MANTRA DAO envisions a multi-chain DeFi future
The advent of blockchain technology has enabled the creation of new types of financial services that are faster, cheaper and more easily accessible than ever before. This has become more evident over the past couple of years, which saw the boom of decentralized finance (DeFi). Having initially started on Ethereum, the DeFi movement has expanded to other blockchain networks, with DeFi dapps now running on a number of protocols, such as Binance Smart Chain, Polkadot, Solana, Cosmos and Polygon to name a few. This growing trend is a clear indication that the future of DeFi is multi-chain. Among the platforms that are fully embracing that future is MANTRA DAO.
DeFi’s multi-chain future
Based in Hong Kong, MANTRA DAO’s initial goal was to build a DeFi protocol for the Polkadot ecosystem. However, the MANTRA team quickly realized the huge potential of the multi-chain approach, which prompted them to expand the scope of the project. As a result, MANTRA has expanded to other popular dApp platforms and is currently also available on Ethereum, Binance Smart Chain, and Polygon. What’s more, the team has plans to launch its own MANTRA Chain, as well as adding support for Solana, Terra, and other prominent blockchain networks.
The MANTRA ecosystem
The MANTRA ecosystem is underpinned by a robust architecture, utilizing a model that is widely employed across the DeFi sector. It has built a robust network of validator node operators and has fostered a vibrant community that can participate in the governance of the protocol – holders of MANTRA’s native OM token get to vote on the proposals regarding the future of the protocol.
Through this model, MANTRA has established a thriving ecosystem, capable of supporting a host of interesting features. Some of MANTRA’s key DeFi features include staking, lending and borrowing, crypto-asset swaps, decentralized launchpad for blockchain projects and a regular lottery game for the community.
LimeChain has been a core technical partner of MANTRA since the early stages of the project’s development. In particular, our team has been tasked with building a DeFi lending protocol on Substrate, which is Polkadot’s development framework. The protocol will make use of Polkadot’s parachain infrastructure to provide DeFi services for the Polkadot ecosystem.
Thanks to our work on this project we’ve been able to establish a strong relationship between our team and MANTRA, which is set to continue with even more ambitious projects in the future.