OM Token V2 Contract 0x3593d1...dd60c95d

DeFi Raccoons AMA Recap

MANTRA DAO, 12/24/2020, 9:59:24 PM

During the Christmas period, we would like to present you with another AMA Recap. This year has been quite eventful for us! We are blown away by the love and support we have been showered with by our community members. Our mission is to connect with as many DeFi crypto enthusiasts as possible and share our opinions and vision with them.

In the recent AMA with DeFi Raccoons on December 21, 2020, JP Mullin, Co-founder and council member of MANTRA DAO, shared his insights on MANTRA DAO's developments. He also answered various queries of the DeFi Raccoons community members.

Maybe you did not attend the AMA session; no need to worry! We have put together a comprehensive recap of the entire AMA session.

Are you ready?

Let's go for it!

The DeFi Naut | DeFi Raccoons

Let's go

Hello everybody, thank you for joining us today for another DeFi Raccoons AMA session! Today we’ll be talking with JP Mullin, Council Member at MANTRA DAO.

MANTRA DAO is a community-governed DeFi platform focusing on Staking, Lending, and Governance.

MANTRA DAO leverages the wisdom of the crowd to create a community-governed, transparent, and decentralized ecosystem for web 3.0. Built on Parity Substrate for the Polkadot ecosystem, MANTRA DAO gives financial control back to the people to store and grow wealth together.

I hope you’ve made yourself comfortable and will enjoy today's session, so let’s get started. Welcome JP Mullin. Please introduce yourselves to the Raccoons!

JP Mullin | MΛNTRΛ DΛO

For sure, it's a pleasure to be here today guys and gals!

Thanks for having me

JP Mullin | MΛNTRΛ DΛO

It’s a pleasure to be here and share more about myself and MANTRA DAO. As for me, I’m an American currently living in Hong Kong, and I’ve been full-time in the crypto space for the past 4 years. I bought my first BTC in 2013, although in hindsight, I wish I had bought a lot more

In a former life I was working at one of China’s largest investment banks doing research on FinTech and Blockchain applications for proprietary investment opportunities.

I was one of the first foreigners to ever work for that bank by the way... quite the interesting experience to say the least.

The DeFi Naut | DeFi Raccoons

Aha a true OG that never healed from the crypto bug

JP Mullin | MΛNTRΛ DΛO

Currently, my main role at MANTRA DAO is to be in charge of strategy & operations, but I still like to get my hands dirty in just about every facet of the business at this point!

JP Mullin | MΛNTRΛ DΛO

Haha it's only gotten worse, that's for sure!

The DeFi Naut | DeFi Raccoons

That's cool! Question, do you feel like the department focussing on blockchain applications has since grown? From my experience (I'm from Europe), banks have only downsized and their teams along with that.

JP Mullin | MΛNTRΛ DΛO

Well, you know how China is with respect to crypto but I would say they've continued to look at the Chinese CBDC in depth. That being said, we weren't only focusing on blockchain, but all things FinTech, so there's still plenty of less "contentious areas" they bank still focuses on.

I still think that Asia is primed to make big waves in the crypto space outside of China-centric projects though. Tons of cool innovation happening here.

The DeFi Naut | DeFi Raccoons

Makes sense. I have an investment banking background as well, and moving my focus and time in this space has been very refreshing. Sure there's the bear and all but times change and this year crypto has been booming like never before.

I'm super happy to have you guys over since I consider MANTRA DAO one of the hall of famers of the DeFi movement

The DeFi Naut | DeFi Raccoons

definitely!

JP Mullin | MΛNTRΛ DΛO

I really appreciate the support. It means a lot. It's been crazy couple of months, I can say, but the team's excited to close out the year strong with some upcoming product launches, and go into 2021 primed for a big year!

Looking forward to sharing more about upcoming developments!

The DeFi Naut | DeFi Raccoons

mmm sounds delicious, and as you know Raccoons sure do love tasty treats

Let's start off with an elevator-pitch for the people that haven’t yet heard of MANTRA DAO – tell us what it is and what are you trying to build?

