MANTRA DAO and Matic Network Team Up to Bring Community-First Incentives to DeFi
We told you that October would be a big month for MANTRA DAO! Today we are glad to announce a new partnership with Matic Network (MATIC), one of the most promising Ethereum layer-2 scaling solutions. After a successful mainnet launch in Q2 of this year, and a user base that keeps on growing, Matic Network selected MANTRA DAO to be a Foundation/Public Node in the Matic ecosystem. While Ethereum gas has peaked during the last few months with the rise of DeFi, Matic Network’s promising solution enables Ethereans to drastically reduce the cost of gas fees. Moreover, the Matic Network already has integrated various dApps into its ecosystem, from DeFi applications to NFTs collectible to game applications. The innovative meta-governance token PowerPool has even conducted experiments on Matic Network and observed massive savings for its users in the process.
Matic Network, an ambitious project to fix Ethereum’s flaws
Matic Network is a layer-2 scaling solution that achieves a secure, scalable and interoperable product with a focus on great user experience. Using Matic, developers can create products that compete with CeFi, scaling via a myriad of sidechains to handle transactions. Users can move their assets from Ethereum to Matic sidechains and interact with different protocols that have moved their smart contracts to those sidechains. The prowess of the Matic project lies in their network architecture created with sidechains, the Plasma framework, and Proof of Stake technologies.
Matic architecture is divided into three parts. It allows a secure and efficient link between the Ethereum blockchain and Matic sidechains. That’s where MANTRA DAO’s state-of-the-art secure staking infrastructure steps in. The security of that Layer 1-Layer 2 link is managed by validators. Transactions are made on the sidechains and are recorded into blocks minted by selected validators. When a sufficient number of blocks is reached, these are checked by a selected validator that will record the trace and send it to the Ethereum blockchain. These selected validators are public plasma checkpoint nodes. They are the gatekeeper between the Ethereum blockchain and the Matic network of sidechains. Token holders elect validators via a delegating proof of stake mechanism embedded into a smart contract on the Ethereum blockchain.
Because scalability and security is a constant trade-off for all blockchain projects, Matic Network has drawn attention from and partnered with several big projects. In the gaming ecosystem, projects need both scalability and security. NFTs are an important part of this world. As that community grows, the higher the number of transactions that must be recorded. Moreover, security is also essential because you don’t want to lose the asset you just bought. Decentraland, one of the big gaming and NFT projects in the cryptoverse, partnered with Matic to solve this issue. On the DeFi side, Matic has integrated DAI into its ecosystem. Ripio has turned to Matic to develop scalable peer-to-peer credit solutions. Matic has already integrated Chainlink as an oracle provider into its network to make it easier for fast integrations as more existing Ethereum projects seek to solve their gas fee woes.
MANTRADAO, a key participant in the network
Validator nodes are key components in the Matic Network. As a validator node, OM token holders will be able to link their OM account with their MATIC address, delegate their MATIC to the MANTRA DAO node, and earn validator rewards from the Matic Network as well as liquidity mine OM tokens on the RioChain. MATIC will be added as collateral in future DeFi products on the MANTRA DAO ecosystem.
Finally, the Matic Foundation has agreed to delegate an amount of MATIC equal to 50% of the MATIC assets delegated by the MANTRA DAO community. Those additional staking rewards will support a Matic community grant program that OM Sherpas in the MANTRA DAO community will be able to vote on to fund exciting new projects that will serve to further strengthen the bond between MATIC and MANTRA DAO.
As always, MANTRA DAO validator partnerships are made with our community of Sherpas first in mind. Our goal is always to bring positive value accrual to the DAO and intertwine OM token holders with some of the greatest projects in the crypto industry.
Matic COO, Sandeep Nailwal had this to say “We are thrilled to partner with MANTRA DAO as one of our original validators and on several other longer-term strategic initiatives. The community-focus of MANTRA DAO is very attractive to us, and that is why we are thrilled to use the Matic Foundation delegation staking rewards to fund community initiatives for developing the MANTRA DAO and Matic communities.”
This exciting partnership between MANTRA DAO and Matic Network certainly fits both of those goals.
About Matic
Matic aims to leverage a combination of blockchain scaling, developer platform and tools, and a rabid focus on user experience. Matic aspires to see a world where blockchain gains mainstream adoption and fulfils it’s true promise.
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About MANTRA DAO
MANTRA DAO is a community-governed DeFi platform focusing on Staking, Lending, and Governance. MANTRA DAO leverages the crowd’s wisdom to creates a community-governed, transparent, and decentralized ecosystem for web 3.0. Built on Parity Substrate for the Polkadot ecosystem, MANTRA DAO gives financial control back to the people to store and grow wealth together.
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