Dear Sherpas and soon-to-be Sherpas,
We are excited to share some important updates regarding the evolution of MANTRA Chain and the OM token. Recently, a proposal put forward by a group of Sherpas was approved with overwhelming participation and support. The proposal aims to make OM MANTRA Chain’s primary token. Our team has been tasked with exploring the feasibility of this transition and developing a plan to make it happen.
In response to this request, we have published our own proposal, which outlines the necessary changes to OM and its tokenomics to ensure a successful upgrade. You can find the proposal by following this LINK.
To uphold our commitment to transparency and inclusivity, this article provides more detailed information to complement the proposal. We will continue updating this article as more information becomes available.
Total Supply and New Allocations:
MANTRA Chain’s launch will require the creation of new OM tokens for various purposes. Like any new cryptocurrency project, especially a new blockchain, it is essential to incentivize community participation, support staking, and finance ecosystem development. Therefore, we propose to mint an additional 888,888,888 OM tokens, in addition to the existing 888,888,888 OM tokens (of which more than 90% are already in circulation). These new tokens will be allocated at MANTRA Chain’s genesis. Additionally, there will be an elastic issuance of new OM tokens to accommodate the increasing complexity of OM as a chain token. We plan to reduce OM inflation over time, eventually transitioning to real yield staking once our RWA ecosystem has been sufficiently developed.
After careful consideration, the proposal introduces the following new allocations:
OM Upgrade (Fixed):
This allocation is reserved for the existing Sherpa community. We greatly value your contribution to MANTRA, and we want to ensure that you benefit from the transition to MANTRA Chain. All OM stakers will have the opportunity to earn up to a 1.35x multiple on their stake. The distribution of these rewards will commence at the launch of the mainnet. More information on this can be found in a separate article explaining the new staking process.
Genesis Airdrop & Incentivized testnet (Fixed):
To promote MANTRA Chain’s usage and draw attention to our initiatives, we have allocated tokens for community adoption and initial airdrops to stakers and to incentivize the testnet As the launch of MANTRA Chain mainnet approaches, we will provide further details on how to earn these allocations.
Core Contributors (Fixed):
We recognize that MANTRA Chain and its success depends on the community and people involved. To support and incentivize core contributors to the MANTRA Chain Ecosystem, this bucket is newly created. Within Core Contributors, we look to reward stakeholders that significantly influence MANTRA Chain’s success. This will include, but is not limited to, the team, investors, advisors, moderators, active contributors and more. As these tokens will be vested over a significant period of time, it helps to align those contributors with the long term vision of the project.
MANTRA Association (Fixed):
The MANTRA Association serves as a strategic reserve for protocol development. As a blockchain, we provide a foundational technology for building new applications and integrating existing ones. To drive value to MANTRA Chain and benefit OM holders, we need to strategically seed, incubate, and support projects that align with MANTRA Chain’s value proposition.
Ecosystem Initiatives (Issued):
To continuously support the growth of the MANTRA Chain ecosystem, this bucket was reserved for proactive initiatives. This includes the incentivization and acceleration through developer support programs, hackathons, and events to educate and support talented teams that are looking to build innovative products on MANTRA Chain.
Staking Rewards (Issued):
The security and reliability of the MANTRA chain is of incredible importance. We therefore needed to find a way to secure the network for the foreseeable future and beyond. To do that, a dedicated staking rewards allocation will distribute block rewards to the validators securing MANTRA Chain. These tokens are newly issued on a regular basis.
Community Pool (Issued):
This allocation is reserved for the Sherpa community to allocate in the form of grant proposals to and from the community. This bucket will give an active voice to our community, allowing you to influence and shape MANTRA Chain’s future. These tokens will be newly issued, as we believe it will allow MANTRA Chain to experience continuous innovation and growth even after the capped allocations are already depleted.
Closing remarks:
We are incredibly grateful for your ongoing support! We want to express our heartfelt thanks for being a part of this amazing journey. If you have any questions or comments about the proposal, we encourage you to join our active forum on Discord. Our team is eagerly awaiting your input and will be there to address any concerns you may have.
Rest assured that we are fully committed to keeping you informed every step of the way. We will continue to update this article with the latest information, and we’ll make sure to announce any updates through our vibrant social media channels. Your involvement is invaluable, and we can’t wait to share more exciting news with you soon!
Thank you again for being an essential part of the MANTRA Chain community. Together, we’re building a bright future!