JP Mullin | MΛNTRΛ DΛO

Let's see what tasty morsels I can share with the raccoons 😄

JP Mullin | MΛNTRΛ DΛO

Yessir, will do!

MANTRA DAO is a DeFi platform building staking & lending products that act like a defacto non-custodial bank, that is governed and controlled by the community through our native OM token.

We’ve launched our native staking APP and to date had over 110M OM staked on the platform as well as 50M RFUEL, and an OM liquidity mining pool for uniswap LPs. We’ve recently migrated to an upgraded OM token, which I will share more about later, and are on the cusp of launching several exciting new products this and next week.

JP Mullin | MΛNTRΛ DΛO

We are heavily focused on building on interoperable protocols, and we are a validator for many top PoS projects.

We are building multi-asset cross-chain staking and lending, and our first cross-chain staking integration will be next week where users can nominate our DOT & KSM nodes and earn native DOT/KSM staking rewards as well as OM.

We’ll start with these assets, but then we’ll begin integrating other PoS validator nodes we are running such as ATOM, LUNA, BAND, KAVA, MATIC, KAI, and several others.

In addition to that, we are also launching our MANTRA POOL lottery game this week, our MANTRA DAO mobile app & wallet, and our first lending product, ZENTEREST protocol.

The DeFi Naut | DeFi Raccoons

Seen that indeed, I'm sure that brings great network effects (community) as well. Haven't seen many communities as vibrant as yours!

JP Mullin | MΛNTRΛ DΛO

I don't think anyone knows the name of our first lending product yet.. so that's a first for the community!

ZENTEREST, which is ZEN + Interest, where users can lend and borrow in an overcollateralized fashion and know that they can be in a zenlike state earning passive income on their assets

The DeFi Naut | DeFi Raccoons

I like the wording there

The DeFi Naut | DeFi Raccoons

Any interest for an Ethereum 2.0 pool or validator btw?

JP Mullin | MΛNTRΛ DΛO

It is definitely one of our strongest features in my humble opinion. We really appreciate their support to date, and try to spend a lot of time engaging with them! I can say my wife knows this more than anyone. since I'm on TG all the time.

JP Mullin | MΛNTRΛ DΛO

both 100% 🙂

The DeFi Naut | DeFi Raccoons

Haha, well it's quite unseen in crypto that the core team / council is this active in the group and are answering basic questions from any new or existing community member

I'm sure that instills quite a lot of confidence!

JP Mullin | MΛNTRΛ DΛO

I want them to know that we are there through thick and thin. Too many rugs these days... it's a shame!

The DeFi Naut | DeFi Raccoons

So talking about the team, how many of you are working on MANTRA DAO, what are the lead team’s backgrounds? How big is your dev team at the moment?

JP Mullin | MΛNTRΛ DΛO

The MANTRA team is around approx 20 fulltime spread out across several countries, with the bulk of our team headquartered in Hong Kong.

We also have several part time supporters and advisors who are active with the project

I’ve worked with several of our other core team members before on several projects, mainly Will Corkin and Rodrigo who are also experienced crypto entrepreneurs and have backgrounds in traditional finance and venture capital.

The dev team has around 10 members based in Australia, Shanghai, Hong Kong, Europe, and USA. We are actively growing this side of our team as well.

The DeFi Naut | DeFi Raccoons

I saw that there's a big celebrity called "the Rock" on your dev team, how on earth did you onboard him?

JP Mullin | MΛNTRΛ DΛO

many things are moving in the right direction. Team is growing, community is growing, even the treasury is growing. We have more assets in the treasury than we did at the start of our raise back in August!

JP Mullin | MΛNTRΛ DΛO

Hahah Scorpion King is quite the legend, I must say. Super solid solidity dev. Who knew The Rock was also into crypto .

The DeFi Naut | DeFi Raccoons

That's quite impressive! It's typical for new ventures to be cash-burning instead of earning some

JP Mullin | MΛNTRΛ DΛO

We've been making money from the validator business since day 1, but have also had some well-placed investments into PoS assets for running our nodes.

