Malta, Aug. 26, 2020 — OKX (www.okex.com), a world-leading cryptocurrency spot and derivatives exchange, has announced the listing of Mantra DAO (OM), the first DeFi project built on Parity Substrate for the Polkadot ecosystem. The addition of OM further expands OKX’s extensive offering of decentralized finance projects, with a current total of 20 DeFi tokens available for its global user base.
OM spot trading against USDT went live at 10:00 am UTC on Aug. 25, with trading pairs against ETH opening one hour later. Deposits of OM were available from 11:00 am UTC on Aug. 21 and OM withdrawals will open at 10:00 am UTC on Aug. 27.
Focusing on staking, lending and governance, Mantra DAO is a next-generation DeFi platform that creates a community-governed, transparent and decentralized ecosystem for the Web 3.0, giving financial control back to the people, enabling them to grow wealth together.
As the first Polkadot DeFi project built on Parity Substrate, Mantra DAO has attracted much attention since its inception. According to Coin98 Trading Analysis, OM took eighth place in CoinGecko’s Top 30 Trending Searches as soon as it was launched, making it the only new token to be included.
OKX CEO Jay Hao commented:
“We are glad to witness the impressive progress that Mantra DAO has made within such a short time. This is also an indication of the innovative capabilities and potential of Polkadot and the DeFi space at large.”
With the rise of the DeFi economy, various high-quality Ether-based DeFi projects have quickly established a DeFi service paradigm, achieving a large number of locked positions, financial agreements and smart interaction. However, while achieving great success in a short space of time, the growth of DeFi has also highlighted some limitations of the Ethereum infrastructure, especially its increasing network congestion and rising transaction costs.
In order to avoid this situation, OM opts for a different approach — establishing a community-managed protocol as a gateway for cross-chain, multi-asset DeFi services to achieve more effective resource integration, solving many current DeFi problems through its fully interoperable, transparent, and autonomous savings and lending platform.
For instance, the OM identification system allows users to log in and access their cryptocurrency wallets via email. In addition, the pledge and lending functions of Mantra DAO support the simultaneous cross-chain transfer of multiple assets. Moreover, as the native token of Mantra DAO, OM gives holders the right to propose and vote, achieving complete autonomy and allowing users to fully control their assets.
Jay Hao added:
“OM fundamentally redefines the current traditional DeFi ecosystem, overcoming multiple existing shortcomings and limitations, especially in terms of autonomy, resource mobilization, multi-level application and flexibility. We are looking forward to watching the further development of OM and are optimistic for its future.”
A world-leading cryptocurrency spot and derivatives exchange, OKX offers the most diverse marketplace where global crypto traders, miners and institutional investors come to manage crypto assets, enhance investment opportunities and hedge risks. We provide spot and derivatives trading — including futures, perpetual swap and options — of major cryptocurrencies, offering investors flexibility in formulating their strategies to maximize gains and mitigate risks.
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