Mangata wants to open liquidity gates between Ethereum and Kusama

Mangata Finance has submitted a proposal to the Kusama Treasury intended to scale up the capital exchange between the Ethereum and Kusama ecosystems. The proposal asks the Kusama Treasury (which currently holds 140m USD in value) to deploy 10m USD worth of liquidity into a KSM-ETH liquidity pool at the Mangata DEX Parachain on Kusama, scheduled to launch in Q1 2021. Mangata expects the KSM-ETH pool to become one of the most important capital exchange points between the Ethereum and Kusama ecosystems.

“This proposal is set to enable liquidity flow from Ethereum to Polkadot. Mangata will be a key DEX between Ethereum, Polkadot and Kusama. After years of preparation, the Polkadot and Kusama ecosystems are finally launching the next generation of DeFi-specific Parachains. Once the first bridges go live, Mangata will be there to allow easy and secure trading of every asset available”, said Peter Kris, CEO of Mangata Finance.

The proposal is made in light of current initiatives to make better use of the Polkadot and Kusama Treasury funds and leverage their potential to kickstart DeFi and other activities in the ecosystem.

“We already have received very positive feedback on the proposal. Everyone in the ecosystem is eager to get more economic activity going. Mangata also wants to work with other DeFi projects who are currently launching on Kusama to create a common framework for treasury allocations together.”, said Peter Kris, CEO of Mangata Finance.

About Mangata Finance

Mangata Finance builds tech for a new generation of DEX-specific parachains that can better optimize for capital efficiency than EVM-based exchanges. This includes a “No Gas Economy”, Themis Protocol to prevent front-running and MEV on the consensus layer, and Proof-of-Liquidity which unlocks staked capital for deeper liquidity while securing the network at the same time.