The DeFi Naut | DeFi Raccoons

I remember some cool campaigns as well, as you might recall I did a thread on the Bondly x MANTRA partnership with the airdrop that went along with it

https://twitter.com/DeFiDiscussion/status/1313194960162820097?s=20

JP Mullin | MΛNTRΛ DΛO

I've been involved in token projects before, and I know how important treasury management is. We take a comprehensive and holistic approach to this to ensure this project will be around for a long time to come.

JP Mullin | MΛNTRΛ DΛO

Indeed, and to date that airdrop will be worth nearly 150K USD at current prices which will be airdropped to OM stakers!

This is just the tip of the iceberg as well I must say! Plenty more on the horizon

The DeFi Naut | DeFi Raccoons

let's quickly change subjects so he leaves

I see your roadmap starts in Q4 of 2019. This means you guys were already building before the #DeFi hype in July & August of 2020.Can you tell us about the early days? How did the idea for MANTRA DAO form? Can you share some thoughts on building through the #DeFi Hype?

JP Mullin | MΛNTRΛ DΛO

Yes, the bulk of our V1 roadmap is being hit this quarter. Which is already a lot of products I must say haha. By the way, I say V1, because we see every product that we are building currently still has room for improvement, and we will always constantly be upgrading and improving all our various products. We are never truly satisfied with our work, and want to always deliver the best products we can to the community. Which is why the constant feedback look from them is so important!

JP Mullin | MΛNTRΛ DΛO

As I mentioned above, we are about to launch several key products in the roadmap this week and next. We will be launching MANTRA POOL and our mobile app/wallet this week, and ZENTEREST and DOT/KSM staking next week.

JP Mullin | MΛNTRΛ DΛO

Hahahaha my wife would kill me if that was true lmao

BobbyBLocker | DeFi Raccoons

lol

we need to come up with a best-late-joiner-nickname reward too

JP Mullin | MΛNTRΛ DΛO

As for the idea for MANTRA DAO, it originally came about when Will and I were working together with the RioDeFi team as an advisor for the project. Together with the Rio team, we decided it would be more powerful to split MANTRA into a standalone entity/project that was community-governed by a DAO structure, that would allow for truly decentralized staking and lending products.

This has always been at the core of what we are building, and why we focus so much on having non-custodial products where the users always remain in control of their funds and control over the governance of the platform.

The DeFi Naut | DeFi Raccoons

Nice, will be looking forward to try those out 😊

JP Mullin | MΛNTRΛ DΛO

We have always had a community-first attitude, and we believe that one of our strongest elements of the project is the strength of the community. The Sherpa community = 💪🏽

The DeFi Naut | DeFi Raccoons

yes credit where credit is due, lots of communities I visit are full of fud or just silent. Yours is vibrant and pleasant to participate in. I think people feel like they have a voice!

The DeFi Naut | DeFi Raccoons

Now I see some links to RioChain, have been wondering about that for a long time.

So MANTRA DAO is building on RioChain for Polkadot. Can you explain to us a bit more - in simple terms - how everything fits together on a technical level and why the choice for RioChain & Polkadot?

JP Mullin | MΛNTRΛ DΛO

Yea for sure!

So currently everything related to MANTRA DAO and the OM token is built on Ethereum. We will forever have some OM tokens and products that will live in the Ethereum ecosystem. There's many reasons for this, even with all the crazy network congestion.

However, we are fully committed to building on Substrate/Polkadot, and will be looking to build through the RioChain Generic Asset Bridge and RioChain once these features are live and properly tested.

We're in the Parity Substrate Builders Program, which is basically a technical incubation program run by Parity Technologies. The software design firm that helped to build Polkadot Network.

It is mandatory (for design reasons) that several of our key products such as the MCDP & Stablecoin + KARMA Protocol will exist on Substrate, so we are very eagerly awaiting the results of the parachain auctions in Q1 for both KSM and DOT. It will be an exciting year ahead for the Polkadot ecosystem indeed!

The DeFi Naut | DeFi Raccoons

I've always been an Ethereum maxi myself since the pace of dev adoption is just insane but I have to admit Polkadot has secured a nice second place

Hence Ethereum & Polkadot are excellent choices to assure long term relevance in the space

JP Mullin | MΛNTRΛ DΛO

Yep, definitely agree! We're long on both Ethereum and Polkadot and fans of other interoperable protocols such as the COSMOS ecosystem as well.

