Mangata X Concludes Bootstrap with $13 Million FDV
The DEX-chain offers 78% in liquidity mining incentives after a strong start
Mangata X, the upcoming Kusama DEX has concluded its MGX-KSM Liquidity Bootstrapping Event with a strong result against the crypto bear market. With $13 million FDV (fully diluted value) and about 19% of the MGX supply being contributed, the community-driven DEX is setting sails for its mission to offer all tokens from all chains on a single platform. The initial liquidity mining rush is estimated to offer 78% APR.
“The whole team is very proud of the result. Against all odds of the bear market, we have shown that hard work and relentless focus on capital efficiency and fairness pay off. We have laid the groundwork for a DEX that serves the whole Dotsama ecosystem. We will bring liquidity and token velocity to all Web3 projects on a single platform. The Mangata X community now has over 1,000 members. All of you are now co-owners of Mangata X. Thank you!”, says Peter Kris, founder of Mangata Finance.
More than 12,000 KSM have been contributed to Mangata X, leading to a TVL (total value locked) of $1.25 million, and $3.27 million in market cap. New onboarding liquidity providers can expect 78% APR in liquidity mining incentives. Once Mangata X turns on the revolutionary “Stake Once, Earn Twice” Proof-of-Liquidity mechanism, rewards could climb as high as 129% APR. Long-term, the tokenomics will emit 67.5% of the maximum supply to liquidity provision.
Mangata X already has a lot of plans for the upcoming months. On the economic side, opening channels to parachains like Karura, Bifrost, Turing, and Statemine are planned. On the technical side, the unique promises of Mangata X like “Stake Once, Earn Twice”, gasless swaps, private transactions, and most importantly a bridge the Ethereum and other ecosystems are on the roadmap. The features are planned to be activated with the community in individual runtime upgrades.
The Mangata X community will be involved in all of the steps. From user experience interviews to community calls that allow members to have a say in the prioritization of features, a lot of things are planned to lead Mangata X in the footsteps of progressive decentralization.
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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