MANTRA DAO — Telegram AMA — August 10
On Tuesday, August 10, we had the pleasure to welcome to our Telegram chat:
Will Corkin, Co-Founder.
We asked him questions about the development of MANTRA DAO.
Some sentences have been slightly edited for readability but the meaning has been conserved.
MANTRA DAO is a fully integrated ecosystem of decentralized financial services built on interoperable technologies and controlled by its users collectively for web3.0 that gives financial control back to the people to grow their wealth together.
Using the MANTRA DAO platform, participants can vote on proposals to change the system parameters. MANTRA DAO provides cross-chain access to DeFi products and incentivizes its users to support the ecosystem.
Users can receive OM staking rewards by staking Polkadot (DOT) and other DPoS assets with MANTRA DAO, and by staking OM token itself. OM tokens can also be used as collateral for loans and give voting power over certain economic parameters such as interest rates, level of inflation, ecosystem grant allocations, etc.
Mantra DAO plans to upgrade and develop its current UI/UX, adding more validator nodes for other partnered blockchains and launch its own blockchain within the next year.
Q — Ayeley from GAINS: What did you do before crypto and did you have any other previous venture in crypto? And what is your role at MANTRA DAO?
A — Will from MANTRA DAO: My name is Will Corkin and I am a Co-Founder of MANTRA DAO. I have been full-time in crypto for the last 5 or so years. I originally got into it with my fellow co-founder JP Mullin when we were both living in Shanghai (we now both live in Hong Kong). At the time I was working for the Venture Capital arm of AB-Inbev, which works mostly in the craft beer/beer/ and beverage space
Back in 2016, we both became infatuated with blockchain technology and the potential it had across all industries, especially the financial sector, and after some time of learning more and digging we both decided to leave our jobs and go full time into crypto
At MANTRA DAO I wear a lot of hats like in any startup but I focus a lot of my time on the platform and ecosystem design, marketing, and business development, to name a few
About MANTRA DAO
Q — Ayeley from GAINS: What is the project about in a few simple sentences? For how long have you been working on MANTRA DAO? And how many people are on the team?
A — Will from MANTRA DAO: MANTRA DAO is a DeFi ecosystem that focuses on several different services including, staking, lending & borrowing, a launchpad, and a lottery-based game that happens every week
We are a truly multi-chain ecosystem that was originally built on Ethereum but now has services on Polygon and BSC, and we are currently building and testing for Solana, HECO, Polkadot, and more!
We also run several different validator nodes for 15 different blockchains which is one of the main revenue drivers for our ecosystem
Q — Ayeley from GAINS: Today marks the 1st anniversary of MANTRA DAO’s launch. What are some milestones achieved by MANTRA DAO so far that you’d like to highlight?
A — Will from MANTRA DAO: It is hard to believe it’s been a year! Kind of crazy with how much has happened both with us internally as well as the entire space!
Since we launched our OM token on Ethereum last year, we launched our Ethereum based Staking — Money Markets (ZENTEREST) — MANTRA POOL — ZENDIT Launchpad on BSC we’ve launched Staking & ZENDIT Launchpad. Polygon in the next 2 weeks will have ZENDIT & Staking. We’ve launched a mobile wallet on Google Play Store and iOS App store
We’ve set up over 17 validator nodes on 15 blockchains, grown our community from 0 to over 50k people, listed on Binance — OKex — Bithumb Global and maybe 20 other centralized exchanges, and most importantly we’ve grown our MANTRA DAO family (team) into more than 50 people globally. We’ve also helped launch more than 20+ amazing projects on our ZENDIT launchpad… including GAINS, and partnered with several projects and teams which is what makes everything super fun and interesting. We’ve also been accepted into the Substrate Builders Program and the DOT & KSM 1000 Validator programs.
Q — Twitter user @meml1997: It caught my attention that MantraDao has a “Mantra Pool” which is, from what I understood, a lottery feature. Can you tell us more about it? How does this feature really work? How can we participate in this pool and how many times? Where do the incomes for this pool come from?
A — Will from MANTRA DAO: Sure! MANTRA POOL is pretty great and currently lives on both Ethereum and BSC, so it’s pretty straightforward. We take 25% of our weekly validator node revenue and we put it into each of these POOLS. Recently that’s been 4000 USDT/BUSD on each chain. You have to spend 1 OM token for 1 entry into the POOL. The more $OM you spend, the higher your chance to win a portion of the POOL. There are 5 winners every week that split the pool
Right now the POOLS are once a week but in the future, we will look at launching daily pools also!
For this week, for instance, if you spent 1000 OM tokens, you would have almost a 50% chance of winning part of the 4,000 USDT! And that’s just on Ethereum where there may even be better chances on BSC!
Q — Telegram user Hisoka Morow: Can you tell us if your ZENTEREST platform only allows ERC-20 crypto assets? How are the gas fees commissions by using the Ethereum chain and how can it be leveraged?
