MΛNTRΛ DΛO AMA Recap - All-in-one DeFi Platform for the People

On 15 October (Thursday) we were honored to be joined by Rodrigo Quan, one of the co-founders and council members of MANTRA DAO, to our latest AMA session at TomoDEX Telegram channel.

TomoChain and MANTRA DAO just entered a partnership last month. Soon enough, MANTRA DAO will run a validator on TomoChain network, and integrate TomoChain and $TOMO into its DeFi platform. Recently, MANTRA DAO’s $OM token have also been listed on TomoDEX and LuaSwap. We’re proud to partner with MANTRA DAO to bring TomoChain to its cross-chain DeFi platform. We’re confident this partnership will help reduce current complexity by providing the most convenient experience for users to make transactions.

Below is a summary of the AMA.


Guest Speaker:
Rodrigo Quan Miranda
Rodrigo is a co-founder and council member of MANTRA DAO. He is also a former investment banker turned emerging technology entrepreneur. He is the founder of Moon Street Ventures, an emerging technology consulting and R&D company, as well as co-founder and CEO at Immutable Technologies Corp. (‘ITC’), a blockchain infrastructure provider. Prior to ITC, Rodrigo worked in investment banking at Willis Towers Watson Securities (‘WTWS’) in NYC and HK.


Host: Could you please share a brief intro on MANTRA DAO?
Rodrigo: MANTRA DAO is a community-governed DeFi platform focusing on staking, lending, and governance. MANTRA DAO leverages permissionless blockchain technology to create a community-governed, transparent, and decentralized ecosystem for web 3.0. Built on Parity Substrate for the Polkadot ecosystem, MANTRA DAO focuses on staking and lending to give financial control back to the people to save and grow wealth together!

Host: Please share an intro about yourself, and your role at MANTRA DAO
Rodrigo: I am a former investment banker in New York City and Hong Kong. Actually fun fact, I spent a significant amount of time in Hanoi during my investment banking years, working with our client at the time VP Bank. I left my investment banking career to pursue a more entrepreneurial path, and have been immersed in the crypto space ever since. I co-founded a blockchain infrastructure business and spent over 2 years doing that right before MANTRA DAO.

I am one of the Council Members of the MANTRA DAO project. As with any other young business, all of us in the founding team wear many hats, collaborating across all business verticals. That being said, throughout my professional and crypto experience over the past several years, I have acquired very specific knowledge with respect to staking and infrastructure across Proof of Stake blockchains, and thus I focus a lot of my time and energy in addressing those sides.

Host: Can you share some details about the tech roadmap, and what we can expect this Q4?
Rodrigo: We recently launched the MANTRA DAO platform on September 30th, closing in on our Q3 roadmap goals, and are excited to continue expanding on that this Q4. With this initial launch, we rolled out the very first staking pool for the OM erc-20 asset, and in addition we are expecting to roll out several other pools in the coming days in weeks. Don’t want to spoil the fun, so you’ll have to keep an eye out on our announcements for when these get rolled out. In addition to that, we will be rolling out a delegation rewards program within the MANTRA DAO web app, with the purpose of rewarding OM to those that nominate the MANTRA DAO validators on various PoS blockchains. We will be looking to kick off this program with DOT, but will expand to other blockchains in due course.
In addition to that, we are gearing up for the launch of MANTRA Pool, through which we’ll integrate even further our staking pool operation. The ultimate goal being to integrate the various PoS communities as participants within the MANTRA DAO ecosystem

Community Questions

DeFi is projected to buzz up in 2020, now what roles does MANTRA DAO play in the innovativeness of DeFi and how does MANTRA DAO view the future of DeFi? (Twitter user @Buyul51)
Rodrigo: I’d like to take a step back and look at it from this angle: financial primitives brought upon by DeFi protocols as well as Proof of Stake blockchains are two economic paradigms that are here to stay in blockchain. We see this both in the explosion of DeFi primitives like Compound, Maker DAO, etc, as well as in the flourishing of various PoS blockchains such as Polkadot, ETH 2.0, Tezos, Cosmos, and others. Yet there is a fundamental misalignment between the economic incentives that underpin these too things: crypto-asset owners can either “bond” their assets in PoS protocols in order to earn inflation and fee rewards, or they can “stake” their assets in DeFi protocols to earn a yield, but up to this point these are mutually exclusive and they have to pick one or the other. In addition, this raises a security concern with the PoS model, as PoS blockchains rely on token holders “bonding” their assets for block production and network security, yet the incentives to do so compete with earning yield with staked assets on several composable DeFi protocols at a time.

