Aggressive bounty of 17% of MGX tokens offered to decentralize community ownership.

Mangata X, the community-owned DEX, has started its MGX-KSM Liquidity Bootstrapping Event with a big bang! 17% of the total MGX supply is offered for grabs to anyone who contributes to the bootstrap. This bold move is intended to radically decentralize liquidity and ownership of the incubating network and give the whole ecosystem a stake in the Kusama DEX. Starting Saturday, the public will be able to join the event at liquidity.mangata.finance.

“After 2 years of development, Mangata X is now moving into the production stage. This marks the beginning of a new app-chain in Polkadot. The 168 million MGX bounty is an open invitation to everyone in the Polkadot and Kusama ecosystem: Become a co-founder of Mangata X. After our successful crowdloan closed within 50 minutes, a lot of people felt left out. As we have promised, we have created another opportunity for you to join at very attractive conditions.”, says Peter Kris, founder of Mangata Finance.

The Mangata X Ecosystem Development Fund is utilized to make this move possible. Almost all of its 170m MGX were contributed to offer deep liquidity on the DEX from the very beginning. This pushed the initial ratio of MGX to KSM extremely low and made it favorable for KSM contributors to get a liquidity allocation at a very low market cap.

At the same time, it puts the Kusama community in control of a large portion of the Kusama DEX. As a Kusama parachain, Mangata X is a DAO from day 1, thanks to being built on the Substrate blockchain framework. By offering that amount of MGX to the community, it will help to further decentralize the network and put it on its path to establishing an on-chain governance culture.

The announcement was made with the start of the MGX-KSM Liquidity Bootstrapping Event, which is intended to last for at least 7 days. As a signal of gratitude to early supporters, whitelisted members are given preference to contribute KSM in the first three days. This will change when the Public Phase begins. The 168 million MGX bounty makes it likely that investors will scramble to get their share.

At the time of writing, the FDV was at 1 million USD, the market cap stood at 266k USD.

Users can participate in the MGX-KSM Liquidity Bootstrapping Event at liquidity.mangata.finance

Full explanations are provided in the MGX-KSM Liquidity Bootstrapping Event Guide

About Mangata

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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