Also a big fan of Matic!

We're currently the #1 node on Matic outside of the Matic Foundation nodes since they opened up delegation by the way! So shout out to their community for embracing us as well!

The DeFi Naut | DeFi Raccoons

Jesus...

and you become the number one node by attracting loads of stakers right?

JP Mullin | MΛNTRΛ DΛO

34M + matic staked on our node in about a week last time I checked!

The "Sherpas" are as crazy as the raccoons it seems (in a good way)

Tell me where did this name come from

JP Mullin | MΛNTRΛ DΛO

Hahah good question 😄

it’s definitely a calling card of the community, but actually there is a pretty simple response to this

JP Mullin | MΛNTRΛ DΛO

It was a vote held by the community

I feel like it does a great job describing the type of community we are trying to build though, as Sherpas are meant to be guides to the tops of mountains, and our Sherpas are meant to guide our community to the pinnacle of financial freedom and control.

it also fits nicely with our branding of MANTRA and OM, and KARMA, and ZEN 😄

The DeFi Naut | DeFi Raccoons

respect respect, that's clever

Now about the token, I saw that you guys recently announced that the $OM V2 token migration started. Can you tell us a bit about that? Why is it necessary and where does it fit in the roadmap?

JP Mullin | MΛNTRΛ DΛO

Yes for sure, the token upgrde was originally not in the plans, but felt it was best to do for the long-term benefit of the community

So we originally planned to only live on Ethereum for a short-time before we would migrate to Rio and Polkadot.

However, we kept seeing that having the full functionality needed within Substrate was going to take longer than expected, and due to the fact that we have our own roadmap and timeline to hit, we didn’t want to wait for this, and made the decision to upgrade our token and provide clearer tokenomics on the ERC20 version of the token.

Here’s a link to an article explaining the migration and upgrades - https://mantradao.medium.com/om-v2-given-clean-bill-of-health-by-auditor-and-prepares-for-launch-f0f288546c9c

I'll list some of the upgrades to the token and the new OM staking pool as well

The DeFi Naut | DeFi Raccoons

Thanks  I'm sure that will clear up the sky for those wondering

JP Mullin | MΛNTRΛ DΛO

OM V2 Token Update:

- Token Model Enhancements

- Capped Supply

- Transparent & smart contract-enabled token emission

- A variety of other features

$OM V2 Staking Pool Update:

- Auto-Compounded Staking Rewards

- Variable APR (with a target rate of ~20% with 175M staked OM)

- Immediate Unstaking for a Fee

- Cancel Unstaking and Automatically Re-Stake

- Improved Countdown Timer (Days, Hours, Minutes, Seconds)

The DeFi Naut | DeFi Raccoons

More transparency = more confidence = happy community

JP Mullin | MΛNTRΛ DΛO

I think the auto compounded rewards are definitely going to be loved by the community as it will save them a bundle on gas fees whenn restaking

The DeFi Naut | DeFi Raccoons

Seems like a nice feature for sure, last time I checked gas prices are mooning again 😂

damn you farmers! or whoever it is!

More on the token $OM though...

Can you tell us a bit about that? It’s a governance token for the platform, but there is more to it, right? I’ve seen a $BONDLY airdrop, then also #NFTs that grant $OM airdrops. Any other utilities (planned)?

JP Mullin | MΛNTRΛ DΛO

For sure! Happy to!

The OM token is at its core a governance token which controls various economic levers and decisions with the MANTRA DAO. However there is a lot more than just that in terms of utility.

Stakers of OM will be entitled to a number of airdrops such as the $BONDLY airdrop, where we will be airdropping 1 million BONDLY, currently worth nearly 150K USD. We’ve also airdropped $POLS and have many others on the way.

Users will also be able to spend OM to enter into the MANTRA POOL, which is launching later this week, and through this they can potentially win 25% of the week's validator rewards.

wanna see a sneak peek of the MANTRA POOL UI?

