Mantra Dao AMA With Blockchain Core Community
MANTRA DAO Foundation co-founder John Patrick Mullin joins Blockchain Core’s online livestream to share with their 10,000-strong vietnamese community on the recent development of MANTRA DAO, the decentralised and interoperable DeFi services platform.
Q1: Briefly outline the MANTRA DAO project and introduce yourself @JPMullin
Sure thing! I am the co-founder and Council Member at MANTRA DAO. MANTRA DAO is a community-governed DeFi platform focusing on staking, lending, and governance.
MANTRA DAO leverages the wisdom of the crowd to create 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 grow wealth together. Essentially, we are building a community-governed DAO structure for DeFi products! Primarily focusing on staking and lending! We will offer enhanced interest for our users and governance rights through our OM token.
Q1B: Lots of DeFi projects in the market :D Thanks for the answer from you @JPMullin
Yes, DeFi is very hot at the moment, and we have been working on this for a while now and have recently come out from stealth mode and are starting to gain a lot of traction!
It has increased dramatically recently, the current trend is that DeFi people are aiming for investment. I guess the reason for such an increase is that they are listed at the Coinbase
Yes, and they have gotten a lot of user deposits in the past month with their COMP mining
Q2: yeah, Compound is one of the more recent recent projects: D
Yes, actually MANTRA DAO will work with the Compound lending protocol as one of our lending solutions for Ethereum-based asset. The OM token has a similar function as COMP token actually. OM will also offer liquidity mining through our enhanced interest model for our stakers and lenders.
Q3: Can you introduce specifically what the MANTRADAO ecosystem is building? Please speak in detail… staking, lending , …etc
So how do we compare to other projects out there? MANTRA DAO is basically a community-governed DeFi platform.
We provide high-interest savings rates through staking-as-a-service, similar to projects like Stake Fish, Figment Networks, Pool-X, Binance, and others.
Since we’re powered by Rio Chain, a Substrate-based blockchain, we’ll be able to fully interact with the Polkadot Network, allowing us to support assets & smart contracts across many blockchains.
We offer Savings, Lending, Stablecoins, and Governance tokens, like Maker DAO, Compound, Acala, and Kava. With Compound having a market cap in the billions of dollars and Maker DAO being above $500 million, all while only interacting with Ethereum-based assets, we believe Mantra DAO can achieve a similar market cap within just a few years.
MANTRA DAO will offer non-custodial staking of DPoS assets, starting with polkadot ecosystem assets such as DOT and KSM. We will offer additional staking assets in the near future, and through the feedback of the community, token holders can offer proposals and vote on which assets they would like us to add for staking. We have set aside 30% of the OM token supply to pay this enhanced interest!
Additionally, we have a built in reputation mechanism called the KARMA Protocol whereby users who do things that benefit the community, they can earn KARMA, and when they have enhanced KARMA, they will have extra financial incentives, such as enhanced interest rates, lower borrowing rates, etc.
Here is an outline of some of the KARMA features
Really amazing ! , a great future lies ahead
Thank you very much! We believe we will have a unique product that is very interesting for the users and those looking at DeFi projects. We are working very hard to make sure that we make staking, lending, and governance as easy and simple as possible, so even non-crypto native people can take part.
Q4: I have another question from me. So in the roadmap you will create the app, so that users can staking coins on it, right? I see this.
Yes, that is right. We will have a web app as well as a mobile app. We plan to be very focused on creating an easy to use, mobile-first product.
Here you can see our project roadmap:
Q5: Users’ incentives when betting on MANTRA DAO they will receive some OM Token interest, right? I just saw some basic concepts about it, but can you give more details on this?
Yea, that is right! Users will receive their staked principle (minus some small fess for certain coins) as well as additional interest in OM. They can potentially even earn double their interest depending on the coin and their KARMA level.
Here is an example of some possible scenarios:
OM itself also can be staked to earn even more interest as well!
Q5: MΛNTRΛ POOL — Try your luck in the perpetual savings games that frequently give members the chance to win crypto. How can you tell us about it? It means creating some games and trying luck.
We also have a cool feature called MANTRA POOL Whereby 25% of the MANTRA DAO Foundation’s assets staking rewards will go into a pool on a weekly basis, where users can try to win the raffle to win a lot of different crypto assets! For example, if we are generating staking rewards in DOT, KSM, OM, TRX, EOS, XTZ, we will give back 25% of those rewards to the users through our MANTRA POOL. Users can burn 1 OM to get 1 entry into the pool or they can access the pool by having a good level of KARMA, which gives them a certain number of guaranteed entries.
Q6: I was also curious the next about this. REPUTΛTION
Grow your reputation and be rewarded for contributing to the MANTRA DAO ecosystem via the KΛRMΛ Protocol. Can any individual who can contribute to the ecosystem build a reputation and receive a reward? @JPMullin Please tell me what they will contribute?
