We have reached our first goal on the road to launching the most capital efficient and fair DEX: Win a Parachain Slot! A big “Thank you!” to everyone who has made this possible.
In this post, we will go into the road ahead and what we have planned in the weeks leading to starting trading on Mangata X. You can also watch this announcement as video:
Looking back: A successful Crowdloan
The Mangata X crowdloan was a surprise success that even broke new records in the Polkadot and Kusama ecosystem: The goal was reached within 50 minutes! 925 people contributed 14,000 KSM, a median contribution of 9 KSM. Given the current market conditions, this was a great success that took everyone including us by surprise.
Our goal is for Mangata X to become a community-owned exchange for experienced traders and experimental tokens. A easy and secure DEX tro trader ALL Kusama and Ethereum assets. With the Crowdloan, we have added 925 co-owners to the network. Almost 1’000 people are now co-owners and carry the responsibility for the future of Mangata X.
Looking forward: A successful Launch
We will now progress to launch Mangata X and open the floodgates between Ethereum and Kusama. Our goal is to onboard the next wave of Mangatarians with as much MGX liquidity as possible.
The assets we will initially focus on are KSM and ETH. We will likely first open a channel to the Kusama relay chain and bootstrap a MGX-KSM liquidity pair. Next, we will open a bridge to Ethereum and bootstrap MGX-ETH. We will also discuss our proposal with the Kusama council to trustlessly provide 10m USD in liquidity to the KSM-ETH pool. Shortly after that, we will add a stablecoin and then transition to trustless transfer of ERC-20 tokens and opening of liquidity pools as desired by users.
Deploying the Rocket: The time until Launch
To prepare for launch, we have 3 major technical items in out backlog: Stabilizations, an external security audit and finalizing our bridge integration.
Everyone who has used the Mangata testnet know that Mangata X is already close to launch-readiness. We have decided to not add new features in the meantime but rather focus on stabilizations and small improvements. We want the User Experience to be as good as possible on launch.
Adding no new features also serves the security audit, for which we have just started the process. While using dapps on the Kusama network always carries additional risk as it is used to deploy cutting edge technology, we still want to make sure that the core of Mangata X has been audited by external experts.
During development, we have used a provisional bridge to the Ethereum Kovan testnet. We will now progress to integrate a production ready bridge that is safe to use actual economic value with.
Scaling the Community
The Mangata X crowdloan attracted a lot of new community members and we see additional need to scale our community. This means an additional push to decentralize our community building and recruit new leaders in the community to take on different tasks.
Mangata Monday has always been our flagship community event and will continue to be so in the weeks ahead. But we see the need to grow our capacity for community events to accomodate users from different time zones and preferences for channels like Twitter Spaces, Telegram AMAs and more.
To accomodate the need for sufficient information, we will take the results of the translations project and publish them on a new upcoming page, as well as create explainers for the core Mangata X features, resulting in the launch of our Mangata X main website in early April.
Claiming your Crowdloan bonuses
To make sure you can claim your 30% and 50% Crowdloan bonuses, we will also publish additional information in the coming weeks. We will make sure that you have at least a week time ahead of launch to connect your data and will publish the details as far ahead of time as possible.
It’s an exciting time that lies ahead of us with new bridges between Ethereum and Kusama preparing the next stage of growth for the Kusama ecosystem and leading into Polkadot season. It’s great to have all of you on the journey with us.
May the Airwhale bless you with infinite rewards!
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