As we continue to see new projects launched every day it’s always tough deciding exactly what’s worth our time to take a deeper dive into. This week we’ve decided that MANTRA DAO, the recently launched project getting attention in the Polkadot ecosystem is worth a closer look.
Introduction
MANTRA DAO (OM) is a community-governed DeFi platform focusing on staking, lending, and governance. MANTRA DAO leverages the wisdom of the crowd to create a community-governed, transparent, and decentralized ecosystem for web 3.0. Built to give financial control back to the people. MANTRA DAO combines PoS technology, decentralized autonomous organizations (DAO), and decentralized finance together to enable everyone despite their geopolitical background to have access to a worldwide financial market previously unavailable to them. To support this ecosystem of financial products, MANTRA DAO uses Rio Chain, a Substrate-based blockchain that is highly secure, scalable, and connects to the Polkadot network to offer low fees and ease of use.
At its core MANTRA DAO is built to be a decentralized savings and lending platform where depositors can earn interest on their pooled digital assets. Where governance tokens (OM) give its holders voting powers over certain economic aspects like interest rates, inflation, and deflation. The MANTRA DAO Foundation started as a validator candidate on the Polkadot network and registered as a separate legal entity. Created to maintain the platform and serve token holders, who in return are the beneficiaries of the foundation and govern its operation. This foundation will continue to release and develop MANTRA DAO until the community is established enough to maintain it in a decentralized manner. After which a reputation protocol called KARMA will weigh voting powers proportionate to certain metrics and increase the chance of token holders benefiting from various financial incentive schemes. With KARMA in place, each member has both social and economic incentives to be a good person, collaborator, and team player within the MANTRA ecosystem. Offering a level of accountability regardless of other criteria. Karma score meant to build strong members of the community by rewarding actions like paying back a loan on time, staking OM for longer periods, or proposing a vote that passes.
The MANTRA POOL will be a crypto savings game that allows users to take part in the chance to win a percentage of MANTRA DAO Foundation’s staking rewards. Users are able to enter themselves in the pool by burning OM to generate an entry and every week, the protocol will select randomly generated winners. Depending on a user’s karma level mentioned earlier you may have a maximum of 65 automatic entries into the pool as a result of your score without the need to enter manually. The reward pool consists of 25% of all the staking rewards generated by MANTRA DAO assets. This basket will contain their native assets like DOT, KSM, and OM with users given the option to convert all assets to OM in order to receive extra earned interest. This system will also support sponsored giveaways where companies can sponsor a distribution using assets of their choosing. These will run separately from the staking reward generated pool.
MANTRA has a solid roadmap outlined to focus on the remaining phases in development including grants. But, the…
Hi! My name is Lark Davis!
I’m a cryptocurrency investor with years of experience and I’ve been making consistent profits in the crypto space.
I’m passionate about helping others do the same, so I run multiple educational channels on crypto investing.
