There are many projects in the cryptocurrency and blockchain space that often go by unnoticed. Mantra DAO is a very intriguing DeFi platform that provides both functionality and aims to build a strong community. Succeeding in this space will be difficult, but the concept appears solid.
The Mantra DAO Overview
Decentralized Autonomous Organizations, or DAOs, do not enjoy the best reputation. Ever since “The DAO” failed miserably and caused Ethereum developers to roll back their own blockchain, it is a concept most people tend to avoid at all costs. One setback never invalidates the entire concept, however. There are plenty of reasons why a DAO model can succeed, especially in decentralized finance.
The Mantra DAO tries to leverage this concept and link it to DeFi. On paper, this may seem like a risky venture, but it is a viable concept. Building a community-driven and governed platform that focuses on staking, lending, and governance has merit. By using the wisdom of the crowd to build a transparent decentralized ecosystem, Mantra DAO aims to check the right boxes.
So far, the project is focusing on the Polkadot ecosystem. More specifically, it is built on top of Parity Substrate. Giving financial control back to the people who grow wealth is crucial to make either concept succeed. Users of the platform can stake DOT and Kusama, loan their assets, access loans by collateralizing cryptocurrency, and so forth. It even has its own reputation mechanism which rewards users for contributing to the ecosystem.
Peeking Under the Hood
While Mantra DAO is built on top of Substrate’s technology, the actual blockchain is called Rio Chain. This is a blockchain leveraging the best assets of Substrate. It provides high security, scalability, and will provide access to the Polkadot network as a whole. Blocks are generated on the network every two seconds. A significant improvement compared to many of the other blockchains in existence, and a major benefit overall.
Interoperability is a crucial aspect in the blockchain world. While not many projects explore this option, Mantra DAO is intent on making it work. Through Rio Chain, it becomes possible to connect different types of organizations with users across different blockchains. Such benefits should never be underestimated. It is a solid way to elevate cryptocurrency and blockchain to a whole new level.
Auditing technology is equally as crucial. For Rio Chain, an audit has been performed by Certik before it was brought to the broader public. An important first step to achieve legitimacy in an ever-competitive industry. There are far too many projects that go by unaudited. Most of those projects either steal user funds or disappear by other means.
Strong Ecosystem Partners and Roadmap
Building a brand new ecosystem from the ground up won’t always attract attention. Mantra DAO has, through its slightly different approach before launching, received support from numerous companies. The list of partners includes Kenetic, Plutus.VC, Genesis Block, Moonrock Capital, and so forth. A very prominent list of key partners capable of elevating this project to higher levels.
To ensure a project can grow and evolve, the developers need to provide a solid roadmap. Mantra DAO has a very lengthy roadmap, which includes a lot of developments to look forward to. Launching the MANTRA pool and integrating Compound Lending will be of great interest to many people.