TUR is ready to go into price discovery! After Turing Network’s successful launch on Kusama, its TUR token is getting ready to hit the markets. Thanks to our freshly opened XCM channel with Turing Network, Mangata X users will be able to seamlessly transfer assets between Turing and Mangata X. We are proud to be partnering with OAK Network to explore how Turing (OAK’S canary network on Kusama) gives traders new tools like auto-compounding, dollar-cost averaging, iceberg orders, and more.
Read the official announcement from Turing here: Bootstrapping Turing Liquidity on Mangata X
TUR-MGX Bootstrap and Incentives
By joining the TUR-MGX bootstrap and becoming a liquidity provider, users will earn MGX tokens as incentives. Right after the bootstrap, Mangata X will be emitting over 400,000 MGX per day as a reward for liquidity providers.
Turing has also announced that they will provide bonus rewards for the users that participate in the bootstrap and provide liquidity for at least a week. The TUR and MGX contributions from the Treasuries of Mangata X and Turing Network will not receive the bootstrap bonus.
To ensure sufficient liquidity, Mangata X and Turing have agreed to provide 10 Million MGX & 1 Million TUR to the bootstrap.
Launching a token with Mangata’s Bootstrapping Pallet Turing Network has decided to launch TUR in the TUR-MGX liquidity pool on Mangata X with our brand-new bootstrapping pallet. Together, we will leverage Turing Network’s potential to bring automation to the Dotsama ecosystem. This bootstrap marks the first time Mangata’s custom bootstrapping pallet is put to work for another protocol.
If you are part of a crypto team and want to bootstrap your token on Mangata X, we invite you to read our guide: Bootstrapping your Token on Mangata X
New Use-cases for XCM with On-chain Automations
The channel between Mangata X and Turing Network and the bootstrap not only enables token transfers and TUR listing. From now on, our users will be able to pay the exchange fees on the Mangata X trading app with TUR tokens. Since Turing Network is developing on-chain automation solutions, Mangata X users will be able to utilize Turing Network for various automation tasks such as dollar cost averaging, iceberg orders, and auto compounding.
Establishing liquidity for the TUR-MGX pair will lay the groundwork for these exciting new use cases. Keep an eye on our socials for an announcement that will cover these new cross-chain applications that will shake the ground in the Dotsama ecosystem!
At Full Sail!
Mangata X continues to deliver its users cutting-edge technology. With the new bootstrap pallet, we are one step closer to realizing the true power of XCM. Of course, all novel applications have the chance of bringing a little grain of chaos but we will keep building and enduring the hardships on the sea together with our partners and most importantly our invaluable users.
Ivan Aivazovsky - Ship “Twelve Apostles”, ca. 1695
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Mangata is a next-generation DEX with the mission to make tokens from all ecosystems tradable on a single DEX. It features gasless swaps, prevents front-running and MEV on the consensus level without additional fees, and secures the network with the revolutionary proof-of-liquidity consensus. As a Layer 1 app-chain building on Substrate, it is not bound by legacy restrictions and can customize the rules of the chain to optimize the whole ecosystem around capital efficiency and fairness. Mangata X is THE upcoming Kusama DEX that broke records when closing its crowdloan within 50 minutes.
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