MANTRA DAO Staking Platform Goes Live!
Launching its highly-anticipated, decentralized staking platform
We are thrilled to announce that the first iteration of the MANTRA DAO platform is now live at https://app.mantradao.com! Today’s initial launch marks another milestone for us and the next step in our journey to hand financial control back to the people. The platform will provide the Sherpa community with an avenue to participate and earn daily passive rewards in the broader DeFi and PoS cross-chain space!
What you need to know about MANTRA DAO’s platform launch.
Today’s initial launch places our focus on enhancing the utility of the OM token in a decentralized, non-custodial manner. Our very first staking pool caters to the OM token as it currently stands as an Ethereum-based, ERC-20 token. Specifically, through our first staking pool in the MANTRA DAO platform, OM token holders can now stake and earn staking rewards in a non-custodial manner, by interacting directly with an on-chain smart-contract. Besides never giving up control of your OM, we have also structured the platform in an incredibly user-friendly and easy to navigate structure. Details for the initial OM (ERC-20) staking pool are as referenced below, and we have published this step-by-step guide on how to stake your OM and start earning staking rewards:
- Asset: OM (ERC-20);
- Estimated Annualized Reward: Pool 1 will launch with an estimated annualized reward of 88.88% (daily equivalent of ~0.24%). The daily rate (and respective annualized reward) will be adjusted on a monthly basis by the MANTRA DAO Council;
- Reward Accrual Terms: Rewards accrue every 24-hours at the daily equivalent reward rate, starting from the moment a staking transaction is successful. This means initial rewards will not be shown until after the first day of staking;
- Reward Distribution: Users can choose to either stake or claim rewards at any point once they have been accrued:
(1) Staking outstanding reward balance immediately transfers reward tokens to the user’s staked balance, and starts accruing rewards; or
(2) Claiming outstanding reward balance kicks off an 8-day unstaking timer, after which the staking reward tokens become available for withdrawal;
- Unstaking Staked Balance: Users can unstake at any time as there is no minimum or maximum staking duration for OM. Unstaking your staked balance kicks off an 8-day timer, after which the unstaked assets become available for withdrawal.
Over the coming week or two, we will also be rolling out three other staking pools:
- Pool #2: RFUEL (ERC-20) staking pool;
- Pool #3: OM/ETH Uniswap-V2 Liquidity Provider token staking pool;
- Pool #4: RFUEL/ETH Uniswap-V2 Liquidity Provider token staking pool;
- Other pools will also be added on an ad-hoc basis, always with an emphasis on value generation to the MANTRA DAO Sherpa community.
Next step: MANTRA DAO delegator rewards program.
In addition to the above ERC-20 staking pools, we will be officially launching our delegator rewards program over the coming weeks, also to be accessible via the MANTRA DAO platform. Through this program, our fellow Sherpas will be able to delegate a growing list of Proof-of-Stake (PoS) assets to the various MANTRA DAO validator nodes and earn OM rewards in addition to the relevant chain’s native asset. If you have been paying attention to our project’s development, you will notice that we have been continuously working on expanding our list of Proof-of-Stake network partners. We will look to roll out the delegator rewards program with several of these, so if you hold any of those chains’ assets, keep your eyes peeled for when these programs roll out!
Where we are heading.
The above is just but the first piece of the puzzle in the broader MANTRA DAO suite of its DeFi product offerings. We will continue to develop our broader range of Substrate-based smart contracts that are native to the Polkadot blockchain ecosystem through RioChain. In addition to our multi-asset staking services, our robust roadmap still sees many of the MANTRA DAO features ahead of us that will truly set us ahead through our proprietary lending, borrowing, KARMA Protocol, MANTRA POOL, and other services. We truly believe that the future of blockchain will be based and built around cross-chain ecosystems, and we look forward to migrating and deploying our broader suite of product offerings, with our growing partners, as we and the Polkadot ecosystem continue to blossom.
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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