New MANTRA DAO Staking for Dragonbite’s BITE/ETH LP pool goes live today!
BITE/ETH LP pool launches for staking!
Following the conclusion of Dragonbite’s token sale and the launch of their $BITE token, we will be supporting a new unique SUPER YIELD BITE/ETH LP tollbooth staking pool on app.mantradao.com!
- The BITE/ETH LP staking pool will be launched with a tollbooth mechanism, with the toll starting at 60% for the first 7 days, and then decreasing on a weekly basis until it reaches 0% after day 63 since the pool’s launch (roughly 9 weeks). You can find more details regarding the toll schedule on Dragonbite’s post linked here.
(IMPORTANT: The “toll” applies as a withdrawal fee to your staked LP tokens. Be mindful of this when unstaking your LP tokens at any time during the 9 week toll period.)
- The pool launches for staking on July 13th, and remains open for about 6 days or until July 19th. No more staking will be possible after the pool is closed.
- The rewards distribution mechanism will follow a fixed per block strategy assigned proportionately to the stakers of the pool in each given block.
- A total of 1,400,000 BITE tokens will be distributed to LP tokens stakers in this pool throughout the 9 week “toll” period.
- Rewards will be heavily weighted towards the early phase of the pool, and will slowly decrease throughout the 9 week period by about 10% per week until the toll reaches 0%.
- This means the earlier and the longer you stake, the more token rewards you will earn.
- Claiming of rewards will kick off an 8 day time lock, after which rewards can be withdrawn.
- Dragonbite will be running a lottery for various prizes, including a Ferrari California! Make sure you read Dragonbite’s instructions on how to join this raffle in their blog post linked here!
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.
DragonBite is a decentralized ecosystem that puts the power of the cryptocurrency market into the hands of its users. DragonBite offers various products and services, catering to almost every aspect of the cryptocurrency economy, including a digital wallet, a cryptocurrency exchange, loyalty redemption points, discounts/purchases with crypto, and more. Using the DragonBite application, users gain access to every feature they could need within the cryptocurrency market.