Q1: Briefly outline the Mantrada project and introduce yourself @JPMullin
Sure thing! I am the co-founder and Council Member at MANTRA DAO. MANTRA DAO 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 on Parity Substrate for the Polkadot ecosystem, MANTRA DAO gives financial control back to the people to grow wealth together.
Essentially, we are building a community-governed DAO structure for DeFi products! Primarily focusing on staking and lending!
We will offer enhanced interst for our users and governance rights through our OM token
Q2: Can you introduce specifically what the MANTRADAO ecosystem is building? Please speak in detail @JPMullin
So how do we compare to other projects out there? Mantra DAO is basically a community-governed DeFi platform.
We provide high-interest savings rates through staking-as-a-service, similar to projects like Stake Fish, Figment Networks, Pool-X, Binance, and others.
Since we’re powered by Rio Chain, a Substrate-based blockchain, we’ll be able to fully interact with the Polkadot Network, allowing us to support assets & smart contracts across many blockchains.
We offer Savings, Lending, Stablecoins, and Governance tokens, like Maker DAO, Compound, Acala, and Kava. With Compound having a market cap in the billions of dollars and Maker DAO being above $500 million, all while only interacting with Ethereum-based assets, we believe Mantra DAO can achieve a similar market cap within just a few years.
MANTRA DAO will offer non-custodial staking of DPoS assets, starting with polkadot ecosystem assets such as DOT and KSM. We will offer additional staking assets in the near future, and through the feedback of the community, token holders can offer proposals and vote on which assets they would like us to add for staking. We have set aside 30% of the OM token supply to pay this enhanced interest!
Additionally, we have a built in reputation mechanism called the KARMA Protocol whereby users who do things that benefit the community, they can earn KARMA, and when they have enhanced KARMA, they will have extra financial incentives, such as enhanced interest rates, lower borrowing rates, etc.
We are working very hard to make sure that we make staking, lending, and governance as easy and simple as possible, so even non-crypto native people can take part
Q3 :How is OM TOKEN used specifically in the Mantradao ecosystem?
Has it been optimized for usability?
How is token sale going on?
Do you plan IEO on the exchanges it is currently trending?
OM token plays a key role in expanding and maintaining the MΛNTRΛ DΛO ecosystem. It has three core functions:
– STAKING & LENDING: In addition to staking rewards, depositors of cryptocurrencies in MΛNTRΛ DΛO will receive OM tokens.
– OWNERSHIP & GOVERNANCE: OM tokens give voting power over certain economic parameters such as interest rates, level of inflation, ecosystem grant allocations, etc.
– REPUTATION: OM token holders can grow their reputation via the KΛRMΛ protocol and be rewarded for their contributions to MΛNTRΛ DΛO.
We are currently in the private sale of the OM token, and have raised $900K USD out of $2 million. We have seen significant interest in our sale, and expect to close the private round shortly. After that we will move onto the public rounds, with 1 pre-sale round with a minimum investment of $5,000 and 3 other public rounds with a $100 minimum.
OM tokens will initially become available to the public through MANTRA DAO’s Initial Membership Offering (IMO). We are selling membership rights into a next-generation decentralized financial ecosystem that’s structured as a DAO to give financial freedom and decision-making abilities to its members. People who participate in the MANTRA DAO IMO will be given OM tokens and access to the MANTRA DAO platform, where they will be able to access a broad range of financial services and rights within the ecosystem.
There are some projects that actually use less tokens, the price is usually FOMO and then it will be suppressed by a large number of sellers without high demand.
Yes, we will have a limited supply at the beginning, with a slow release over time, in order to help support appreciation of the price over time
Q4: What is RIO CHAIN? How does Mantradao use RIO CHAIN? @JPMullin
Existing blockchains are too slow, too rigid, and too foreign to traditional digital infrastructure to be used by most institutions and organizations. Blockchains must meet businesses’ requirements in order to be successful and implementable.
Rio Chain iterates over previous generations of blockchain networks such as Bitcoin and Ethereum. Built with Substrate and focusing on security and usability, Rio Chain introduces greater interoperability, scalability, increased network speeds, and cross-chain transactions. It is for this reason that we have chosen to use Rio Chain to power the MANTRA DAO platform.
Rio DeFi is the company behind Rio Chain, upon which we are building MANTRA DAO
We are one of the more advanced substrate-based chains, and aimn to become a parachain on the Polkadot Network once the Web3 Foundation begins the parachain auction later this year!
When Mantradao founded?, I wondered if it was the last few months
We’ve been working on MANTRA DAO since the end of last year, but have been in stealth mode until approximately 2-3 weeks a
We’ve received a lot of interest from the Polkadot Community, as well as insitutional investors in that short time
I myself am a Polkadot ambassador, and have been working very closely with Web 3 Foundation and Parity Technologies to make this project a success
Rio Chain is a powerful digital infrastructure tailored for mass adoption. When designing Rio Chain, we prioritized security, speed, scalability, and interoperability. We operate across blockchains to leverage the strengths of each.
Rio Chain is a hybrid blockchain that is powering Rio Wallet and a host of dApps in the Rio ecosystem (explained in more detail on RioChain.io and in the Rio Chain Whitepaper).