption. Mainstream adoption isn't even possible right now as there are many problems unsolved. The blockchain world is divided into many different tribes. Ethereum, Bitcoin, EOS, Cardano, and many more blockchains each have their own unique community. They shoot against each other and fight for being the number one blockchain.
This is a huge problem. If you transact on EOS, you simultaneously decide not to transact on Ethereum. The lack of interoperability currently creates an environment of competition, hate, and desperation, even though we all know this is unhealthy.
We need to change that. We need to create the internet of blockchains, where everything is interoperable and connected. This is where the Polkadot ecosystem comes into play. Polkadot aims to connect every single blockchain in existence with one another. Very soon, we will not even know whether we transact on Ethereum, EOS, Polkadot, or another chain because it won't matter anymore.
Projects like MANTRA DAO will make this world possible.
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How MANTRA DAO Works
MANTRA DAO is a Decentralized Autonomous Organization (DAO) built on the Polkadot Substrate technology. MANTRA DAO explicitly focuses on staking and lending. Because MANTRA DAO is built on RioChain, which aims to become a Polkadot Parachain, the platform will be interoperable with almost any blockchain in existence.
This means that you can take your ERC-20 tokens and use them not only on Ethereum but also on MANTRA DAO, for example, for lending. This is a game-changer!
MANTRA DAO focuses on three main concepts:
1. Multi-asset staking and lending: You can stake, lend, and borrow any number of crypto assets on MANTRA DAO. There are no limits because using cross-chain bridges, RioChain can potentially connect with any blockchain. Today it is limited to Polkadot and supported DPOS blockchains.
2. Merit-based reward system: MANTRA DAO incentivizes its users to actively participate in platform activities, for example staking, lending, voting, etc. Users receive KARMA for their positive contributions to the platform and with higher levels of KARMA they are able to unlock economic incentives such as lower interest rates, access to under-collateralized loans, and more.
3. MANTRA DAO is a DAO, which means that its users make key decisions about the platform's future developments. As long as you own and stake the MANTRA DAO token ($OM), you can initiate and vote on governance proposals. These decisions can range from adjusting interest rates or level of inflation to grant allocations, etc.
In our opinion, MANTRA DAO uses creative game-theoretic concepts to incentivize its users to participate in its DeFi services. The enhanced $OM token rewards offered on their platform incentivizes users in the same way as yield farming did during the last DeFi bubble. This could potentially enhance the MANTRA DAO platform's usage and turn it into one of the leading Polkadot applications.
The OM token is the native asset on the MANTRA DAO platform. It is the entry ticket to the protocol, as users can participate in governance activities, staking, lending, and borrowing through owning $OM tokens. The $OM token was given out in the form of an Initial Membership Offering.
Below you can see the number of tokens ever in existence:
Team & Advisors 155,555,555
Private Sale 79,999,999.92
Public Sale 75,555,555.5
Every time a user wants to join MANTRA POOL, the perpetual savings game that gives members the chance to win crypto, he/she must burn $OM tokens.
Usage of the Platform
According to the official roadmap of MANTRA DAO, the team aims to release the MANTRA POOL in Q4 2020. More and more staking services will be available at that time.
In Q1 2021, the MANTRA DAO Proprietary Lending Protocol will be released. Also, its native stablecoin will become publicly available.
MANTRA DAO is one of the projects we at DEFI WORLD are keeping an eye on right now! The project aims to solve one of the most critical problems in the DeFi space: the lack of interoperability. No doubt, any project that will contribute to successfully solving this problem will profit immensely.
We believe that MANTRA DAO has an excellent chance of being one of the few winners. However, there is still a long way to go. The Polkadot ecosystem is far from being established. Many challenges need to still be overcome.
But if you want to be an early investor in the Polkadot ecosystem, you will not get around MANTRA DAO, as it is one of the leading projects in this space.
All information presented above is for educational purposes only and should not be taken as investment advice.