MANTRA DAO addresses this misalignment at its root, by preventing members from being constrained from picking one or the other. Going back to your question, MANTRA DAO is designed in such a way that members can gain access to all DeFi primitives available at their own discretion, which as our project’s vision suggests, brings back financial control to the user. Lending and borrowing protocols and savings primitives are some of the most basic instruments we plan to launch our platform with, but as the DeFi ecosystem evolves, so we expect will MANTRA DAO’s product offering.

Regarding your question about the future of DeFi: I believe this lies in composability, not only vertically with layer 2+ protocols, but also horizontally with layer 1 inter-chain operability. As different blockchain ecosystems flourish and their communities mature with them, there will be a rising need for value to be freely transferable both vertically and horizontally. As part of the Polkadot and the broader open finance ecosystem, I see MANTRA DAO as one of the key projects that will enable this future of DeFi.

Do you have any plan to develop your business on TomoChain to improve speed with 2 second blocktime and reduce ETH transaction fee? (Twitter user @DogLoverWorld1)
Rodrigo: We have recently announced the extent of our working relationship with TomoChain, and I’m happy to discuss those details here. First of all, as one of MANTRA DAO’s core offerings, we will be supporting the security of TomoChain by running a validator node and staking a sizeable TOMO stake. In addition, we will be integrating TomoChain and the TOMO token into our native platform for both staking and lending, and expect to roll these features out over the coming months along with a series of assets with other strategic partners. Finally TomoChain has just recently listed MANTRA DAO’s OM token on the the TomoChain operated TomoDEX platform, ensuring that OM token holders are able to take advantage of TomoChain’s scaling solution that render it much more user friendly with lower fees and faster settlement.
In addition, we will remain open to explore opportunities for further growth and collaboration with TomoChain, and look forward to remaining highly involved in the Vietnam and South East Asian crypto community!

Can you explain what is MANTRA POOL? (Twitter user @semogaberkahXD)
Rodrigo: I’d love to answer this question as it’s one of the products that we hope to be launching the first iteration of by the end of Q4 2020. The basic rational for MANTRA POOL is to provide for an avenue for OM burning, while still rewarding OM holders that decide to participate in such burning. This is a product that will be rolled out this Q4 2020, so please expect further details in the short term. But essentially, OM token holders will be able to offer up their OM tokens in weekly burns, in exchange for a chance to win a weekly pool that will be funded directly from the earnings of our validator operations. This to an extent is a gamification of a burning mechanism that will further entrench our validator operations across our OM token holder community.

Can you please briefly explain about KARMA in Mantra Dao ecosystem? How to get that and What will be the benefits? (Twitter user @SYEDJAV84293596)
Rodrigo: The KARMA Protocol is similar to a traditional credit score system where Sherpas will be rewarded in KARMA for helping grow and support the MANTRA DAO ecosystem. We expect to role out the Karma protocol in a series of iterations with each subsequent one expanding its core functionalities. Generally speaking, people that obtain high levels of KARMA will have access to enhanced incentives within our ecosystem, such as lower interest rates, under-collateralized loans, free entries into MANTRA POOL, etc.
Users gain KARMA by supporting the ecosystem through:

1. Staking OM tokens
2. Taking out & paying back loans
3. Submitting & voting on proposals
4. Joining the MANTRA POOL savings game
5. Referring friends to grow the community
6. Receiving grants

Users with higher KARMA gain access to various benefits, such as:

1. Increased OM staking rewards
2. Decreased staking fees
3. Free access to MANTRA POOL!
4. Lower loan interest rates
5. Loyalty Rewards, such as SWAG and community recognition

