Month in Review and Q4 Outlook — MANTRA DAO AMA Recap
Update from the team on recent developments and what’s next
The entire MANTRA DAO team is continuously humbled by the enormous amount of support it receives from the Sherpa community. Our goal has always been to create an engaging environment where members can build meaningful relationships with not only MANTRA DAO but also the team behind it, and be able to ask questions, share their opinions, and give constructive feedback. While the team likes to stay active in the telegram channel, we have found that conducting livestream AMAs on Facebook and YouTube brings a more fluid and personal touch to how we share updates with the community and answer questions.
Following this most recent livestream AMA with John, Will, and Rodrigo, and the positive feedback received from the community, we will start to conduct these sessions more often. As mentioned in the AMA, we also plan to start introducing more of our technical and operational team members through AMAs so our Sherpas can get to know them better.
Before we get too much into our future AMA plans, let’s recap what was discussed and shared on this most recent livestream AMA!
In this AMA session, we shared and recapped our latest MANTRA DAO updates and developments, as well as our plans for the upcoming months.
Let’s start with some of the most significant developments that have taken place over the last month. Firstly, we launched our native MANTRA DAO staking app, almost one month back. We have been blown away by the response and support that we’ve received. Currently, we have more than 68 million OM tokens staked on our native platform alone! That is one-third of the circulating supply, coming from approx. 3,500 individuals and that is not even including those still staking on Bitmax, which comprises an additional 20 million OM staked from 4,900 individuals!
We have also seen great results of the UNI OM/ETH staking pool, which was launched just a few weeks ago. Its liquidity has improved tremendously, growing from $500,000 to between $850,000-$1,000,000.
We have also seen incredible support for our RFUEL staking pool, that over the last 2 weeks has seen over 31 million RFUEL tokens being staked from around 1,300 members.
We have launched two different versions of our staking mechanisms, which are two totally separate smart contracts. We have been able to replicate and create both a variable rate pool, as well as a fixed-rate staking pool. As more projects with ERC-20 based tokens want to join our platform, we can provide and offer them with a flexible staking environment that can be based on parameters beneficial to all parties.
One of the latest additions to take place just this week is staking transaction history. Members now have the ability to track and keep records of when they staked, unstake, and claimed rewards, as well as download their history directly to their computer via a CSV file.
Additionally, we are working on a subgraph for MANTRA DAO for contracts. We will be able to leverage complex data and have a more interactive dashboard. This will evolve into an open-source program, and therefore, the community will also get an opportunity to be involved.
Finally, we also announced the upgrading of our ERC-20 OM token in order to add a capped supply, additional wallet transparency, enhanced distribution smart contracts, and allow us to skip having to make a “wrapped OM” once we move to RioChain. Additionally, we’ll be using this token in our “buyback and make” strategy, with Smart Treasury Balancer Pool. We’ll be sharing more information regarding the swap shortly, but essentially all you will need to do is send your OM v1 to a smart contract and it will swap it automatically for an OM v2 token.
Now, we will start answering community questions. So, feel free to ask.
Questions — Live AMA
Q — When will you move to RioChain?
There is no set time day and time for MANTRA DAO’s development onto RioChain. There is still a lot of technical development required on both sides. There are a lot of benefits in keeping some connection to Ethereum, such as liquidity, infrastructure, and composability with other apps and wallets. We’re excited about the upcoming launch of RioChain, and we wish the RioDeFi team much success on the initial launch!
Q — What are your views on OM token prices in the next few months?
We cannot comment in too much specifics on that. However, what we can say is that we are focusing on improving the tokenomics and reducing as much inflation as possible. We have already made several cuts to the daily minting schedules, and we will employ other mechanisms to prevent unnecessary dumping from the additional incentives that we are giving in OM. For example, all off-chain staking rewards, such as Bitmax staking rewards, have been reduced to 20%, down from 88.88%. Also, any rewards that are earned on the platform, do not become liquid instantly. Instead of selling, we are quite happy that the majority of stakers have been restaking their OM rewards.
We are currently in the fixed rate APR of 88.88%, but we are moving to a v2 pool with a variable rate. This variable rate means that it depends on members’ number of staked tokens on the platform compared to the total size of the staking pool. Because of this methodology for calculation, the earliest stakers will be incentivized the most and receive the highest APR, so be sure to migrate your v1 tokens when v2 is announced!
Q: So, do we have to undelegate from v1 pool or will it be transferred to v2 pool automatically?