The DeFi Naut | DeFi Raccoons

$POLS has been one of the raccoon's favorites as well, hence reinforcing my statement of MANTRA DAO being a hall of famer 😁

Definintely

BobbyBLocker | DeFi Raccoons

uuuu, smooth

JP Mullin | MΛNTRΛ DΛO

To start off, we are also juicing the POOL with 40 eth spread out over 12 weeks that users can win on top of the validator rewards. That's about 3.33 ETH per week!

The DeFi Naut | DeFi Raccoons

Is there any risk involved by participating in a pool?

i.e. can you lose your stake?

JP Mullin | MΛNTRΛ DΛO

well you have to spend OM to enter and 1 OM = 1 entry. These tokens will be removed from circulation and put into a verifiable wallet where the community can see and trust that they are removed from circulation.

It really is a lottery of sorts.. but we know crypto users like to gamble 😄

And just to add another utility.. Additionally users can use their OM tokens as collateral in our lending applications and build up a pseudonymous credit rating based on your token usage and historical interactions within the MANTRA Platform.

The DeFi Naut | DeFi Raccoons

ah that's about the Karma rating system, sounds interesting.

JP Mullin | MΛNTRΛ DΛO

hahah I myself have aped into plenty of DeFi coins

This is 100% the most complex product we are developing, but if we pull it off, this in and of itself is the billion dollar idea. Maybe even multi billion..

The DeFi Naut | DeFi Raccoons

OK one last question before we open up the chat have the raccoons post some

for that juicy $100 bonus

JP Mullin | MΛNTRΛ DΛO

Decentralized credit = game changer

The DeFi Naut | DeFi Raccoons

Looking at the roadmap for Q1 2021 I see the release of a proprietary lending protocol and later the issuance of a MANTRA DAO Stablecoin. Could you please tell us a bit more about these and how far along the dev progress is going here?

JP Mullin | MΛNTRΛ DΛO

As many of you have probably seen, there’s been what seems like a hack nearly every week of some sort of DeFi lending platform.

Most of the time, these aren’t even technical level-smart contract exploits but rather economic exploits of the economic logic of the platform.

Therefore, we are putting significant emphasis on designing and testing the economic logic behind our proprietary product first. We are currently working with one of the foremost token economic and governance design firms in the USA and are very confident that the economic as well as technical design will be very secure and functional.

This group is made up of Harvard PhDs and nobel prize winning economists... They're on a whole different level of economic understanding!

Essentially we’re building a cross-chain CDP and stablecoin system similar to Maker DAO, but with the ability for multiple blockchain assets to be included.

We’ll primarily start with assets that can be used as collateral that are also part of our validator nodes portfolio such as DOT, KSM, ATOM, KAVA, BAND, MATIC, LUNA, KAI, etc. but we’ll expand upon this list through community proposals and voting.

JP Mullin | MΛNTRΛ DΛO

As for what else we have in store for Q1 and beyond...

The DeFi Naut | DeFi Raccoons

I'm holding my $OM strong and will do so for quite some time it appears 😍

JP Mullin | MΛNTRΛ DΛO

We’ll be aggressively adding new eth-based staking pools as well as PoS validator nodes to the staking platform. Several solid PoS validator partnerships are on the way as well!

We’re looking to launch liquid staking for our staking assets as well as a swapping/AMM product & fundraising platform called MANTRA SWAP.

And then of course the Multicollateral CDP and Stablecoin as well as credit rating protocol. Needless to say, we’ve been busy the past months, but it’s only going to get busier.

The DeFi Naut | DeFi Raccoons

you can always slide in my dm's and share some of those

JP Mullin | MΛNTRΛ DΛO

hahah

The DeFi Naut | DeFi Raccoons

Anyways good stuff, nothing but praise really! I'm sure all of the raccoons are looking forward to what MANTRA DAO will bring us in the short term!

Though let's see what the community has in store. I'll open up the chat and you guys can fire away. What do you think JP MULLIN?

JP Mullin | MANTRA DAO

Let's do it! Looking forward to answering some questions for you guys! 🙂

Questions being asked by the public

Can You explain what the MANTRA POOL is?

