There are multiple ways to quantify progress in the blockchain world. While traders look primarily at price, investors prefer to focus on adoption, roadmaps, usage, and liquidity. As other projects struggle to increase their awareness and user base, MANTRA DAO is pushing forward its fundamental growth and adoption with its staking mechanism.
One of the lesser-known features of the MANTRA DAO OM token is it can be staked for rewards. The team has allocated 30% of the total supply or over 266 million tokens. The first staking pool is on Bithumb with 18 million tokens are earning users an estimated 88.88% APR. As you can see below, the pool is now closed, after reaching its capacity in nine days.
While Bithumb’s staking pool is closed, Bitmax offers continuous OM staking, with over 3,000 users currently participating. It is now the largest OM staking pool operating. Unlike other projects which require tokens to be locked for extended periods of time, the deposited OM on Bithumb can be retrieved for a fee. Rewards are deposited daily in the exchange’s OM wallet.
At last count, over 42 million OM were staked, with the majority on Bitmax. Considering that OM’s circulating supply is nearly 120 million tokens, this means that ~34% of all OM tokens are in staking pools, diminishing the number of tokens on the open market. The fact that holders are willing to lock up tokens for an extended period shows confidence in the project.
Another way to quantify growth is the total number of wallets holding a token. At the time of publication, there are nearly 10,000 recorded active OM wallets. In reality, this number may be higher as the 3,000+ stakers wallets only show up as one wallet. The MANTRA DAO team has achieved this in less than three weeks after launching, a feat older projects might find desirable.
One of the newest ways to measure growth is through the popular decentralized exchange (DEX), Uniswap. For those unfamiliar, Uniswap allows users to provide liquidy to the exchange in return for a portion of fees. This liquidity is used to fill orders for buyers and sellers, ensuring that the price can maintain stability. Since its release, over $1.4 million in OM tokens has found its way to the Uniswap liquidity pool. Just like staking, these tokens in the liquidity pool are removed from the circulating supply.
What Does It Mean?
Staking and Uniswap liquidity may seem like complicated terms to understand. Those unfamiliar with cryptocurrency may feel like these terms are a foreign language, approachable only by those with degrees in economics. The bottom line is that MANTRA DAO has, in a short time, launched a project that is not only desirable but scarce. With nearly a quarter of their tokens unavailable for purchase, the circulating supply is low enough that a bull market could propel the price higher. Whether the crypto market can recover from this recent downturn or not, the MANTRA DAO team will continue to build functionality and push for OM adoption.
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*Disclaimer – MANTRA DAO is our Media Partner, and therefore this content is sponsored by them.