OKEx Adds Polkadot Ecosystem’s First DeFi Project Mantra DAO
The leading crypto spot trading and derivatives exchange platform, OKEx has followed up with its recent listing of Polkadot’s DOT token with another listing. This time, it is Mantra DAO (OM) — the first DeFi project built on Parity Substrate for the Polkadot ecosystem. Spot trading of OM against USDT and ETH went live on August 25, 2020, one day after the deposits were enabled for the token.
Mantra DAO is a community governed DeFi platform that focuses on Staking, Lending and Governance. Built on Rio Chain, it is a highly secure, scalable, and transparent ecosystem for web 3.0 capable of supporting a host of DeFi applications. It aims to hand over financial control back to the people, enabling them to grow wealth together.
With the inclusion of OM, the total number of DeFi tokens supported by OKEx has now risen to twenty. Regarding the listing, CEO of OKEx Jay Hao said, “We are glad to witness the impressive progress that Mantra DAO has made within such a short time. This is also an indication of the innovative capabilities and potential of Polkadot and the DeFi space at large.”
Mantra DAO is considered to be one of the game-changers in the DeFi space. It has garnered a reputation for itself since day one, effectively becoming the first newly launched token to feature on the list of Top 30 Trending Searches on CoinGecko. The project overcomes the infrastructure limitations like network congestion and rising transaction costs, which are quite prevalent with a majority of DeFi projects based on Ethereum blockchain.
Top 30 Trending Searches on @CoinGecko 15 – 21 Aug, 2020
— Coin98 Trading Analysis (@coin98_analysis) August 21, 2020
Unlike Ethereum blockchain, Mantra DAO achieves effective resource integration by establishing a community-managed protocol as a gateway for cross-chain, multi-asset DeFi services. By doing so, it achieves full interoperability and transparency in an autonomous savings and lending platform. Mantra DAO’s OM ecosystem brings in a lot of new features to DeFi solutions, which includes the OM identification system for users to log in and access crypto wallets over email, support for simultaneous cross-chain transfer of multiple assets, and complete autonomy to OM token holders along with proposing and voting rights.
“OM fundamentally redefines the current traditional DeFi ecosystem, overcoming multiple existing shortcomings and limitations, especially in terms of autonomy, resource mobilization, multi-level application and flexibility. We are looking forward to watching the further development of OM and are optimistic for its future,” said Mr. Hao.
The inclusion of Mantra DAO on OKEx further strengthens the platform’s commitment to promoting DeFi solutions and ensure everyone has access to financial services.