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Mangata Finance is valued at $13M after bootstrapping

 


Mangata Finance, the decentralized exchange (DEX) on Kusama, has been valued at $13M after completing a bootstrapping event. Of particular note is the timing, as the funding comes as the crypto market continues to trend sharply lower.


“The whole team is very proud of the result. Despite the odds of the bear market, we have shown that hard work and relentless focus on capital efficiency and fairness pays off,” said Peter Kris, Founder of Mangata Finance.


The goal

The goal is ambitious but unattainable in the world of decentralized exchanges: to offer a solution where all chains are offered on a single platform. Bear markets are the time to build – many of the current top projects were built during the last bear market and there is no reason to think this time will be any different.


A downtrend in the market isn't pretty, but it offers the benefit of being able to focus more on value and roadmap than price, while only the impressive projects tend to survive.


“We have laid the groundwork for a DEX that serves the entire Dotsama ecosystem. We will bring liquidity and token speed to all Web3 projects on a single platform. The Mangata X community now has over 1,000 members. They are all co-owners of Mangata X now," Kris continued.


More than 12,000 KSM were contributed to Mangata X Bootstrap, bringing the total value of the protocol to $1.25M and a market cap of $3.27M.


The Mangata team estimates that the initial rush to drain cash provides an APR of 78%. This rate is expected to increase further to up to 129% APR once the protocol activates its “Stake Once, Earn Twice” proof-of-liquidity mechanism. In the long term, Tokenomics will issue 67.5% of the maximum supply for liquidity.


These are big numbers, and given some of the death spirals that various crypto projects have experienced in recent months, investors will now be more cautious. While it's too early to judge this project, the specs are interesting, although investors need to be cautious here.


As the next-gen DEX, Mangata is a Layer 1 app chain built on substrates and not bound by legacy constraints. Parity Technologies' modular Substrate framework allows developers to select specific components that best fit their application-specific chain. Because of this, Mangata claims they can adjust the rules of the chain to optimize the entire ecosystem, theoretically improving capital efficiency and fairness.


Miner-Extractable Value

Miner-Extractable Value (MEV) is a dynamic whereby blockchain miners extract profits at the expense of users by arbitrarily rearranging, including, or excluding transactions within a block. Since miners can determine the order of transactions processed on the blockchain, this can obviously be exploited.


Many projects have tried to solve this problem. Mangata hopes that if successful, the project can prevent MEV insider trading and censorship or affect the order of transactions by miners.


Additional functions

The project also aims to open channels for parachains like Karura, Bifrost, Turing, Statemine, and many others.


The Mangata X community will be involved in all of these steps through user interviews and calls for community participation, allowing users to have a say in prioritizing features while aiming for true decentralization.


Mangata is also aiming to bridge the gap as a cross-chain trading platform, enabling trading of Ethereum ERC20 tokens with native Polkadot assets. In addition, the project attempts to improve efficiency through a fairly novel consensus proof of liquidity.


In addition to solving key insider trading issues, Mangata focuses on the adoption of DEX by mainstream and institutional financial institutions, which requires reliable and transparent rules and allows people open access to DeFi.


A summary of the overall objectives can be found in the network's ownership structure. Far better than the usual 1-2%, the distribution of 19% of the MGX supply allows the ecosystem to have a real stake in the Kusama DEX.

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