What Is Mantra DAO (OM)?

Mantra DAO is an integrated ecosystem of decentralized financial (DeFi) services built on multiple blockchain technologies. According to its whitepaper, the users control the platform collectively. The holders of the native cryptocurrency of the platform can participate in the decision-making process that intends to affect the system as a whole. Along with that, the Mantra DAO supports the Karma protocol, which is a kind of reputation mechanism and assesses the participants’ behavior. The protocol also helps keep track of token holders’ performance.

The Decentralized Autonomous Organization (DAO) changes how a company coordinates its activities to create value. DAOs represent an upgrade on the traditional working of a firm. But still, they are new. Most of the DAOs are complicated for an average person to interact with. The person requires sophisticated knowledge about cryptocurrencies. The current DAO system also requires a greater incentive value to attract more participation. Thus, Mantra DAO came into the picture.

According to its website, the Mantra DAO platform has features such as staking, where users can earn rewards. Users can also lend or borrow any number of crypto assets in a peer-to-peer manner. The holders of the native token OM can participate in the governance of the ecosystem and vote on the future of the platform. Users can also try their luck in a saving game called Mantra pool, where the members have a chance to win crypto. The platform works on delegated proof of stake (DPoS)consensus mechanism. It uses the Rio blockchain. The Rio blockchain is an interoperable chain with the Polkadot network blockchain.

OM token is the entry piece for people who want to become a Mantra DAO member. OM is both a utility as well as a governance token. The token provides the users with their voting and governance rights. Also, users use the OM token to enter the saving game. The token is also burned to increase its scarcity. Burning is when a fraction of tokens is sent to a wallet with no private key. This means the tokens are lost forever. Tokens are usually burnt to reduce availability and increase the market value.

History of Mantra DAO (OM)

The project's development and conceptualization began in the fourth quarter of 2019. The Mantra DAO protocol got launched in the first quarter of 2021. The whitepaper got released in June 2020. The platform’s co-founders include John Patrick Mullin, Will Corkin, and Rodrigo Quan Miranda. The total supply of the OM coin is 888,888,888.