Cryptocurrency

Mantra DAO

Mantra DAO is a community-governed by DeFi platform that main focus is on staking, lending, and governance. Mantra DAO is built on Parity Substrate for the Polkadot Ecosystem.

Mantra DAO finished its initial membership offering on August 16, 2020. In total, the Project raised $5.9 million.

Overview

Mantra DAO is an ecosystem built on Rio Chain, a blockchain, based on Parity Substrate. Mantra DAO poses itself as the leading gateway to cross-chain, multi-asset DeFi services.

Using the Mantra DAO platform, users can access a broad array of services:

  • Multi-Asset Staking & Lending Platform: Mantra DAO provides cross-chain access to DeFi Products.
  • Merit-Based Reward System: Mantra DAO incentivizes its users to support the ecosystem.
  • Self-Governing Organization: Participants can vote on proposals to change the system parameters.

In July 2020, Mantra DAO appointed Hex Trust, Asia’s leading institutional digital asset custody provider, to be its custodian for its fundraising campaign. Hex Trust will store and secure all the funds raised by the Mantra DAO Foundation. In July, LD Capital, one of the leading blockchain funds in Asia, announced their participation in the Mantra DAO Initial Membership Offering (IMO) for an undisclosed amount. Mantra DAO also announced that it joined Hoo Labs and planned to list with Hoo.com directly after completing their Initial Membership Offering (IMO).

In August 2020, PLUTUS.VC, a US dollar investment fund, decided to join the growing list of Mantra DAO’s institutional Investors.

On August 3, 2020, Mantra DAO entered into a strategic partnership with Consensus Labs. The partnership aimed to have the two companies closely working with one another to help develop and build out the DeFi ecosystem in China.

On August 4, 2020, Mantra DAO endorsed Chaos with Kusama. Kusama network launched in July 2019 with a set of 25 validators with the aim of progressively scaling to one thousand validator nodes. In August, Mantra DAO joined the list of laureates and entered the Kusama 1000 Validator Program.

On August 5, 2020, Mantra DAO announced Waterdrip Capital joined in with LD Capital, PLUTUS.VC, and Consensus Labs as Mantra DAO’s newest institutional investor.

On August 24, 2020, Mantra DAO was accepted into Parity’s Substrate Builders Program, which identifies, supports, and mentors current and potential Substrate-related projects that they identify as being visionary builders and teams.

In August 2020, Mantra DAO signed a digital Simple Agreement for Future Tokens, or SAFT, after completing know-your-customer activities with every single retail investor. SAFT is an investment contract offered by cryptocurrency developers, normally only to accredited investors.

Mantra DAO Initial Membership Offering

Mantra DAO’s IMO took place on August 1, 2020. There were over 1,300 individuals signed up for the whitelist, and the average dollar amount subscribed per individual has been over $12,000.

On August 2, 2020, Mantra DAO announced the total (locked and circulating) OM token supply would be set at 888,888,888 OM, and circulating supply at the outset of the Token Generation Event (‘TGE’) will begin at 101,111,111 OM. The supply schedule will be split into seven different buckets with emissions following the below details:

Public Distribution (Includes Pre-IMO, and IMO rounds I, II, and III)

  • 8.5% of total supply, or 75,555,555 OM;
  • No lock-up;
  • 75,555,555 OM will be circulating from at TGE;
  • All 75,555,555 OM would be able to be staked and earn staking rewards from day 1 since TGE;
  • The staking rewards emission schedule is designed so that early stakers receive a greater proportion of the staking rewards bucket, and this decreases over time.

Private Distribution

  • 9% of total supply, or 80,000,000 OM;
  • Locked-up with 6 month vesting period, with 1/6th vesting on the first day of each month;
  • 13,333,333 OM would begin circulating at TGE, with another 13,333,333 OM unlocking on each of the 31st, 61st, 91st, 121st and 151st days upon TGE;
  • All 80,000,000 OM would be able to be staked and earn staking rewards from day 1 since TGE.

Team & Advisors

  • 17.5% of total supply, or 155,555,555 OM;
  • Locked-up with vesting as follows:
  • Zero OM would be circulating at TGE, and for the first 180 days since TGE;
  • 1/18th, or 8,641,975 OM, would vest and come into circulation every thirty days, from the 181st day through the 691st day since TGE;
  • All 155,555,555 OM would be able to be staked and earn staking rewards from day 1 since TGE.

Staking Rewards

  • 30% of total supply, or 266,666,666 OM;
  • Locked-up at TGE, and would be unlocked on a rolling basis at a decaying growth rate so that:
  • All 266,666,666 OM would unlock by the end of the 5th year since TGE (roughly 1826 days since TGE);
  • Unlocking schedule would follow a non-linear decaying growth function, such that a greater proportion of staking rewards would be unlocked on the earlier days and a lower proportion in the later days;
  • The purpose of this is to create a concave downward release curve, so that early stakers receive a greater proportion of the staking rewards bucket, and this decreases over time;
  • The team is still modeling out several scenarios, and the exact decaying growth rate will be shared with the community ahead of the TGE;
  • Locked staking rewards tokens would not be eligible to earn staking rewards;
  • Unlocked and earned staking rewards would be eligible to be staked and earn staking rewards from the day they become unlocked and distributed to token holders.

