MANTRA DAO is unlikely ever to be accused of laziness. Their partner network continues to grow, bringing on worthwhile projects that are pushing the industry forward. In this case, the team is bringing on additional companies to encourage and enhance the Decentralized Finance industry, which is quickly overtaking the rest of cryptocurrency regarding mind share. From humble beginnings of single-digit interest returns, DeFi has increased in both breadth and scope. We can expect this to continue in the near future, which is where MANTRA DAO and it’s new partners becomes exciting.
The KIRA Network is the latest to join the long list of MANTRA DAO partners. KIRA’s goal is to allow users market access to any digital asset present in their interchain system. Their system is based on Cosmos and Tendermint, both ambitious projects in their respect. Another goal is to “enable users to generate revenues from staking any cryptocurrencies, stablecoins, digital fiat, or even NFT’s while maintaining full liquidity via natively supported staking derivatives.”
This functionality will be possible with KIRA Networks Interchain Exchange Protocol or IXP.
Allowing users to stake digital assets and spend them at the same time is currently sorely needed. In the DeFi world, this would be monumentally useful as there is nearly $11 billion in Total Value Locked (TVL) across the DeFi ecosystem. As with its other partners, MANTRA DAO will be operating as a validator node for KIRA in addition to exploring other technology partnerships in the future.
Raising capital on-chain for blockchain startup has been one of the biggest challenges for most entrepreneurs. Costs, transparency, and other logistic issues need to all be optimized when raising funds for private enterprise. Until now, these solutions have been few and far between. Polkastarter is positioning itself to be that solution.
The partnerships with Polkastarter, a newer endeavor, allows companies to raise capital across the DeFi industry. The cooperation with MANTRA DAO is appropriate as both projects are built on the Parity Substrate for Polkadot. This compatibility will likely allow easier future integrations between the two companies compared to other cross-chain integrations. MANTRA DAO is also investing a substantial amount in POLS tokens to support the Polkastarter project further.
This pooling of resources between these two projects is encouraging. As the DeFi space continues to grow, it will begin to creep into functions central banks have previously occupied. Deposits, lending, capital raises, and liquidity options are all in the future for both Polkastarter and MANTRA DAO.
“We feel a sense of kinship with MANTRA. We both seem to have gone from idea to fund raising in the blink of an eye. We both are focused on rapidly iterating on a product that primarily delivers value to its community. We both are hyper-focused on making simple-to-use interfaces and token economies. This approach really fills a gap in the Polkadot ecosystem.” — Daniel Stockhaus, Polkastarter, CEO.
Last but not least, is the announcement of MANTRA DAO’s staking platform is now live. OM holders can head over to https://app.mantradao.com/ and begin staking at 88.88%. The staking pool will deliver passive rewards to OM owners while allowing them to retain their tokens’ full custody. Their step-by-step instructions are simple enough to allow a new user to understand how to begin staking. More details and updates are forthcoming, and this marks the next step in MANTRA DAO and DeFi’s evolution towards accessibility and utility.
*Disclaimer – MANTRA DAO is our Media Partner, and this content is possible through their support. The above article does not represent financial, investment or trading advice and we do not recommend the purchase of any cryptocurrency or product without consulting a financial aid. The Daily Chain strongly encourages you to do your own research before making any investment decisions.