The blockchain importance is wider than simply cryptocurrency as many thinks are all about this. Its occurred to me that blockchain has been used to create a decentralized autonomous organization (DAOs) in which I'm part of this organization and have the experience of how this works. DAOs representation has allowed companies to structure the operations like changes in ownership, decision making, profit distribution and governance. This system prevents laws with the organization being broken ( total transparency).
MANTRA DAO as a case study
MANTRA DAO is a community-governed DeFi platform and operates as a decentralized autonomous organization which makes every community members be part of what's going within the community.
As part of a community member, MANTRA DAO has been following the roadmap and this month has been a great month with the release of the following:
- Soft Governance
- Mobile-optimized web App
- Integration of Walletconnect and WalletLink
- Sherpa program dashboard and interface
Knowing that governance is one of the features very importance in DeFi, MANTRA DAO has the plan of hard governance but there is need to check out how the government will run. The program is solely for stakers with the platform and MANTRA DAO has two ways whereby the community members can become a staker.
- A Staker by staking $OM
In September 2020, the staking platform was released which gave all $OM (MANTRA DAO utility token) holder access to stake the token on the App with 88.88% APY. To stake, check the App here.
Some after the launch of the staking platform, RFUEL, Riochain utility token was introduced on the platform for all holder to stake on MANTRA DAO as part of what WP revealed. Riochain is the blockchain where the mainnet of MANTRA DAO is building on... Read more about Riochain. As a RFUEL staker, you are entitled to receive 50% APY.
As $OM staker on MANTRA DAO App, you have access to vote and submit a proposal on soft governance platform.
- A Staker by staking UNI OM/ETH LP token
UNI OM/ETH LP token is a reward token received by providing liquidity of OM/ETH on UniSwap. The moment you provide the liquidity on UniSwap, you receive UNI OM/ETH LP token which you can stake on MANTRA DAO App.
As UNI OM/ETH LP token staker on MANTRA DAO App, you have access to vote and submit a proposal on soft governance platform.
To launched the soft governance platform, MANTRA DAO submitted the first proposal with 50,000 $POLS token (polkastarter) and asked the stakers to vote on how the token should be spent.
The proposal lasted for 7 days and recorded more than 11 million $OM staked that was used to vote. 80% of the vote was in favour of having the $POLS distributed amongst the MANTRA DAO stakers as an airdrop.
Knowing that the voice of the community is one of what DAO set to achieve, the council have decided to do just that!
What Do You Need To Do?
First, join the train of staking $OM. There are over 15 exchanges where you can purchase $OM, you can check the official website for the list.
Note: Snapshot of all stakers will take place next Wednesday, Nov. 25th (among equally split amongst all staking wallets). The airdrop to all staking wallets will take place on Friday Now. 27th. Act now!!!
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