A: We are going to release all the details on this imminently as we are finalizing the exact migration mechanism that is smoothest and simplest for OM holders, but we will make sure that the process is as simple and frictionless as possible.
Q: Will you be completing the 2020 roadmap on time?
A: Yes, the roadmap is on schedule for the rest of a very packed Q4.
Q: Who are the first competitors of MANTRA DAO and why?
A: I think we have multiple competitors because we are doing so many different things. However, the majority of these projects are quite complex to use. We want to focus on a great user experience for mass adoption!
Q: Do we still get the airdrop if we unstake halfway through the Bondly snapshot?
A: Yes, you will receive the airdrop. However, you will only receive it for the portion that you have staked. It is a weighted average of the entire time period across all of the random snapshots that will take place over the next 4 weeks.
Q: How did the idea of MANTRA DAO first come about?
A: Originally, we [John & Will] were advisors for RioDeFi, and we were brought in to help them with some of the products they were building. Then we decided to split off some of the ideas and create a more decentralized, DAO-based governance model and separate branding. This became MANTRA DAO.
Q: Is there a plan for a token burn?
A: Absolutely not! The OM token is a governance token. We feel that there is not much value in burning a governance token as it gives the right to vote and participate in important decisions. Instead, we will be employing a “buyback and make” philosophy. We would suggest the community read the article by Placeholder VC to learn more about this topic and method.
Q: What kind of atmosphere is there in your team right now?
A: While the team is aware of the current market and OM token movement, we are not bothered or worried because of our understanding of what we are building over the coming months and years and the long-term potential for MANTRA DAO. We actively engage in things that can improve the price and utility of the OM token in the mid to long-term. We will continue to have top-level partnerships with different validator nodes to further enhance our community and ecosystem. We will continue to make announcements and developments as we grow and expand. We always try to be transparent with our members by showing our roadmap, but also know that there are other features and items that are in development that we are keeping in the background and will make big announcements when ready!
Q: I would like to know more about your token.
A: Initially, we wanted to be able to move fast when the DeFi market was very hot in a bull-run, so we launched our ERC-20 token to be able to get it to our Sherpas and get it trading on the market. We wanted to take advantage of the overall buzz and as you know, timing is everything in crypto. We launched a very simple version of the ERC-20 token and then planned to migrate it to RioChain. We plan to reissue a new ERC-20 OM v2 token in the coming weeks to further improve upon that v1 ERC-20 token. We then plan to migrate to RioChain and Polkadot through a cross-chain bridge.
Q: When are you releasing the mobile App?
A: We have not set any specific date right now. We are working towards mobile optimization of our current web platform, and are on track to release the mobile app within Q4.
Q: Can you tell more about the Q4 roadmap?
A: Absolutely, happy to share what we are all working on and focusing on for the next few months. Two of the main immediate focuses are the OM v2 token and the new staking pool launch. We will also be integrating with more wallet options as well. We are constantly talking with and announcing additional validator partnerships, and we will be working on the integration of these partnered validator nodes into the MANTRA DAO staking platform. Apart from those, we are also working on the integration of the Compound Lending Protocol.
We feel that one of the silent-sleeper products will be the perpetual savings game that we are working on and will release by end of this year. MANTRA POOL will give our members the chance to win significant dollar amounts of crypto every week as it is filled with 25% of our MANTRA DAO Foundation staking rewards from all of the validator nodes that we are running. Every time we announce a new validator partnership that means that we will be spinning up nodes for them and ultimately generating revenue that a portion of will be given back to the community.
Q: With your partnership with Matic Network, is it possible to launch this new token on Matic layer 2 on top of Ethereum?
A: I do like the idea. However, we will not be launching a new token on Matic layer 2 on top of Ethereum. That being said, we do have some unique funding initiatives that will be controlled by the Sherpa community governance and will fund joint Matic and MANTRA DAO initiatives.
It would be great if the community continues to suggest who you want us to partner with. We will definitely do our best to work with those projects and teams that our Sherpa community like. We’ve already had several community-driven partnership opportunities and have several more on the horizon.
That wraps up our livestream AMA! As always, we want to thank all the Sherpas who were able to join us and take part in asking questions and engaging with us. We really appreciate all the feedback and suggestions as this is a continuous group effort. We will continue to carry out these AMAs with the team, so please be sure to watch our telegram channels so you can join and participate in our future ones.
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.