Things just keep happening in blockchain. Just as Bitcoin mines a new block every 10 minutes, the industry continues to grind away. Attentive insiders find this exciting, as there is never a dull moment for those with open eyes. Unfortunately, no matter how much free time someone has, there will always be another promising crypto project unheralded. But when news arrives in 3’s, it is hard to ignore. Following its successful token launch, MANTRA DAO continues to break ground by announcing a bevy of partnerships. No less than three companies have signaled their intention to work closely with MANTRA this week: BAND, LUNA, and KAVA.
The first of these partners is BAND, a DeFi oracle on the COSMOS blockchain. Like Chainlink, BAND can incorporate off-chain data like price reference data, sports scores, weather, etc. The crypto exchange Binance is already using the BAND protocol on over 600 trading pairs.
The agreement between BAND and MANTRA DAO will have MANTRA run a validator node on the BandChain Mainnet. This will add more verification and validation to incoming data, helping to secure the blockchain.
In return for this computing power, BAND token holders will delegate to the MANTRA DAO validator node and receive inflationary rewards in both BAND and OM tokens. This “double-dipping” for rewards will incentivize users to delegate their BAND tokens. There are no official projections for what kind of yields this could earn users, but it will likely be attractive enough for decent returns.
Terra – LUNA
MANTRA DAO will also be a node validator for Terra, a blockchain payment network located in South Korea. Terra’s native token, LUNA, runs on the network and is the asset responsible for securing the stablecoins value. Through the partnership, holders of LUNA will stake it, earning both LUNA and OM rewards.
Terra’s ace in the hole is Chai, a payment gateway supported by Terra’s blockchain. The Chai payment protocol’s success has gone mostly unnoticed, in part because it is not a consumer-facing service. Instead, it works in the background to push retail payments, though approximately 3% of the South Korean population use it. Chai’s encouraging adoption could help introduce its users to MANTRA DAO, spreading adoption, and earning its users additional crypto rewards.
Last but not least, MANTRA DAO will be running a KAVA validator node. This will, like the others, allow Kava stakers to plug directly into MANTRA DAO, earning yields on both blockchains.
Initially debuting on Binance Launchpad this year, Kava offers staking for BNB, with BUSD and BTC on the horizon. Its stablecoin USDX, users will be able to against their KAVA holdings. Though it is the newest player to DeFi, Kava has over $31 million in Total Value Locked (TVL).
That’s a Lot of Partnerships
This trio of partnerships with MANTRA DAO is nearly unprecedented. As all of these projects are dedicated to improving the DeFi space, their interaction seems logical as they are working towards similar goals. One can only imagine what is next on the roadmap after finalizing these staking rewards. In this new world that has yield farmers earning 4-digit APR, it could be collateralized lending, more integration with Polkadot and Cosmos projects, or something completely original.
*Disclaimer – MANTRA DAO is our Media Partner, and therefore this content is sponsored by them.