Referrals

  • 12.5% of total supply, or 111,111,111 OM;
  • 15% of referral tokens, or 16,666,666 OM tokens would be unlocked and enter circulating supply over the first 151 days since TGE, according to the following schedule:
  • 5% of the referral’s bucket, or 5,555,555 OM, would be unlocked and begin circulating at TGE;
  • 2% of the referral’s bucket, or 2,222,222 OM, would be unlocked on each of the 31st, 61st, 91st, 121st and 151st days since TGE, for a total of 11,111,111 OM to be unlocked and begin circulating during this time period;
  • The remaining 85% of referral tokens, or 94,444,444 OM would be unlocked on a rolling basis at a linear release rate starting day 366 since TGE such that 100% of referral tokens would be unlocked by the end of the 5th year since TGE (roughly 1826 days since TGE);
  • Referral tokens are meant to be used for Mantra DAO community and ecosystem development activities, including airdrops, bounty campaigns, exchange and refer-a-friend promotions, among other promotional and community building campaigns;
  • If referrals are determined to no longer be needed for Mantra DAO community and ecosystem growth, the community may issue an on-chain governance proposal to burn all outstanding referral tokens;
  • Locked referral tokens would not be eligible to earn staking rewards;
  • Unlocked and distributed referral tokens would be eligible to be staked and earn staking rewards from the day they become unlocked and distributed.

Reserves

  • 10% of total supply, or 88,888,888 OM;
  • 7.5% of the reserves bucket, or 6,666,666 OM, would be unlocked at TGE;
  • These would be used for market liquidity provisions at the outset of TGE, and are expected to remain with the foundation for future re-allocation or burning;
  • The remaining 92.5% of reserve tokens, or 82,222,222 OM would be unlocked on a rolling basis at a linear release rate starting day 366 since TGE such that 100% of reserve tokens would be unlocked by the end of the 5th year since TGE (roughly 1,826 days since TGE);
  • Reserve tokens are meant to provide the Mantra DAO foundation an alternate source of funding should it be required in the future;
  • If reserves are determined to no longer be needed for Mantra DAO community and ecosystem growth, the community may issue an on-chain governance proposal to burn all outstanding reserve tokens;
  • Locked reserve tokens would not be eligible to earn staking rewards;
  • Unlocked and distributed reserve tokens would be eligible to be staked and earn staking rewards from the day they become unlocked and distributed.

Grants

  • 12.5% of total supply, or 111,111,111 OM;
  • Grant tokens are meant to be used to fund Mantra DAO protocol improvement and development initiatives, and would only unlock upon community on-chain governance proposals passing minimum thresholds of approval;
  • If grants are determined to not be needed for Mantra DAO development growth, the grant tokens would never be unlocked and would essentially remain outside of circulating supply;
  • Locked grant tokens would not be eligible to earn staking rewards;
  • Unlocked and distributed grant tokens would be eligible to be staked and earn staking rewards from the day they become unlocked and distributed.

On August 15, 2020, Mantra DAO hit the Hard Cap of its Initial Membership Offering with the entire sale almost 4 times oversubscribed. Mantra DAP team also revealed new institutional investors – Kenetic Capital, Genesis Block, Moonrock Capital, Genblock Capital, Revelation Fund, Master Ventures, and Vendetta Capital.

Mantra DAO finished its initial membership offering on August 16. In total, the project raised $5.9 million.

OM Token

Every user who stakes or lends their digital assets on the Mantra DAO platform will receive, in addition to their staking interest, the OM token.

  • Staking and Lending: Users can receive OM staking rewards by staking Polkadot (DOT) and other DPoS (Delegated-Proof-Of-Stake) assets with Mantra DAO, and by staking OM token itself. OM tokens can also be used as collateral for loans.
  • Ownership and 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 Karma protocol and be rewarded for their contributions to Mantra DAO.

Mantra DAO Foundation co-founder John Patrick Mullin revealed during Blockchain Core’s online livestream, that “Mantra DAO will work with the Compound lending protocol as one of our lending solutions for Ethereum-based asset. The OM token has a similar function as COMP token actually. OM will also offer liquidity mining through our enhanced interest model for our stakers and lenders.”

Karma Protocol

Karma protocol is a reputation mechanism that aims at rewarding users for their contributions to the ecosystem. It’s similar to a credit score in traditional finance.

Users gain Karma by supporting the ecosystem through:

  • Staking OM tokens, taking out & paying back loans
  • Submitting & voting on proposals
  • Joining the Mantra Pool savings game
  • Referring friends to grow the community
  • Receiving grants and more.

Users with higher Karma gain access to various benefits, such as:

  • Increased OM staking rewards
  • Decreased staking fees
  • Free access to Mantra Pool
  • Lower loan interest rates
  • Loyalty rewards

Mantra DAO Foundation

Behind the Mantra DAO project is an organization called the Mantra DAO Foundation. It is comprised of blockchain experts with extensive experience in the industry at both the business and technical levels. John Patrick Mullin and Will Corkin particularly are Polkadot ambassadors. Jamie Cheng, James Anderson, and Stephane Laurent were also on board of Mantra DAO Foundation.

The mission of the Mantra DAO Foundation is to bootstrap the growth of Mantra DAO ecosystem and drive the organization toward complete decentralization.

Team

  • John Patrick Mullin
  • Will Corkin
  • Rodrigo Quan Miranda
  • Phyrex Ni
  • Stacie Meng
  • Billy Magbanua
  • Harrison Cheung

Advisors

  • Calvin Ng (Plutus.VC)
  • Prof. Nicholas Krapels (Wanchain, FinNexus)
  • Joe Wong (George P. Johnson)

Listed Exchanges

  • Uniswap
  • Hoo
  • Bithumb
  • Poloniex
  • Gate.io
  • Flybit
  • BitMax.io
  • OKEx
  • Hotbit
  • Bilaxy
  • BiKi