MANTRA DAO is a decentralized finance platform with a special focus on staking, lending, and decentralized governance. The project is built on the RioChain blockchain and is set to connect with Polkadot, aiming to serve as an ecosystem for Web 3.0.
What is MANTRA DAO (OM)?
The platform utilizes OM, a native utility token for staking, lending, and governance. While the project plans to transition to the Polkadot network, the token was initially launched on the Ethereum blockchain.
MANTRA DAO was first announced in June 2020, and the platform went live with its first feature, staking, in October 2020.
According to MANTRA DAO, several announced features make the project unique. Firstly, it is built on RioChain and will connect with what it calls the “next-generation blockchain,” Polkadot. Secondly, it offers multi-asset staking, lending, and borrowing capabilities for its platform and others like Cosmos (ATOM) and Terra (LUNA). Thirdly, the platform operates the MANTRA POOL, where 25% of the foundation’s staking rewards are distributed. Lastly, it uses a “karma” protocol that assigns points based on contributions to network participants, offering greater benefits to those with higher points.
The MANTRA DAO ecosystem is supported by OM, used for governing the DAO and for staking and lending. OM token holders receive an estimated annual reward of 88.8% for staking on the platform. OM was released as an ERC-20 token but plans to transition to the Polkadot network.
As stated in its technical review, MANTRA DAO’s business plan focuses on collecting interest on loans, staking OM, operating a staking-as-a-service business that charges fees on staked assets, and providing enterprise access to these services. The initial membership offering was supported by various investment firms including Kenetic Capital, Genesis Block, and Moonrock Capital.
How to Buy MANTRA DAO Coin?
MANTRA DAO Coin can be purchased quickly and securely through Binance, the world’s largest cryptocurrency trading platform in terms of trading volume.
To buy MANTRA DAO Coin, one must first register on Binance and then send fiat currency. After sending a fiat currency like dollars, purchase Binance Coin (BNB), Tron (TRX), or Tether (USDT) to trade in the OM pair.
Furthermore, on Binance, users can place buy orders not only at the market price but also at a lower value. To do this, use the Limit tab and enter the desired amount and price.