Yes, that is right! Anyone can take part in this system and there will be different levels that one can achieve to have higher rewards.
There are several ways they can contribute and earn KARMA:
- Staking OM token
- Taking out & paying back loans
- Submitting & voting on proposals
- Joining MΛNTRΛ POOL
- Growing the community
- Receiving a grant
Q7: How is OM TOKEN used specifically in the Mantradao ecosystem?
Has it been optimized for usability?
How is token sale going on?
Do you plan IEO on the exchanges it is currently trending?
OM token plays a key role in expanding and maintaining the MΛNTRΛ DΛO ecosystem. It has three core functions:
- STAKING & LENDING: In addition to staking rewards, depositors of cryptocurrencies in MΛNTRΛ DΛO will receive OM tokens.
- 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 KΛRMΛ protocol and be rewarded for their contributions to MΛNTRΛ DΛO.
We are currently in the private sale of the OM token, and have raised $900K USD out of $2 million. We have seen significant interest in our sale, and expect to close the private round shortly. After that we will move onto the public rounds, with 1 pre-sale round with a minimum investment of $5,000 and 3 other public rounds with a $100 minimum.
Nowadays, projects do not really apply tokens to utilities, so the OM token has great usability. I am sure this is a long-term investment
Thank you for your kind words. We think we’ve built a great model, which will provide a lot of value for our users over time! OM tokens will initially become available to the public through MANTRA DAO’s Initial Membership Offering (IMO). We are selling membership rights into a next-generation decentralized financial ecosystem that’s structured as a DAO to give financial freedom and decision-making abilities to its members. People who participate in the MANTRA DAO IMO will be given OM tokens and access to the MANTRA DAO platform, where they will be able to access a broad range of financial services and rights within the ecosystem.
There are some projects that actually use less tokens, the price is usually FOMO and then it will be suppressed by a large number of sellers without high demand.
Yes, we will have a limited supply at the beginning, with a slow release over time, in order to help support appreciation of the price over time. Additionally, we will highly incentivize users to stake OM rather than sell
Surely after AMA they will follow more about it, Vietnamese investors are really attracted to DeFi recently.
we are currently accepting users to whitelist with us who are interested in our IMO and they can access this on our website — www.mantradao.com
Our public IMO offering will begin on August 1st
Can’t wait :D haha! I have joined the global group
We are very excited as well, and have a lot of big announcements coming up, including insitutional investors and exchange listings. We are glad to have you in there! Anyone who’s interested in our updates can join our main channel for announcements — https://t.me/MANTRADAO
Q8: What is RIO CHAIN? How does MANTRA DAO use RIO CHAIN? @JPMullin
Existing blockchains are too slow, too rigid, and too foreign to traditional digital infrastructure to be used by most institutions and organizations. Blockchains must meet businesses’ requirements in order to be successful and implementable.
Rio Chain iterates over previous generations of blockchain networks such as Bitcoin and Ethereum. Built with Substrate and focusing on security and usability, Rio Chain introduces greater interoperability, scalability, increased network speeds, and cross-chain transactions. It is for this reason that we have chosen to use Rio Chain to power the MANTRA DAO platform.
Rio Chain is a powerful digital infrastructure tailored for mass adoption. When designing Rio Chain, we prioritized security, speed, scalability, and interoperability. We operate across blockchains to leverage the strengths of each.
Rio Chain is a hybrid blockchain that is powering Rio Wallet and a host of dApps in the Rio ecosystem (explained in more detail on RioChain.io and in the Rio Chain Whitepaper).
I see that you have a team of CONTRIBUTORS RIODEFI
Rio DeFi is the company behind Rio Chain, upon which we are building MANTRA DAO. We are one of the more advanced substrate-based chains, and aimn to become a parachain on the Polkadot Network once the Web3 Foundation begins the parachain auction later this year!
Great team is a solid fulcrum for investors who are not afraid to invest in it! @JPMullin
Yes, that is indeed true! We have a very solid team with experience in traditional finance, crypto & blockchain, marketing, and technology. I myself am a former investment banker, and have worked in crypto fulltime for the past 3 years, but was researching blockchain and crypto applications at the bank I worked at since 2015. I bought my first Bitcoin in 2013. I wish I had bought more 😭 haha
Q9: When was MANTRA DAO founded?, I wondered if it was the last few months. Usually there are some projects they have set up 2 years ago but only started marketing recently
We’ve been working on MANTRA DAO since the end of last year, but have been in stealth mode until approximately 2–3 weeks ago. We’ve received a lot of interest from the Polkadot Community, as well as insitutional investors in that short time. I myself am a Polkadot ambassador, and have been working very closely with Web 3 Foundation and Parity Technologies to make this project a success
YES, prepare everything for it, before throwing it to the market!