What is the mutual development between Mantradao and Rio Defi? Will you share users or business value?
MANTRADAO focus is on Staking, Lending & Governance. Could you tell us some of the steps you are currently taking that will ensure that $OM are still improving and continuing the growth of the project?
Staking on your platform started recently, where you can stake your $OM with 88.88% APR. Are you planning to add more tokens that supports staking in your platform? (Twitter user @4BracesCP)
Rodrigo: First of all, RioDeFi is a DeFi ecosystem being built around Rio Chain, a Substrate-based blockchain and parachain candidate in the Polkadot network. MANTRA DAO is a suite of DeFi products and protocols being built on Rio Chain, and that will interact with the broader polkadot network and the cross-chain universe of blockchains. Users of MANTRA DAO will naturally be users of Rio Chain, as our protocol will sit in that blockchain, and we plan to roll out extensive collaboration programs alongside with them for the flourishing and development of both ecosystems!

Regarding the OM token, at its core, it is meant to be the governance token that will help guide decision making of MANTRA DAO’s various protocols. Through decentralized and liquid governance, the OM token will essentially ensure MANTRA DAO develops into a permissionless suite of DeFi protocols that evolve to fill the needs of the OM token holders and MANTRA DAO community. We are at the early stages of our development, and while currently OM is an erc-20 with no governance capability, we will look to implement a full governance model once we launch in the Polkadot Network. With that in mind, ultimately MANTRA DAO will be governed by the OM tokens holders, and thus the value of the network will rest in their hands.

And finally, yes will be adding more staking pools in our native staking platform! I can’t share all the details here, but keep an eye out to our announcements as these will be continuously rolled out over the next several weeks.

We are living in the advent of YIELD FARMING and Liqiudity Mining, can you share your personal opinion on Yield Farming and also Briefly explain your Liquidity Mining Program? (Telegram user @Obinasom)
Rodrigo: First of all, in my opinion, it was only a matter of time before some form of yield inducing protocol was introduced into crypto… after all, there is an opportunity cost of holding non-yielding crypto, and there will always be investors willing to pay a fee to borrow such assets. That being said, the yield farming craze that has taken over DeFi I believe has mostly been driven by speculators trying to guess which is the next big coin, and pouring massive amounts of money into those assets. Speculation is always a preamble to innovation, as as soon as the masses smell an opportunity for huge profits, they all jump in at once… and whatever goes up too fast eventually has to come down. That being said, I believe there are some hidden gems amongst the DeFi yield farming craze, and we will begin seeing some of those in the months and years to come. At MANTRA DAO, we are positioning ourselves to enable these gems to be discovered, by providing a platform where assets can be staked and delegated by users in order to earn the respective yield. With respect to our “liquidity mining” program, I guess this will come in various flavors, one of which we will be rolling out shortly and so I won’t say much about it… but I’ll say this: delegators to our validators will be rewarded with OM, and while not necessarily “liquidity mining”, it’ll be a similar mechanism to it and will rewards investors with enhanced yield… perhaps better to call it “delegator mining” of OM

MΛNTRΛ DΛO has cross-chain interoperability function. What public networks are you planning to integrate with? Tell us about your existing partnerships today? (Telegram user @raptarabbu)
Rodrigo: We are looking at the bigger picture at MANTRA DAO, and keeping an open mind with respect to integrating with a wide universe of blockchains that we believe will be successful in developing strong communities and delivering quality products. This is one of the main reasons we decided to build on the Polkadot network, due to its promise for unconstrained interoperability, not only with Ethereum and Bitcoin but with essentially any chain that supports a bridge to the network. We are actively building partnerships and rolling out validator nodes with promising blockchains that we see in the space, contirbuting to the security model of the PoS consensus mechanisms in such blockchains.

What are the ways is MANTRA DAO generating profits/revenue to maintain your project and what is its revenue model? How can it make benefit win-win to both investors and your project? (Telegram user @QuyenCao93)
Rodrigo: At it’s core, MANTRA DAO plays in a space where assets interact with financial protocols and primitives that yield returns. For example, PoS validation and delegation yield return to investors, and so do lending protocols, etc. Thus, there is ample opportunity for MANTRA DAO and the MANTRA DAO community to capitalize on some of these yield bearing protocols, and thus delivering on our vision to save and grow wealth together!


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