Band Protocol Token Holders Might Now Stake Digital Property on DeFi Platform MANTRA DAO

MANTRA DAO (distributed autonomous group), a community-governed decentralized finance (DeFi) platform that goals to make staking, lending, and governance extra accessible to merchants and traders, has introduced its first Cosmos ecosystem partnership.

MANTRA DAO has teamed up with Band Protocol, a cross-chain knowledge oracle platform within the “decentralized” knowledge house that brings collectively and connects real-world knowledge and APIs to good contracts. The partnership will permit BAND token holders to delegate and stake their belongings on the MANTRA DAO Platform.

Customers might earn extra OM tokens by delegating their blockchain-based belongings to the MANTRA DAO validator nodes.

As defined in a weblog submit by MANTRA DAO:

“BAND is an oracle piece that is a crucial class and allows dependable off-chain knowledge on the blockchain with out blindly counting on a 3rd social gathering. We’re assured that Band Protocol will set a brand new customary for safe, decentralized knowledge oracle design, leveraging their capability to fulfill real-time knowledge requests and end-to-end customizability in a scalable method.”

The crew at MANTRA DAO says they’re supporting Band Protocol as a result of they declare it’s scalable, its improvement setting is customizable and versatile, and it’s “absolutely” decentralized (which is most certainly not true).

The MANTRA crew notes that they’re exploring the potential integration of Band Protocol oracles with their decentralized finance (DeFi) protocols – which incorporates their lending, borrowing, video games, and a KARMA popularity system.

Soravis Srinawakoon, CEO & Co-Founding father of Band Protocol, stated that having the assist of MANTRA DAO will assist Band Protocol with integrating into Substrate-based blockchains and DeFi apps within the Polkadot ecosystem.

Srinawakoon added:

“We’re additionally thrilled that MANTRA DAO have determined to hitch and take part within the BandChain decentralized oracle community as a validator node to safe oracle knowledge for DApps to eat.”

In August 2020, MANTRA DAO introduced it might  assist Polkadot, a protocol for cross-chain transfers of belongings and knowledge.

MANTRA’s builders had famous final month:

“MANTRA DAO leverages the knowledge of the gang to create … a clear, and decentralized ecosystem for Internet 3.0 (a brand new set of requirements for the Web of the long run). Constructed on Parity Substrate for the Polkadot ecosystem, MANTRA DAO provides monetary management again to the folks to retailer and develop wealth collectively.”

The MANTRA DAO crew claims that they’ve positioned the platform as being a DeFi DAO developed on Parity Substrate for the Polkadot ecosystem. Parity Substrate is a software program resolution that goals to make it fast and straightforward to develop personalized blockchain or distributed ledger know-how (DLT)-based functions which might be created in keeping with particular necessities.

The MANTRA crew states that they plan to “assist drive the expansion” of Polkadot, not solely by serving as a (transaction) validator node or by John Mullin (co-founder at MANTRA DAO) and Will Corkin (additionally co-founder at MANTRA) being Ambassadors for the community, but additionally by growing their platform and core know-how in a fashion that can assist the expansion of the general ecosystem.