Exactly, we have to make sure we have a strong strategy and plan before announcing! Building something sustainable is most important!
User twitter 1: @Rantani151
I usually consider 3 things on blockchains: flexibility, cost and security. How can you guarantee me that these 3 things are available on Mantra Dao?
Rio Chain iterates over previous generations of Blockchain networks such as Bitcoin and Ethereum. Focusing on scaling up, Rio Chain introduces greater interoperability, increased network speeds and enables cross-chain transactions.
Customizable Consensus Algorithm
- Support licensed blockchain and different consensus algorithms (e.g. PoS, PoW, etc.)
- Support for customizable adjustments
- Up to 3,000 TPS on PoA
- Ability to scale horizontally to extend TPS
- Existing blockchains, like bitcoin and Ethereum, follow the longest chain rule but lack finality. Rio Chain supports finality.
Support for network updates on the chain
- The new contract can be deployed without upgrading the node without a hard fork in the chain
- The WASM contract is compatible with Rust C/C++, C#, Typescript, Haxe, and Kotlin
- Draw a line between finality and non-finality
- Greater security
User twitter 2: @Satamani1
Currently, there are many DeFi projects emerging, so what is the strength of Mantra Dao to attract investors compared to other projects?
MANTRA DAO has a unique model that encompasses Staking/Lending/Governance as well as offering cross-chain interoperability, which currently there is no one in the market with this mix. Additionally, we are well positioned to leverage other existing DeFi products such as the Compound lending protocol, which will be included in our lending product suite.
You can think of us as a mix of Compound + Maker DAO + Dharma + Pool Together, but all with cross-chain interoperability
user twitter 3: @MalataMarankuta
Can you tell us the motivation and benefits for investors to hold #OM token long term? What plans do you have to help drive demand and scarcity for the token? @JPMullin
Sure thing. So there are a number of reasons to hold OM and that starts primarily with the fact that holding and staking OM token provides governance rights within our DAO. Users who hold and stake the OM can submit and vots on different parameters within the DAO. 1 staked OM = 1 vote. We’ve seen in the past that voting in DAOs has been confusing for many, so we want to make it as easy and simple as possible. Secondly, OM holders can stake their OMs to get significant annual interest. We currently have an inflation rate of 2% annually, and under the assumption that within 1 year, there will be approximately 30% of the tokens circulating, and a portion of those will be staked, we imagine that the early OM stakers will get significant interest in OM particularly at the beginning. We imagine this could even be more than 10–15%.
Now to speak a bit more about how we manage scarcity. As I mentioned, users can burn OM to access the MANTRA POOL for a chance to win, we believe this will act as an incentive for users to try their luck and burn OM. Also within our proprietary lending system, users have to burn OM in order to open and close lending positions.
Finally, we will be using 50% of the MANTRA DAOs staking rewards to re-purchase OM tokens on the open market for future staking & referral rewards. So we will constantly be reducing the circulating supply making the token more scarce.
We believe that OM will have long-term value through our model, and as we grow our AUM within the staking and lending business, we will have great opportunities for price appreciation. We are starting small, and at the final IMO price, our circulating supply market cap will be around 5–6 million approximately.
Similar projects to ours have marketcaps in the hundreds of millions! With proper execution, this is certainly achievable for MANTRA DAO in the long run! especially as DeFi continues to grow and the broader crypto space becomes more widely adopted.
user twitter 4: @ismakari122
In Vietnam, DEFI is currently the trend of investors here, typically the Compound project price has risen sharply at the time it listed at Coinabase and countless other DEFI projects are on the rise. It is also very strong, so it is no less competitive among DEFI projects, what do you think about competing with other DEFI projects? What are the points that competitors in the market can not surpass MANTRADAO?
As I mentioned above, we have a very unique combination of products and offerings for our client including the savings/lending and governance model we’ve created. We are also interested in collaborating with projects like Compoud or AAVE and offer their products on our platform. Additionally, since we offer cross-chain interoperability, we are able to easily integrate and work with other public blockchain networks! And I should add that due to our experience, and connections in the space, we have what it takes to make the project a success. As I mentioned, I’m a Polkadot Ambassador, and we work closely with the Web 3 Foundation who are very interested in supporting our project in a number of ways! Also, we will have lower fees than a lot of the ethereum-based competitors as they are getting pretty crazy expensive at the moment. At the beginning we won’t charge staking fees for our DOT/KSM stakers, in order to grow our AUM as much as possible, as quickly as possible
Twitter users 5: @ johnxina1
Question 5: The issuance of stablecoins in DeFi projects faces many difficulties, especially in terms of market liquidity, how do you solve that problem when issuing USDOM? @JPMullin
Sure thing — USDOM is the native stablecoin of the MANTRA DAO platform, which will be launched during Phase 3 of our lending platform development. Similar to MakerDAO’s DAI stablecoin, USDOM is multi-collateral, generated through Collateralized Debt Positions (CDPs) in an overcollateralized manner, and pegged 1:1 with the US Dollar.
