MANTRA DAO AND MATIC NETWORK PARTNER PROVIDE STARTUP INCENTIVES TO DEFI COMMUNITY
After a successful mainnet launch and a growing user base in the second quarter of this year, Matic Network decided on MANTRA DAO as the base/public node in the Matic ecosystem. While Ethereum gas has peaked in recent months with the rise of DeFi, the promising solution from Matic Network enables Ethereum to significantly cut gas fees. Matic Network has already integrated various dApps into its ecosystem, from DeFi apps to collectible NFTs and game apps. PowerPool, the innovative meta-governance token, even ran experiments on the Matic network, saving its users huge savings.
MATIC NETWORK IS AN AMBITIOUS PROJECT TO FIX ETHEREUM’S SHORTCOMINGS
The Matic Network connects various decentralized applications (dApps) to the ecosystem. They added a variety of different programs, including the DeFi solution, the NFT collection, and the gaming apps. PowerPool meta token has also been used to conduct various experiments on the Matic network and has been seen as a massive repository for its users.
The Matic Network is designed to serve as a scalable Layer 2 solution that achieves secure, reliable, and interactive production, focusing on a more excellent user experience. Developers can use MATIC to create software solutions that they can try to compete with. Similar programs from Centralize Finance (CeFi).
These DeFi programs can be weighted into multi-faceted chains for sale. As the MANTRA DAO team explains, users can move assets from Ethereum chains to Matic and interact with other systems to transfer their smart contracts to these side chains.
Matic Network is a Layer 2 scaling solution that achieves a secure, scalable, and interoperable product focusing on a great user experience. Matic allows developers to create products that compete with CeFi and scale through various sidechains to process transactions. Users can move their Ethereum assets to Matic’s sidechains and interact with various protocols that bring their smart contracts to these sidechains. The Matic project’s strength lies in the network architecture created using sidechains, plasma framework, and Proof of Stake technologies.
Matic architecture is divided into three parts. It provides a secure and efficient connection between the Ethereum blockchain and the Matic sidechains. This is where MANTRA DAO’s next-generation secure surveillance infrastructure comes in. The security of this Layer-1-Layer-2 connection is managed by validators. Transactions run on sidechains and are recorded in blocks created by selected validators. Once enough blocks are reached, a selected validator verifies them, records the track, and sends it to the Ethereum blockchain. These selected validators are common plasma control nodes. You are the gatekeeper between the Ethereum blockchain and Matic’s sidechain network. Token holders choose validators through the delegated proof of distribution mechanism built into a smart contract on the Ethereum blockchain.
Since scalability and security are a constant trade-off for all blockchain projects, Matic Network has caught the attention of several large projects and has worked with them. In the gaming ecosystem, projects need both scalability and security. NFTs are an essential part of this world. The larger this community, the more transactions must be recorded. Also, security is essential as you don’t want to lose your newly purchased asset. Decentraland, one of the significant gaming and NFT projects at Cryptoverse, worked with Matic to address this issue. On the DeFi side, Matic has integrated DAI into its ecosystem. Ripio turned to Matic to develop scalable peer-to-peer lending solutions. As current Ethereum project issues with gas fees are increasingly being addressed, Matic has integrated Chainlink into its network as an Oracle provider to facilitate rapid integration.
MANTRADAO, AN IMPORTANT PARTICIPANT IN THE NETWORK
MANTRA DAO is a community-governed DeFi network focusing on Staking, Lending, and Governance. Verification nodes are essential components in Matic Network. As a validation node, OM token holders can link their OM accounts to Matic addresses, transfer their Matic to the MANTRA DAO node and receive verification rewards from Matic Network and Liquidity Mine OM tokens in RioChain. Matic is added as collateral for future DeFi products in the MANTRA DAO ecosystem.
Finally, the Matic Foundation agreed to delegate Matic amounts equal to 50% of the Matic assets delegated by the MANTRA DAO community. These additional participation prizes support a Matic Community Grant program where OM Sherpas can vote in the MANTRA DAO community to fund exciting new projects that further strengthen the connection between Matic and MANTRA DAO.
As always, MANTRA DAO validator partnerships were established with the Sherpa community in mind. The goal is always to bring positive value to DAO and connect OM token holders with some of the crypto industry’s best projects.
Sandeep Nailwal, COO of Matic, said, “As one of our original auditors, we are excited to work with MANTRA DAO and several other long-term strategic initiatives. The MANTRA DAO community approach is very attractive to us. Therefore, we are happy to use the participation prizes of the Matic Foundation delegation to finance community initiatives for the development of the MANTRA DAO and Matic community.
This exciting partnership between MANTRA DAO and Matic Network definitely fits both goals as greater things is coming with it.
