What is MANTRA (OM) and How Does it Work?

Trading Made Easy 2023-03-01 21:59:18

MANTRA DAO, also known as OM, is a community-governed DeFi platform that was launched in 2020. The platform leverages blockchain technology to create an open, transparent, and decentralized financial ecosystem. The platform's native token is OM, which is used for governance and incentivizing users.

The MANTRA DAO platform is built on the Parity Substrate framework and runs on the Polkadot network. It offers a range of DeFi services, including staking, lending, and borrowing. The platform also supports cross-chain interoperability, which allows users to transfer assets between different blockchains.

One of the key features of MANTRA DAO is its staking program. Users can stake their OM tokens and earn rewards, which are paid out in OM tokens. The staking rewards are designed to incentivize long-term participation and to ensure that the platform remains decentralized.

Another feature of MANTRA DAO is its lending and borrowing platform. Users can borrow assets by depositing collateral, and lenders can earn interest on their deposited assets. The platform uses a system of reputation-based credit scores to assess the risk of borrowers, which helps to ensure that loans are repaid in a timely manner.

MANTRA DAO also offers a range of governance tools that allow users to vote on proposals and changes to the platform. This gives the community a voice in the direction of the platform and ensures that it remains transparent and decentralized.

Overall, MANTRA DAO is a powerful platform that offers a range of DeFi services and leverages the benefits of blockchain technology. Its use of reputation-based credit scores, cross-chain interoperability, and decentralized governance tools make it a unique and innovative platform in the world of decentralized finance. As more users discover the benefits of MANTRA DAO, it is likely to become an increasingly important player in the DeFi ecosystem.

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