ZENTEREST was recently added to MANTRA DAO’s rapidly growing suite of DeFi protocols
We’ve seen exponential growth in decentralized funding over the past few months, and the TVL (Total Value Locked) on the DeFi logs is now a staggering $ 24 billion. Among the projects that have contributed to the explosive growth of the sector over the past few months, MANTRA DAO is a community-controlled and decentralized DeFi platform that offers its users a wide range of services including staking, lending, stable coins, derivatives , Governance, grants and custody.
Rapid growth
After the successful launch of the token, MANTRA DAO continued to make noise in space throughout December and announced a number of partnerships with companies such as BAND, LUNA and KAVA to be added to the list. In addition to teaming up with some of the most exciting projects in DeFi, MANTRA DAO has announced the launch of various DeFi products on its platform, including soft governance, which the MANTRA DAO community can use to vote and suggest changes to various aspects of the ecosystem.
In December, the project reached a particularly notable milestone: over 100 million OM tokens have been deployed natively on the MANTRA DAO staking platform since it was revealed just two months earlier. The community has been rewarded for being an integral part of the project’s success with the opportunity to own one of 88 rare MANTRA DAO NFTs sold on the Rarible NFT platform. The event sold out within 30 minutes and the proceeds from sales went back to the community.
Lending, decentralized
One of the most exciting features that MANTRA DAO has announced in the past few weeks has been the ZENTEREST decentralized credit protocol, an over-collateralized money market credit protocol that allows platform users to provision, borrow and use their crypto assets as collateral.
The beta version of ZENTEREST launched in late December 2020 and is a spin-off of Compound Finance and Cream.finance, two well-designed and successful loan protocols that have become popular in the DeFi space. Although ZENTEREST uses the best of both protocols, it has its own set of listed assets that can be used for borrowing, borrowing, or both. Various assets including the native OM token from MANTRA DAO, ETH, wBTC, LINK, COMP, USDC, DAI, SNX, UNI, SUSHI, AAVE, LINK, YFI, 1 ZOLL and other smaller upcoming projects such as POLS, DSD, BONDLY , RSR, ROYA, etc. are available to users.
This is the first of various loan products to be available on the MANTRA DAO platform and the second as a proprietary multi-asset CDP / stablecoin. The KARMA protocol, a decentralized credit rating system, will be the third, and these products are expected to be released in the first and second quarters of this year, respectively.
MANTRA DAO was developed to use the “knowledge and wisdom of the crowd”. MANTRA DAO is currently participating in the Parity Substrate Builders program. MANTRA DAO not only offers its community a wide range of DeFi products and services, but is also a validator for several projects including BAND, Terra, Matic, ATOM and most recently E-Money, a platform that provides currency-hedged, secured stablecoins offers.
MANTRA DAO has so far successfully kept promises that are set out on a long roadmap. The launch of credit products is another win for the platform’s already thriving community. With DeFi’s future brighter than ever, MANTRA DAO is becoming one of the industry’s success stories on its way to trustworthy, inclusive and globally accessible financial products.
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