Mangata X proudly presents a new token listing on the platform. BNC (Bifrost Native Coin) is getting listed on Mangata X on the 22nd of December 2022. After the listing, users will be able to provide liquidity for BNC pairs and start earning rewards for providing liquidity to the BNC-MGX pool.
- Depositing on the Trading App starts at: 11am UTC
- Liquidity Mining starts at: 14pm UTC
Users can find guides on how to deposit to the chain as well as liquidity provisions on our User Guides section on the Mangata Public Workspace.
Pool Weights and Incentives
After extensive deliberations on Mangata Forums, the Concil will vote on the new pool weights for both new and existing promoted pools on Mangata X. The weight for the BNC-MGX pool will be 10% of the current incentives, which corresponds to 82,000 MGX per day! The targeted APR for this liquidity pair is 277% on the targeted liquidity of 10,000 USD. Mangata X users are encouraged to join the discussion on pool weights through Mangata Forums on our Discord channel.
New Routes for MGX Liquidity
BNC is the first L1 token on Mangata X that has already established liquidity on other DEX and CEXes. It has an 8.3m USD fully diluted value (FDV) and is already listed on DeFi platforms like Karura and Zenlink. While this enables multiple arbitrage opportunities for Mangata users, BNC’s CEX exposure is also very important as it is listed on 5 major exchanges including Kraken and Kucoin.
Contributing to the DeFi Space
The issuer of BNC, Bifrost Finance is a DeFi parachain that focuses on liquid staking and liquid crowdloan derivatives. With its $42m TVL, Bifrost allows users to tap into the earnings possibilities of native staking without dealing with the inner complexities. Therefore, Bifrost’s vision perfectly matches Mangata’s focus on capital efficiency since they provide unlocked liquidity to the ecosystem with liquid staking products such as vKSM, vsKSM, vMOVR, and vBNC. You can watch our previous call with Tyrone Pan from Bifrost to learn more about liquid derivatives.
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Bifrost’s mission is to provide standardized cross-chain interest-bearing derivatives for Polkadot and Kusama relay chains, parachains, and heterogeneous chains bridged with Dotsama. Furthermore, by aggregating over 80% of PoS consensus chains’ staking liquidity through cross-chain derivatives, Bifrost’s protocol lowers users’ staking threshold, increases the multi-chain staking ratio, and improves the ecosystem’s application interest base, by creating a three-way positive cycle for the StakeFi ecosystem by empowering users, multi-chains, and ecosystem applications.
Mangata is on a mission to become the #1 DEX on Polkadot, offering traders and liquidity providers the best platform to access unique tokens and earn rewards.
We believe that everyone should have the opportunity to participate in the decentralized economy and benefit from the power of blockchain technology. That’s why we’re creating a user-friendly platform that makes it easy for users to trade, provide liquidity, and earn from multiple passive income streams through double staking rewards, even if they’re new to crypto.
Mangata will offer access to the widest array of Polkadot tokens, better prices for traders by mitigating MEV, and the ability to trade without gas.
At Mangata, we’re dedicated to building a fair and transparent platform that puts the needs of users first, offering the lowest fees for traders and the highest rewards for stakers. We’re committed to continuously improving our platform and offering new features that provide even more value to our users.
Join us on our mission to become the #1 DEX on Polkadot and unlock the full potential of the decentralized economy.
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