MANTRA DAO (OM) is a decentralized platform that provides solutions for various staking, lending, borrowing, and cross-chain services. It is a community-owned, transparent ecosystem for providing real-time web 3.0 DeFi services to users while leveraging the wisdom of the crowd. Unlike other platforms that rely on company governance or a centralized authority to dictate policy decisions, MANTRA DAO is governed by a decentralized autonomous organization known as DAO, with voting rights distributed equally among all holders of OM coins.
The native coin of the platform, OM, gives users access to its various staking, lending, borrowing, and other features. DeFi borrowers can also earn KARMA, which are points for interacting with MANTRA DAO’s DeFi services as well as participating in governance, providing liquidity, and staking over time.
MANTRA DAO users also enjoy a wide range of other benefits, such as technical support and development resources, community collaboration tools, marketing perks, and access to exclusive events.
The project was announced in June 2020, and what began as a Polkadot-first project is now offering services on Ethereum, Binance Smart Chain, and Polygon.
Who are the Founders Of MANTRA DAO (OM)?
The MANTRA DAO founding team consists of three people, all with extensive experience in the space. The CEO and Co-Founder, John Patrick Mullin, is a blockchain technology consultant with extensive experience in both traditional finance and blockchain. He has worked with notable organizations such as SOMA.Finance, HeliSwap, and Club DAO.
Will Corkin is the CTO & Co-Founder of MANTRA DAO. He is also the co-founder of Polkadot startup CLUB DAO, where he focused on developing a blockchain for large-scale institutional adoption. Prior to that, he was an employee of Ambassador, a blockchain network designed to build web 3.0 networks.
Rodrigo Quan Miranda is the COO and Co-Founder of MANTRA DAO (OM). He previously served as the CTO of BlockSmith, an infrastructure-as-a-service provider for proof-of-stake blockchain ecosystems. He also worked at other startups such as Club DAO and SOMA.finance.
What is MANTRA DAO (OM) used For?
MANTRA DAO has the ability to provide various DeFi services, such as loans and disbursements, as well as additional governance-related services like token voting.
It provides a variety of DeFi services that can be used by users to earn extra EVM tokens by lending their staking coins to borrowers. Borrowers are not required to pay back the loan right away; they can pay interest over time (which is similar to an interest-free credit card). The interest rate is determined through a smart contract that uses the market price of OM. The interest rate is calculated on a rolling basis over the entire term, which means that interest may change depending on the price of OM.
MANTRA DAO also provides limit-order loans, with borrowers choosing the limit price or the maximum amount they’re willing to pay for a loan. As with standard loans, this is an interest-free loan that allows borrowers to pay back in stages. If no one meets their limits, they can choose to wait and see if their offer was too high before changing it or canceling it altogether.
The platform also offers reserve lending services that allow users to earn extra tokens by lending coins for up to 12 months.
What is the Unique Point of MANTRA DAO (OM)?
In contrast to other platforms, MANTRA DAO (OM) is not controlled by a single authority or full-time community members. It employs its own governance protocol, where coin holders can vote on key decisions and receive rewards in the form of KARMA points to reflect their participation.
Projects that comply with MANTRA DAO’s policies can integrate their blockchains into the platform, allowing token holders to earn extra tokens by lending coins through the reserve lending service. Borrowers that pay back their loans are also rewarded in the form of OM tokens.
The MANTRA blockchain uses an incentive mechanism to encourage coin holders to participate. The reward system can be applied to voting, staking, and lending.
Users of the MANTRA DAO can vote on proposed changes to the platform’s governing protocol. Rewards are given based on votes received in proportion to the number of coins held by each user. They can also stake their coins as collateral for loans and other services, which allows them to earn rewards over time (similar to interest-free credit cards).
How many MANTRA DAO (OM) Coins are in circulation?
OM has a circulating supply of 494,226,717 OM coins and a total supply of 888,888,888 OM coins.
How is the MANTRA DAO network secured?
The MANTRA DAO native token is an ERC-20 token deployed on the Ethereum network and its Proof-of-Work consensus protocol. The OM cryptocurrency uses an innovative Proof-of-Work consensus protocol with the aim of achieving a transparent and secure transaction platform for web 3.0 services.
The cryptocurrency also uses a smart contract system to facilitate all transactions between users, while also providing additional governance information via collateral voting.
How do I buy MANTRA DAO (OM)?
The MANTRA DAO token is listed on several exchanges and can be purchased on the Binance, OKX, KuCoin, and Bitrue platforms.
Which Cryptocurrency Wallet Supports MANTRA DAO (OM)?
The PTPWallet platform supports many cryptocurrencies simultaneously, such as MANTRA DAO (OM. Because of its vast use case, it has grown to become one of the most used platforms, as it serves as an exchange and an engine to discover other cryptocurrencies. Users can easily use PTPWallet as their OM wallet because it offers a simple interactive interface, making it easy for people to navigate its system.