Manga Token Cuts Off Liquidity Farming

We are switching to BONDS, our first step to going DeFi!

Throughout this long journey, we have learned so many things while continually seeking out the most effective solutions to develop new ways of meeting the demands of our community, this time in the crypto aspect.

Liquidity farming, as we all know, has been the most widely used practice in the cryptocurrency space as they continue to expand and change. Liquidity pools, where users can deposit and withdraw money in exchange for interest and prizes, are used in this approach. Although there are some advantages for consumers of liquidity farming, there are also several drawbacks.

As we move our way to enter the DeFi space with new and innovative solutions to rebuild our community, create a more secure platform, and provide more secure products, we formally announce the cutting off of liquidity farming starting this Friday, 24th February 2023. We are doing this for two main reasons:

1) We are switching to BONDS

Liquidity farming has damaged the current price of $MANGA and has negatively impacted the project's sustainability. By switching to Bonds, we aim to raise our own liquidity (POL or Project Owned Liquidity) to achieve market depth and pricing stability.

Project-owned liquidity assures consumers that there is always enough liquidity during regular market operations and volatile periods because the project will become the liquidity's largest shareholder. Users will be confident that a project is aligned with long-term growth and is not just a short-term hype machine if it holds the most prominent share.

Additionally, it means that the project will be able to convert liquidity from a liability to a source of revenue because it would be allowed to keep any trading commissions received from supplying liquidity to exchange markets.

Then there is no longer a need to offer liquidity providers incentivization benefits, as they will often stop supporting the project if the incentives are no longer worthwhile.

2) We are re-adjusting the number of tokens

We previously announced that we would be moving to Manga Token V2 and considering reducing the total supply. Thus, a final cut is necessary to determine the total number of tokens we will move to V2. Cutting liquidity farming will allow for a smoother transition and reduce the risk of any technical issues that could affect users and the overall ecosystem.

We are devoted to continuously developing and applying innovative ideas to give the best to our beloved community. Thank you for your undying support!