Many smart developers have worked hard to craft some of the finest decentralized autonomous organization “DAO” projects in 2020. These DAOs are way better than what people had offered till 2016.
Many people now believe DAO is a reliable alternative organizational structure. Probably that’s why there are many active DAOs in the market today!
One key benefit of the decentralized autonomous organizations is that it effectively manages the governance problem. Every individual in the ecosystem gains the power to propose and carry out changes. Other members can either support his suggestions or reject them. It all happens transparently and democratically.
The Mantra DAO platform has the potential to raise the standard for DAOs. That’s why it has been one of the most popular DeFi platforms launched in 2020. Let’s discover more information about this platform and its native coin “OM”.
What is the Mantra DAO OM coin?
Being focused on decentralized governance, staking and lending, the Mantra DAO DeFi intends to be the best ecosystem for Web 3.0. It is a RioChain blockchain-based project, which can connect with Polkadot.
People, who use stablecoins and lending or savings products, can use Mantra DAO for their benefits. It can soon emerge as one of the leading Staking-as-a-Service markets for crypto investors.
Every user, who joins the Mantra DAO ecosystem, can make key decisions related to this platform’s operations. The user will have to stake the OM coins to be a participant in the decision-making panel. You can make 1 vote if you stake 1 OM coin. That’s how things work on this platform. Users can also use the staked tokens to propose changes in this platform.
Every user, who offers a positive contribution to the ecosystem, will be incentivized through the KARMA Protocol reputation system. Mantra’s 10-tier structure provides incentives by assessing the amount of KARMA a user has.
This platform is going to offer several decentralized finance services, which include the following:
This platform is going to offer Polkadot platform-based non-custodial staking for cryptocurrencies.
This DeFi considers lending and borrowing as two major services for users. Therefore, it is going to implement those services after perfect planning in the future.
This platform will launch USDOM when the lending platform will get in the third phase. It will be a cryptocurrency-collateralized dollar-pegged stablecoin. It will allow all the users in the Mantra DAO ecosystem to use various cryptocurrencies from different blockchain projects as collaterals to mint USDOM.
All the Mantra OM coin holders can enter Mantra POOL, but they will have to burn their staked coins first. Participants with a high KARMA level can automatically enter the Mantra Pool without burning their digital assets.
There will be a total supply of 888,888,888 OM tokens. Users, who buy and stake these tokens today, can trade them at much higher exchange rates in future. Besides, staking has its unique perks and rewards. Therefore, many crypto investors are looking to invest in the OM token.
How to buy the Mantra DAO “OM” coin?
The RioChain blockchain allows Mantra DAO to introduce many revolutionary financial products. Those products will help millions of crypto investors. Hence OM is the native token for the Mantra Dao ecosystem, it will be used for paying for the DeFi services.
The OM token has several use cases, which make it an important crypto asset. You should buy it now because currently, the cost is low. Its cost will increase quite rapidly when Mantra DAO’s financial products are out. You can a huge profit by exchanging OM coins for other crypto assets.
A seasoned crypto investor already knows how to buy altcoins like OM. If you are a beginner, follow the below-given steps to buy the OM coin:
Join an online exchange to buy the cryptocurrency
The process begins with joining a cryptocurrency exchange. You may probably have heard about some popular cryptocurrency trading platforms. Do some online research if you haven’t heard about them yet!
Coinbase, Binance, BitMEX, etc. are some popular cryptocurrency exchanges. Check how these platforms operate and what features make them beneficial for your investments. Pick a perfectly suitable platform and join it.
Make sure you have registered to a crypto exchange that accepts fiat currency deposits. Go to the fund deposit page, transfer your money, and then you are all set for crypto trading.
Buy the OM coin
It may not be possible to buy the OM coin directly by exchanging your fiat currency. So, first, you have to set up a crypto wallet and buy some bitcoins or ethereum. The cost of these crypto-assets changes every day.
Besides, different exchanges charge a different fee for processing your request. So, you will have to pay some bucks as trading fees to acquire your first cryptocurrency coins.
You are just one step away from buying the OM token. Go to the crypto exchange page on the exchange and search for the OM token. You will find this token in the search results if you are on a fiat-to-crypto and crypto-to-crypto exchange.
Suppose your exchange has not listed the OM token, join another platform. Popular exchanges such as Coinbase, Binance, BitMEX, etc. have listed the OM token. Here you can find all the trading pairs for this token and exchange your bitcoin or ethereum for the OM coins.