While DAI can only use ERC-20 assets to back it, USDOM could be backed by any cryptocurrency that’s supported by the Polkadot network, which will include OM, DOT, KSM, BTC, ETH and ERC-20 tokens, EOS, ADA, XTZ, etc. The specific assets that are used in practice will depend on the liquidity of the underlying asset and the selections of MANTRA DAO’s members via the community governance process. Additionally, USDOM will be able to be used throughout the Rio DeFi ecosystem and other DAPPS that are built on Rio Chain. Another element is our tokenized staking assets, which will also be able to be used as collateral for USDOM.
Derivative Tokens — While many users may choose to stake with MANTRA DAO in a fully non-custodial manner, there is a downside to staking tokens this way. Polkadot (DOT) tokens will be locked for 28 days on Polkadot after unbonding, and seven days for Kusama (KSM) tokens.
Derivative tokens, such as omDOT, provide liquidity for NPoS, DPoS, and other staking cryptocurrencies that would otherwise be bonded, and therefore locked, as part of the staking process. These derivative tokens still provide users with the ability to participate in on-chain governance, by signaling their votes on proposals via the MANTRA DAO platform, and they are redeemable for their underlying assets at any time.
The value of derivative tokens like omDOT grows over time due to the accumulated value of staking rewards, similar to how Compound’s cTokens increase in value due to the interest generated by the protocol. These derivative tokens are exchangeable receipts for the underlying assets, allowing the benefits of liquidity and tradability while still supporting the security of the underlying DPoS networks through native on-chain staking.
Q15: Just yesterday, another exchange, Cashaa, was hacked. How can you guarantee us once again of security on your blockchain?
Sure thing, so actually Rio Chain was audited by CertiK, one of the leading blockchain auditing and cybersecurity firms. Our report came back very positive, with only minor bugs, which we’ve fixed! We take security very seriously and will be fulling auditing and testing all of our products before launching them to the public!
Q16: DeFi is one of the hottest topics in the blockchain field. Can you share your views on DeFi with us? Do you think DeFi will destroy the existing financial system? What is the martkist method for the DeFi field?
Hi there, I don’t believe that DeFi will totally destroy the traditional financial market, at least in the short term. But without a doubt, it has the possibility to make financial services much more accessible for the broader public! We believe in the future of decentralization and DeFi as a whole, and are very excited to become one of the leading DeFi projects, particularly in the Polkadot Ecosystem
Q17: if don’t have palkadot network ,Rio chain still stay strong for MANTRA DAO?
We will still be a strong project without Polkadot Network, as our Rio Chain has cross-chain interoperabilty with many other public blockchains. We are developing a “Generic-asset gateway bridge” for this, which the Web 3 Foundation is interested in supporting. 🙂 That being said, we love Polkadot and believe in it’s future and success!
Q18: According to the website, if I Deposit my cryptocurrencies as collateral and I will get instant access to stablecoin loans. I am really interested to Lending system. Please explain more, about MANTRA DAO Lending system?
Hi Min, so essentially we will be creating a decentralized lending protocol backed by crypto assets for users to borrow stablecoins against their crypto without having to sell the underlying asset. Currently our system is to overcollateralize, as the crypto collateral can be highly volatile, but with our KARMA protocol (which is similar to a credit score), we will possibly be able to undercollateralize our loans for our highest KARMA level users!
Q19: My observation is that your name contains DAO. Are you in any way related to MakerDao? If so, what’s your relationship with them?
We are not related to Maker DAO, but we are a DAO structure, which is a Decentralized Autonomous Organization that is governed by it’s users! 🙂 We have the utmost respect for Maker DAO. Although our system has some similarities, we offer a number of different products that they do not.
Q20: Southeast Asia is a very vibrant market & most exchanges are competing campaigns in here to entice users and grow, with MANTRADAO see how Southeast Asia is and do you plan to develop & expanding in here?
We are very interested in the SEA market, and are growing our communities locally in Vietnam, Indonesia, Philippines, etc. While we are not an exchange ourseleves, we already have a lot of cool inititiatives to attract users, including our bounty and referral system, which will be announced shortly. Additionally, we have some big announcements coming about our exchange listings, as we have already confirmed with several major exchanges.
To learn more about MANTRA DAO and about our initial membership offering follow us at: mantradao.com