Decentralized Finance (DeFi) has received a storm of hype in crypto space and Africa's understanding of the ecosystem is growing day in, day out. It's no news again that the ethereum gas fee is outrageous as the DeFi system beginning to buckle under delayed transactions and so many other factors.
Last September 2020, the value of crypto assets locked in DeFi ecosystem break $10 billion as against $6 billion in earlier August and at the moment it's over $11 billion in which Uniswap takes 24.10% of the whole ecosystem. As we progress with the understanding of DeFi, people seek for high yields and flexible interest rate, and this made it a goal to seek for powerful and flexible systems that can handle this, knowing that Africa is facing financial transparency in the entire system of operation particularly in governance and finance sector.
Having a project designed to onramp both beginners (entry-level) and advanced users (High-level) in decentralized finance is a call of MANTRA DAO with a governance-community-based DeFi platform.
What's MANTRA DAO To Users?
First, let's get an understanding of what DAO is. DAO simply refers to Decentralized Autonomous Organization. This is a system of government established to operate by organization members transparently. This system gives the individual control over decisions and enables the whole community to share in the success of the organization, it is more like cooperative! So, for a user, MANTRA DAO has complete decentralized finance for all levels of experience.
In the system of government in Africa, more financial control and value for money audit which will correct the direction of the relationship between revenue allocation to states and real GDP it's important but our central system is corrupt and needs to be decentralized.
Important Facts About MANTRA DAO
MANTRA DAO offers the followings:
- Self-Governing Organization
- Multiple Asset Staking & Lending
- Native Reward System
MANTRA DAO network is powered by OM which is an ERC-20 utility token that can be used for payment, voting, fees, and rewards. It is also a benefit for holders of the token which leads to the staking program of the project.
MANTRA DAO Staking Program
In the staking program of MANTRA DAO, stakers receive OM token as rewards in addition to their staking shares, and been a staker OM token can be used as collateral for loans. When looking at the governance at MANTRA DAO, holders have voting right on interest rates, grant allocations, and future platform implementations.
As every lending platform in centralized finance deals with credit rating before giving out loans to their customer, MANTRA DAO comes up with a Reputation feature, that focuses on user's Karma. Karma/reputation can be built via the user's contribution to the MANTRA network, staking OM, and voting proposals. Though there is more keynote responsible for building a reputation at MANTRA.
As a user, if you can build higher Karma with MANTRA you receive higher staking rewards, better interest rates on loans, and lower staking fees. So, there is more benefit in building your Karma with MANTRA to the point of receiving more OM than those with little Karma.
Are you thinking of staking with MANTRA DAO?
For More Info
Join the Africa community for more discussion: https://t.me/mantradaoafrica
Cryptocurrency & Blockchain
A cryptocurrency is a digital asset designed to work as a medium of exchange that uses strong cryptography to secure financial transactions, control the creation of additional units, and verify the transfer of assets.