MANTRA Pool is a perpetual savings game and allows participants to enter weekly crypto pools where they have a chance to win 25% of the staking rewards that the MANTRA DAO Foundation generates every week.

Participants join the pool by spending OM tokens in exchange for MANTRA POOL entries. OM that is collected from token holders and is sent to a smart treasury pool controlled by the MANTRA DAO Foundation.

Multiple entries are allowed for each participant and the prizes will be distributed at the end of each week and will be given to five lucky winners. The winners will be chosen (on-chain) at random.

Could you give us some more insight on how the MANTRA DAO KARMA credit scoring mechanism will work? I read that it will reward community members for their positive contributions to the MANTRA DAO Ecosystem. What kind of contributions will be consideren? Are we talking for instance marketing efforts, ambassador roles, articles, etc. ?

Definitely a good one. I think KARMA can be broken down into both Reputation and credit rating, although there will be some overlap. As for reputation you're exactly right. Things such as sharing articles, joining our ambassador program, referring friends, etc. will allow you to gain KARMA. But on top of there there will be a very intricate credit-rating protcol that will allow for users to borrow in an under collateralized fashion. We will build a pseudonymous credit rating model based off of all sorts of historical data.

I consider Mantra DAO to a consolidated project in the blockchain field, Doing AMAs obviously helps you engage the community, I would like to know want interests you specifically in the community full of difficultly tamed animals (RACCOONS)?

Well we've always known that @DeFiNaut was a big supporter of OM, and we could see how vibrant this community is. It's important to get our products out in front of a wider audience, so I'm really excited to be here and share with you guys especially whenn we're in the middle of major product launches! 🙂

NFTs have been predicted to be the future of DeFi, do you have plans for the NFT marketplace?

Yes, that's right. We launched 88 unique MANTRA NFTs, which are special airdrop NFTs. This was to commemorate 100M OM being staked on the MANTRA DAO app. These special NFTs were sold for 2 ETH each, and the first airdrop they will be receiving will entitle them to 1/88th of 888K OM that will be split equally amongst them.

so far we've used 25% of the proceeds to fund the MANTRA POOL, and 50% of the proceeds to engage in buying back OM on the market and removing it from circulation. We have one final use of proceeds that we'll be annnouncing later this week!

In the world of competitive technology is a sure thing, can you give a picture of MantraDao competitors? Then what does MantraDao do to stay the best?

I think I will let this picture speak for itself a bit. Essentially, we are building a unique compilation of many different DeFi products, and doing it in a way where we support various blockchain ecosystems (DOT/ETH/COSMOS/etc.) with a community-first approach to everything.

What is the main motivation of people to take a loan on the MantraDAO platform, than to take a loan from a bank? Do you have a strategy for attracting people to your platform not from the crypto space?

Well first and foremost, I don't think any bank inn existence is going to give you a loan using your crypto as collateral. We are building a non-custodial crypto/DeFi bank, where the user always remains in control of funds, rates are much more attractive without having to use a middleman, and the variety of products offered are complimentary and intuitive for non-crypto natives. This is very important for us, as well as creating fiat channels and gateways for new entrants into the space and onto our platform.

The DeFi Naut | DeFi Raccoons

Agree here

Well, it's been a blast I must say. So happy to have had you guys over! Been a big fan of MANTRA DAO for a long time 😊

JP Mullin | MΛNTRΛ DΛO

We really appreciate the support today. I really enjoyed it, and hopefully the raccoons were able to learn something about what we are building and the progress we are making!

https://t.me/MANTRADAO

The DeFi Naut | DeFi Raccoons

I'm sure all of the RACOONS enjoyed it as well. We have quite some $om holders in here.

JP Mullin | MΛNTRΛ DΛO

don't forget to join our TG community if you haven't already! The raccoons are always welcomed by the Sherpas!

The DeFi Naut | DeFi Raccoons

Pls everyone checkout MANTRA DAO's socials and if you haven't been convinced, they're building a great ecosystem and platform then I don't know what will convince you 😁

End of the AMA