MANTRA DAO Token is the token of the Mantra Dao DeFi platform, which may be used in decentralized financial transactions. The cryptocurrency OM Coin is used to participate and vote in the Mantra Dao. In addition, the MANTRA DAO Token is utilized for lending and staking in the Mushroom DAO.

The goal of the MANTRA DAO Token project is to combine the capabilities of Web3 apps with DeFi. As a result, investors that use the MANTRA DAO business plan can stake OM Coin, give business-to-business connectivity through Web3, and collect business plan loans. Another goal of the project is to provide investors with the option of switching to the Polkadot network. The initiative is primarily aimed at people looking to profit from decentralized financial transactions.

History

RioDeFi, the blockchain software development business behind RioChain, advised co-founders and long-time friends John Patrick Mullin and Will Corkin on MANTRA DAO. Together with colleague Rodrigo Quan Miranda, they established the project as a decentralized autonomous organization. Mantra DAO was first announced in June 2020 and went live in October the same year.

Mullin formerly worked as a fintech researcher at the Chinese investment firm Guotai Junan Securities and has written on blockchain technology for both traditional and crypto media sources. He was named a strategic adviser for Polkastarter, a Polkadot-based decentralized exchange, in September 2020. Corkin formerly served as vice president of business development at Trade.io, where he collaborated with Mullin. Corkin has also served as a consultant with FinTech Connector. Along with Mullin, he is a Polkadot network ambassador.

How does it work

Mantra DAO focuses on number of services:

Staking - With a focus on decentralized and non-custodial staking, users may safely stake an increasing number of PoS and DPoS assets while receiving additional benefits in OM tokens and access to associated airdrops.

Lending - Using both open-source and proprietary lending protocols, lenders may directly offer consumers cross-chain, multi-asset loans in order to earn interest on their crypto assets.

Governance - Through their systemic voting and governance rights, OM token holders have complete control and ownership of the MANTRA DAO environment.

Borrow - Use any of your crypto assets as collateral to gain fast access to low-interest, stablecoin loans.

KARMA - A reputation mechanism akin to a standard credit score that strives to reward members for positive contributions to the MANTRA DAO environment. KARMA will provide consumers with a variety of ecological incentives.

MANTRA POOL - A perpetual savings game that offers participants the possibility to win cryptocurrency on a regular basis.

Total supply and circulation

Maximum supply for OM is set to 888,888,888 OM coins, of which there are 500,205,033 OM coins in the circulation at the moment.