Experience tranquillity. MANTRA DAO is a community-governed DeFi platform that lets users stake, lend, and participate in cross-chain multi-asset liquidity pools. MANTRA DAO – as the name implies – is very much focused on the creation of a decentralized organization with a wide distribution of voting so that its users can create wealth together. The community is focused on helping each other reap maximum benefits from the emerging crypto and DeFi space through special offerings unlocked by being part of its “path to ascension”. Although it sounds slightly glib, there is a genuine opportunity here.
What does MANTRA DAO do?
MANTRA DAO is an attempt to demystify DeFi. Current DeFi dApps aren’t exactly user friendly. Even well-entrenched crypto buyers are put off by the arcane logbooks of the world’s newest financial system. MANTRA DAO has a clear focus on making DeFi easy so users can join and experience DeFi through a clean, bespoke dashboard that gives them an easy rundown of their participation in the market and helps explore new opportunities in the space – as curated by the MANTRA DAO community.
That latest point is intriguing. As well as being a general all-purpose DeFi access point, the MANTRA DAO community also “hand-picks” projects and then, as a community, often go in together on them, with special staking pools and buy-in possibilities set up. It flies curiously close to some of the grubbier aspects of crypto-profiteering – but as projects are chosen by those already invested into the MANTRA DAO community, there is no real benefit (except the obvious one) to put up projects that lose people money as it demolishes the value of the DAO itself.
Together As One
The MANTRA DAO community wants to experience enlightenment together, or so it goes, and alongside its DeFi dashboard, it certainly adds value. There are opportunities for peer-to-peer crypto swaps with other members of the community. It also offers crypto-loans, both facilitating them from the general market or sourcing them from the community – at sometimes preferable rates.
By taking advantage of its non-custodial staking and lending users can earn OM tokens. These tokens act as voting rights for participation in the DAO, selection of assets to open up staking rewards on, and what projects the community is planning to back en masse.
What is MANTRA DAO’s Karma System?
All of this is backed by the Karma system. There is a reputation system built into the MANTRA DAO to reward users who participate actively. These users receive a stunning 25% share of all revenue made by the DAO (gleaned from its operation of validator nodes). A further 50% of revenue is spent on buying back OM tokens off the market to reduce the supply and push the value of the token up. 888,888,888 coins were minted, but at the time of writing over 4 million have been bought back and more will be over time as the community grows. The hope is that this aggressive form of payback and deflation will reward members who make considered and consistent efforts to put value into the hands of the community that it is creating.
MANTRA DAO is built on Rio Chain, a Substrate-based chain that will connect to the Polkadot Network and then onwards to other blockchains from there. However, it also currently offers its services on Ethereum, Binance Smart Chain, and Polygon – and it plans to keep growing and remain blockchain agnostic.
Walk the Path
MANTRA DAO, like many other DAOs, wants to reward its users. By doing so, it’ll grow their ecosystem and provide their intuitive, clean DeFi services to the average retail user while inducting them into a community of like-minded enthusiasts who want the best for each other. It’s early days for the project, but if they keep walking the path and helping each other, then Nirvana may only be a few short clicks away.
Is OM Hard to Get?
Getting cryptocurrencies, whether by purchasing or trading, can be a daunting prospect for beginners. This is particularly true for any cryptocurrency that isn’t Bitcoin or Ethereum – with Ethereum tokens, also known as ERC-20 tokens, such as OM being a prime example.
If you are thinking about getting OM then Numio is a great choice for handling your assets. Numio allows you to pay people using your stored OM assets, as easily as if it were cash. If you are a bit more crypto savvy you can also trade and swap OM at the touch of a button.
How can I get OM?
Getting OM is easy on Numio. You can use your credit or debit card to purchase ETH or USDC, which can then be exchanged for OM*, you can swap or trade it for other ERC-20 tokens (up to 100x cheaper than other wallets), and you can send or receive it as payment. Whatever way you choose you can be sure that you are always in full control of your OM.
*L2 trades for other tokens coming soon