MANTRA DAO Launches “Soft Governance” with Community-Governed $POLS Allocation
The MANTRA DAO team has been working on ways to continue empowering our loyal community of Sherpas. To this end, we have now launched soft governance as we warm up for the real thing.
What Would You Propose and Vote For?
Both OM stakers and UNI OM/ETH LP token stakers will now be able to start issuing proposals and voting on them. To get the ball rolling on our soft staking , OM stakers can vote on the usage of a community-governed pool of 50,000 POLS (Polkastarter) tokens. Votes for the first proposal, issued by the Council, will be collected for a period of one week following the launch, beginning on Wednesday, November 11th at 04:00 UTC and ending on November 18th at 04:00 UTC.
Naturally, we intend to hold many more initiatives and votes for community feedback in the coming weeks and months prior to the launch of our-much anticipated on-chain “hard” governance. Our goal is to stimulate discussion and debate, and push forward in the best way possible.
Soft governance is a wonderful opportunity for OM stakers and UNI OM/ETH LP token stakers to get more hands-on, and to have a say in all matters relating to the platform — be they related to incentives, OM interest rates, inflation or deflation, ecosystem grants, the addition of staking or lending assets, or suggestions for how the DAO coordinates its activities. Remember, each staked OM represents a single vote within the MANTRA DAO system. However, those who are providing liquidity on Uniswap and staking their UNI OM/ETH LP tokens will also have a say. At this moment, 1 staked UNI OM/ETH LP token translates to roughly 125 staked OM and an equivalent dollar amount of ETH staked. Given that these stakers are staking both OM and ETH, and are exposed to the risk of Impermanent Loss, the voting weight applied to staked UNI OM/ETH LP tokens is 1 to 250 OM worth of voting power (2 times the OM equivalent). You can learn more about governance in the MANTRA DAO ecosystem by reading our whitepaper.
All you need to do in order to issue a proposal is connect your ERC-20 compatible wallet with OM and click on “New Proposal”. This does not cost gas, and currently any Sherpa can issue proposals. These proposals are NON-BINDING and will be used by the Council as a barometer for public opinion and sentiment.
The Ecosystem Expands
It’s been an incredibly busy year for the MANTRA DAO ecosystem, with the lunch of various staking programs, the completion of our Initial Membership Offering (IMO), and the OM token listing on numerous exchange platforms including Bithumb Global, OKEx, Poloniex, and BitMax.
We also launched our decentralized staking platform which has been a runaway success, with over 78 million OM tokens staked by around 3,900 individuals. That’s one-third of the total circulating supply! The UNI OM/ETH staking pool, meanwhile, has swelled from $500,000 to between $850,000 and $1 million in liquidity provision, and RFUEL staking has also recently launched. Suffice to say that our ambition of leveraging the wisdom of the crowd to forge a community-governed, transparent, and decentralized ecosystem for web 3.0 is on track.
Presently, the team is hard at work on finalizing the migration mechanism for OM V2 as well as our latest staking pool, building the MANTRA POOL, applying the finishing touches to our mobile app, and several other surprises. There’s no rest for the wicked, as they say. We’re not planning on taking a vacation anytime soon.
Get voting, Sherpas!
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 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 store and grow wealth together.
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