A — Will from MANTRA DAO: Right now ZENTEREST is only available on Ethereum BUT we are in the process of building it on BSC, Polygon, Solana, and specifically Polkadot (rust), and we are planning to be one of the first Polkadot native money markets once their parachains launch. This will be a really big thing for our Sherpas!
Q — Twitter user @JustinTimber431: Do you have a coin burn/buyback system or do you plan to increase the value of those token burn tokens and attract investors to invest?
A — Will from MANTRA DAO: So we don’t burn tokens since we are a DAO and each token gives our Sherpas governance rights into the MANTRA DAO ecosystem, BUT, we do have a buy-back system for our OM token that is worked into our model and our Validator Node revenue. Remember how I said that 25% of our validator node revenue goes to filling the MANTRA POOLS?
50% of our validator rewards go towards bi-weekly buyback! So every week we buy back 20–50k USDT! So far through that program, we’ve bought back over 4 million OM tokens off the open market and put them into a MANTRA wallet that is not touched. We do all of this completely transparently and show the numbers through our dashboard that you can find here.
Q — Ayeley from GAINS: MANTRA DAO is involved in a lot of different sectors in crypto, but really what sets MANTRA DAO apart from other crypto projects in the same sector?
A — Will from MANTRA DAO: It’s hard to necessarily compare ourselves to other projects because we cover a lot of different services across several blockchains. Because some projects only focus on Staking or Lending & borrowing or Launchpad or Lottery based games or running validator nodes, our big differentiation in the space is that we do all of this under one roof in one easy-to-use ecosystem and all cross-chain!
And on top of this we are a Decentralized Autonomous Organization (DAO) so at the centre of everything we do is our community and they are the ones that help to drive our focus and direction and ultimately help to lead us into what services, projects, and tools they want to see.
Q — Ayeley from GAINS: What is the future looking like for MANTRA DAO? And what should we expect in the next weeks and months?
A — Will from MANTRA DAO: Yes it has been quite the year and I am even more excited for the year to come!
Besides growing all of our services on Solana — HECO — Polkadot. We are upgrading and developing our current UI/UX, adding more validator nodes for other partnered blockchains. We will most likely build and launch our own blockchain within the next year (that will go for a Kusama/Polkadot parachain slot). We are also working on our newest project SOMA.finance which is bridging DeFi to TradFi as it is fully licensed and regulated (currently the only entity to have this license in the US under the SEC and FINRA) DEX and Issuance Platform.
We are really really really excited about that as it has been over 4 years in the making and working closely with US regulators, but everything we do is in constant upgrading and development based on feedback from our community, so in some aspects, it is hard to tell what exactly will be in store as the space moves so quickly and we like to stay flexible and listen to the needs and wants of our community so everything that I said is a base layer and ultimately we can grow other aspects on top and in addition to that.
Q — Twitter user @naimliad: Do you have plans to spread awareness of your project in different countries/regions where English isn’t used? Do you have a community approach for them to better understand the project?
A — Will from MANTRA DAO: We are a truly global company, ecosystem, and community. We currently have 18 different language communities on telegram to help us grow in different regions and countries. We also have a global ambassador program for our Sherpa community, which has members from over 30 countries
In addition to this, we are currently in the process of translating our entire website into multiple languages and are also starting to focus on spreading awareness through ad campaigns and promotions in different languages/countries/regions/communities, and we are always looking at ways to better interact with and talk with our global community so constantly look for ways to improve what we are doing and build where we might not be super strong
Q — Telegram user 🌆 Makel jak ⛰️: Where do you see the future evolution of NFTs features and capabilities in the coming years?
A — Will from MANTRA DAO: MANTRA DAO has released a few NFTs in the past, one to commemorate our reaching 100M OM tokens being staked on our platform, and the other being our MANTRA DAO PolkaPet. We are planning to launch our own MANTRA DAO Sherpa NFT Universe
We will have a lot of exciting NFTs and uses for them. NFTs have a huge potential and growth opportunity past just as artwork as they can be used to access different services and more advanced or beneficial features, percentages, etc. So we plan to have a very robust and build out NFT ecosystem that interacts with and is integrated with our DeFi ecosystem
Thanks Will for coming in today. It was a pleasure having you in our group, and taking the time to answer our questions. Congratulations again on your 1 year anniversary. Anything else you’d like to say? Where can we follow you to stay updated? — Ayeley Commodore-Mensah from GAINS Associates 🐋
Thank you to everyone and I hope that you learned something (ideally a lot) from this AMA. Please make sure to join our official Telegram and join our social accounts and see what we are building. We look forward to welcoming you all into our Sherpa community and working with you all to help build a better, more inclusive, DeFi ecosystem — Will Corkin from MANTRA DAO