Introducing MANTRA DAO, the Community Governed DeFi Platform.
One of the key themes of 2020 has been the rise of decentralized finance, (DeFi), a new type of finance that runs on trustless protocols that remove the need for intermediaries.
The value of crypto assets locked in DeFi protocols has grown from $293 million at the start of January to over $1.6 billion in June 2020. Most recently, one of the driving forces of this surge has been the Compound lending protocol, whose native token COMP was released on exchanges earlier this month.
One of the most promising initiatives in the field of DeFi is the community governed DeFi platform called MANTRA DAO.
MANTRA DAO is an ecosystem built on Rio Chain, a next-generation blockchain based on Parity Substrate. MANTRA DAO poses itself as the leading gateway to cross-chain, multi-asset DeFi services.
A Comprehensive ecosystem of DeFi services.
Using the MANTRA DAO platform, users can access a broad array of services:
- Multi-Asset Staking & Lending Platform: MANTRA DAO provides cross-chain access to DeFi products.
- Merit-Based Reward System: MANTRA DAO incentivizes its users to support the ecosystem.
- Self-Governing Organization: Participants can vote on proposals to change the system parameters.
Economic incentives and decentralized governance model.
Every user who stakes or lends their digital assets on the MANTRA DAO platform will receive, in addition to their staking interest, the OM token.
- STAKING & LENDING：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.
- OWNERSHIP & GOVERNANCE：OM tokens give voting power over certain economic parameters such as interest rates, level of inflation, ecosystem grant allocations, etc.
- REPUTATION：OM token holders can grow their reputation via the KARMA protocol and be rewarded for their contributions to MANTRA DAO.
Interacting with the MANTRA DAO platform is simple and secure. For staking services, users just need to nominate/delegate their highly secure, enterprise-grade node infrastructure, and MANTRA DAO will pay users back their underlying asset’s interest + additional interest in OM, all while users maintain custody of their own crypto assets. They can generate up to 100% or doubled interest on their underlying principle this way.
Karma protocol is a reputation mechanism that aims at rewarding users for their contributions to the ecosystem. It’s similar to a credit score in traditional finance.
Users gain KARMA by supporting the ecosystem through:
- Staking OM tokens, taking out & paying back loans
- Submitting & voting on proposals
- Joining the MANTRA POOL savings game
- Referring friends to grow the community
- Receiving grants
- And more
Users with higher KARMA gain access to various benefits, such as:
- Increased OM staking rewards
- Decreased staking fees
- Free access to MANTRA POOL
- Lower loan interest rates
- Loyalty rewards
Behind the MANTRA DAO project is an organization called the MANTRA DAO Foundation. It is comprised of Blockchain experts with extensive experience in the industry at both the business and technical levels. John Patrick Mullin and Will Corkin particularly are Polkadot ambassadors.
The mission of the MANTRA DAO foundation is to bootstrap the growth of MANTRA DAO ecosystem and drive the organization toward complete decentralization.
Follow us on MANTRA DAO Official Website：https://MANTRADAO.com/
