Mangata X concludes IMBU bootstrap with $7m FDV
Kusama DEX lists Web3 token for trading, offers 250% APR
The Web3 economy in Polkadot is growing: Imbue Network, the decentralized crowdfunding solution, has successfully bootstrapped its IMBU token on Mangata X. The IMBU-MGX liquidity bootstrapping event saw more than 100 users participating and resulted in an FDV of 7m USD.
“Mangata X performed an excellent token bootstrap during one of the worst storms of crypto winter. We are proud of our team for their dedicated work in a time like this. Whatever happens, Mangata continues building.”, says Peter Kris, Founder, and CEO of Mangata Finance.
In total, $44k in liquidity (20m MGX and ~600k IMBU) have been provided for the bootstrap, resulting in an IMBU:MGX ratio of 1:33.3 at the start of trading. Trading between the MGX-IMBU pair started only seconds after the bootstrap was completed.
”This was a very smooth launch! Web3 can be chaotic, but we have shown that the Polkadot and Kusama ecosystems are home to some of the most professional and experienced development teams in Crypto”, said Sam Elamin, Founder of Imbue Network.
Users can now trade between MGX and IMBU on app.mangata.finance. The initial APR of liquidity provision for the IMBU-MGX pair is 250%. Users can find more information in the User Guide
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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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