MANTRA DAO is a decentralized finance platform that has a particular emphasis on staking, lending, and decentralized governance, among other things. It will be connected to Polkadot and will be constructed on the blockchain RioChain, which is currently in development. Its goal is to serve as an environment for Web 3.0 applications.
Table of Contents
In order to shift to Polkadot, MANTRA DAO will use RioChain, which was inspected by blockchain security company CertiK in September 2020 and found to be free of severe security issues.
Custodian for the project’s digital assets is Hex Trust, which was selected by the project in November of this year. The project also revealed in December 2020 that the digital currencies for the next edition of its OM coin had been verified by blockchain security startup SlowMist.
According to MANTRA DAO, the project is distinguished by a number of previously stated features. In the first place, it is being constructed on the RioChain blockchain and will be linked to Polkadot, which the company describes as an “upcoming blockchain.”
For the second time, it is providing multi-asset staking, lending, and borrowing services for both its own network and third-party platforms including Cosmos (ATOM) as well as Terra (LUNA).
Third, it manages the MANTRA POOL, which distributes 25 percent of the family foundation staking rewards to those who participate. The fourth feature is that it makes use of a “karma” mechanism, which distributes scores to participants in the network based on their activities, with those with high scores receiving additional rewards.
As an initiative of RioDeFi, the blockchain technology development business behind RioChain, MANTRA DAO was built with the assistance of co-founders & long-time colleagues John Patrick Mullin with Will Corkin, who served as advisers. With the help of their colleague Rodrigo Quan Miranda, the two of them established the initiative as a decentralised autonomous organisation.
Formerly, Mullin worked as a fintech analyst at the Chinese financial institution Guotai Junan Investments and has written on blockchain technology for both conventional and cryptocurrency media sources. In September 2020, he has been recruited as a professional individual for Polkastarter, a decentralized exchange based on the Polkadot blockchain.
As the founder and CEO of Moon Street Ventures, a blockchain design and analytics company, Miranda also co-founded Immutable Technologies Corp., a decentralized network infrastructure provider, where she served as its president and chief executive officer. Previously, he worked as an investment banker.
Together along with RioDeFi CEO James Anderson & vice president of marketing Stephane Laurent Villedieu, Mullin, Corkin, and Miranda form the founding council for MANTRA DAO, which was established in 2015.
The OM cryptocurrency powers the MANTRA DAO ecosystem, which is utilized to control the DAO as well as for stake and lending. For staking their OM tokens on the network, network participants receive an estimated annualized payout of 88.8 percent. Although OM was initially launched as an ERC-20 coin, the platform intends to switch to the Polkadot system in the near future.
In accordance with the company’s whitepaper, the company’s business strategy is centered on generating interest on the loans, staking OM, maintaining an OM staking as-a-service business that collects royalties on staked assets, and offering access to its products to businesses. A number of financial firms, including Kenetic Investment, Genesis Block, and Moonrock Capital, funded its “first membership offering,” according to the company.
It is possible to purchase OM on the crypto exchanges including Hotbit, OKEx, Bithumb Global, and Uniwap (V2), amongst other platforms. In addition to the New Taiwan dollar, it can be exchanged on spot markets against other cryptocurrencies like bitcoin (BTC) & Ether (ETH), as well as the stablecoin Tether (USDT).
Currently, there are 421,285,110 OM coins in circulation and a maximum supply of 888,888,88 OM coins in circulation at any given time.
Yes, in reality, Europe is one of the easiest countries to acquire cryptocurrency in general. There are also online banks where you can create an account and send funds to exchanges like Coinbase and Uphold.
Exchange inlets and outlets, technical and fundamental changes, the news cycle, and the overall economic climate are all variables that impact MANTRA DAO price and market cap.
MANTRA DAO Official Website – https://mantradao.com/
MANTRA DAO Official Twitter – https://twitter.com/MANTRADAO
MANTRA DAO Official Reddit – https://medium.com/@mantradao
Introduction The beginning of blockchain technology has started a new period for different business areas,…
Cryptocurrencies rose from obscurity to making global headlines in just 15 years. Bitcoin is the…
Online gambling has become a booming industry in recent years, witnessing an influx of players…
The online gambling landscape is witnessing a seismic shift with the integration of blockchain technology,…
Dive into the Digital Gold Rush: Bitcoin, the New Investment Frontier!
Riding the crypto wave, Bitcoin becomes global zeitgeist!