MANTRA DAO
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MANTRA DAO

MANTRA DAO x Daku AMA recap

MANTRA DAO got invited by Crypto Daku Robinhoods for an AMA on 7 August 2020. JP Mullin was there to answer the community questions, and he was met with great enthusiasm from the community!

The transcript has been lightly edited for clarity.

Q : What role does MantraDao play in the DOT ecosystem?

A : I’m also a massive fan of DOT/KSM, and I’m a Polkadot Ambassador as well. MANTRA DAO is an app built on Rio Chain, which is a substrate-based chain within the Polkadot ecosystem. MANTRA DAO is a staking and lending DAO that will support the Polkadot ecosystem as a validator for both DOT/KSM, as well as allow for Polkadot ecosystem assets to be used as collateral for borrowing, etc. We will start with DOT/KSM, but plan to support many of the other Polkadot Ecosystem assets. And are already in discussions to do so.

We need to finish our IMO (initial Membership Offering) which is in the final public round, and then begin our exchange listings and launch our staking and governance platform.

Q : Since parachain is yet don’t decide on the dot ecosystem, what are you planning to be added as parachain to dot?

A: Rio Chain will have its own fundraising process to secure their parachain slot, but we are in close communication with w3f about this process. Still waiting to see the economic cost for this.

Q : MANTRA is on the Rio Chain. How do you plan to list on uniswap with it?

A: Rio Chain will have its own fundraising process to secure their parachain slot, but we are in close communication with w3f about this process. Still waiting to see the economic cost for this.

Q : Do you plan to implement token swapping between different chains?

A : We are launching with an ERC20 token and will facilitate a swap process with our generic asset bridge that we created. We will facilitate multiple chains through our cross-chain functionality.

Q : Is the exchange very soon?

A : Yes, indeed. We have already confirmed several exchanges including Hoo.com, but will be listing on a few others as well. I think we have a pretty solid exchange listing strategy if I do say so myself.

Q : Is Hoo invested in MANTRA DAO?

A : We have institutional commitment from LD Capital, Consensus Labs, Plutus VC, Water Drip Capital, and are also incubated by Hoo Labs.

Q : What will be the APR for staking?

A : We will be announcing our pre-staking program shortly. As I mentioned above, we will launch with an ERC20. So we will have a fixed APR for the initial exchange-supported staking. Once we launch on Rio Chain, we will have native on-chain staking with variable APR, but it will be weighted toward the beginning to incentivize the earliest stakers.

Q : Can You tell me How MantraDao generates Profit/revenue? Why should people invest in it? What is the role of a native token in the ecosystem?

A : I think a picture works well to describe some of the basic uses of OM in our ecosystem.

Q : How did you come up with Mantra/OM names?

A : While I must say, I’m not a very religious person, I do believe I’m a spiritual person, and when we were coming up with our branding concepts, we were trying to think of things that embodied taking control of your financial well-being, concepts that were very Zen and peaceful in nature. We started down this path and then we came to the idea of Mantras which are phrases or sayings meant to bring about a state of inner peace. We believe our product will allow our users to be at peace with their financial future.

Q : What will Polkdot do for the project?

A : We are a validator for KSM, and will shortly be a validator for DOT. We will provide a liquidity mining/enhanced staking rewards model whereby DOT/KSM stakers can stake for free (at least in the beginning) and also generate additional interest through OM. Basically, if you have DOT/KSM or other DPoS assets, you’ love staking with us as you’ll have low fees, and an enhanced interest model that will be very attractive Not to mention the liquid staking and lending elements we will have on the platform.

Q : MANTRA DAO has more centralized competitions than decentralized. How will you acquire most of the market with centralized? Apart to support DOT, KSM, and OM, Which other Coins will be added to the Staking model? There exist limitations with Non- custodial and custodial assets?

A : For now, I can only say we’ve publicly announced we will also be supporting XTZ staking, but we have A LOT of other staking partnerships in the pipeline. Our biz model is basically to become validators on all top chains so that

a) The foundations assets grow with top-quality assets.

b) We can pull in the communities on all those chains. We want to be genesis validators on many of the up & coming PoS chains.

Q : How can a non-crypto friendly people utilize your services?

A : This is super important for us actually. We believe that DeFi needs a flow of new money into the space to allow it to continue to grow. We will focus on creating simple to use interfaces with a great UI/UX. Additionally, we will integrate fiat on/off ramps that allow people to purchase crypto assets, especially OM directly on our platform with fiat bank transfer or debit/credit card.

Q : Team, there are so many DeFi’s, what will make MANTRA DAO a success?

A : We’ve been working on this project well before DeFi was blowing up and we will bring our experiences from both the crypto space and traditional financial world to add a lot of value to our users.

Q : Can one be able to pay the loan in any asset like in Akropolis?

A : I love the $AKRO project personally, but at least in the beginning, we wouldn’t accept loans to be paid back in AKRO. Most likely in OM or other liquid assets to start. This will change over time though.

Q : How big is the MANTRA DAO team as of now?

A : We are sitting at around 11 full-time employees and several part-time employees. We’re still growing our team, especially on the tech side!

are about 11 full time and have several part-time staff as well, but are growing our team significantly. Especially our tech team.

Q : How can Anyone increase their Reputation on the MANTRA DAO platform?

A : Reputation is a very important part of our ecosystem and DAO. We’ve created something called the KARMA protocol, which is similar to an internal credit score that gives KARMA to users for doing good things within our system. This allows us to better assess the riskiness of lending to certain individuals and will open up all kinds of doors such as allowing for undercollateralized loans, better interest rates, etc

Q : Is mantra public sale still open or hard cap hit already? Also, what will the initial circulating supply be?

A : The public sale is still open, but we have already raised around $5M of the $5.93M hard cap. We’ve had an incredible result so far, and couldn’t be more thrilled with the outpouring of community support. We welcome all from Crypto Daku to check out our project and see if they want to be a part of our community either in the final round or in the secondary market!

Q : What polka ecosystems projects can mantra integrate with for better user experience and to create a one-stop shop for DeFi?

A : Big fan of Plasm, Moonbeam, ChainX, Acala, Akro.. tons actually! We want to truly support and work with as many polka dot projects as we can!

Q : When is OM getting listed on an exchange?

A : We’ve publicly said by the end of Aug or early September.. but I think we will do better than that :wink: just keep your eyes peeled though for exact announcements! They’ll be coming soon!

Q : Why did you choose OM as a ticker? Are you trying to denote a peaceful financial mind?

A : That’s exactly right your financial wellbeing is safe and secure with MANTRA DAO.

Q : Why are so many people trying to buy in OM?

A : We have tons of people joining our community daily, and they (unfortunately) won’t be able to enter the primary offering, but of course, we have tons of solid exchanges where they can buy some and join our community. The community is growing insanely every day.

Q : Why are you selling tokens at a very high price, equity investors round got around 0.30$, IMO is 0.80$, are you planning to dump on public sale investors during exchange listing?

A : We aren’t selling equity in MANTRA DAO, as it is managed and run by a foundation, where the beneficiaries of the foundation are the OM token holders themselves. We haven’t raised a single cent of equity capital. Also, the earliest investors will be under a lockup, whereas the public is not.

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