Mangata X Forms On-Chain Council
Council enacted runtime upgrade, opened XCM channel and launched a bootstrap. Mangata X takes one more step towards decentralization. The on-chain council was just introduced as a part of the Mangata X governance. The council is able to introduce important feature upgrades, manage the MGX Treasury, and steer the growing Kusama DEX.
The council consists of hardworking contributors and team members to Mangata Finance. It currently holds power to decide on all matters of the chain. This is an important step to transition control away from the single “sudo” key to multiple contributors to the chain. An important step towards more decentralization and reducing risks and liabilities.
In the future, it is our intention to decentralize Mangata X and the council progressively. We envision a council where active community members, stakeholders, and partnering protocols of Mangata X will also be able to join the council.
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Mangata is the next-generation DEX of Polkadot with the vision to make tokens from all ecosystems tradable on a single DEX. It features gasless swaps, prevents front-running and MEV, and increases capital efficiency with the revolutionary proof-of-liquidity consensus. As a Layer 1 app-chain building on Substrate, it is not bound by legacy EVM restrictions and optimizes the whole ecosystem around capital efficiency and fairness. Mangata X is the DEX of Kusama that broke records when closing its crowdloan within 50 minutes.
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