Public phase of the event offers big bounty for participants
BRATISLAVA, SLOVAKIA / ACCESSWIRE / June 11, 2022 / Mangata X, the community-owned DEX, has started its MGX-KSM liquidity event with a big bang, putting an eye-popping 17% of the MGX supply up for grabs to anyone contributing to the bootstrap.
This unprecedented move is intended to radically decentralize liquidity and ownership of the incubating network and give the entire ecosystem a stake in the Kusama DEX. Typical liquidity bootstraps start with a very small allocation percentage from the supply, usually around 1-2%.
Starting on Sunday, June 12th, the public will get the opportunity to join in the event at liquidity.mangata.finance. The event will end on Wednesday, June 15th.
As a Kusama parachain built on the Substrate blockchain framework, Mangata X is a DAO from day 1. Offering so much MGX to the community upfront will help further decentralize the network, putting it on a path to establishing an on-chain governance culture.
The bootstrapping event is intended to last for at least 7 days. To show appreciation to early supporters, whitelisted members have been given early access to contribute KSM in the first three days of the event. This will change once the public phase begins. A 168 million MGX bounty contributed to the event is likely to kick off a scramble among investors clamoring to get their share.
Another reason the Mangata X Ecosystem Development Fund has committed such a large percent of the initial supply to the MGX-KSM liquidity bootstrapping event is to make it less competitive and more of a collaboration within the Kusama community. The size of the bounty creates a low initial valuation, which leads to a fairer, more equitable distribution and positions Mangata X to achieve its goal of a community-owned DEX.
The bounty is intended to unite Kusama ecosystem users, and allow them to agree on the initial fair price as a community, while at the same time making all participants co-owners of a large portion of Mangata X right from the beginning.
Mangata is a next-generation DEX with the mission to make tokens from all ecosystems tradable on a single DEX. It features gasless swaps, prevents front-running and MEV on the consensus level without additional fees, and secures the network with the revolutionary proof-of-liquidity consensus. As a Layer 1 app-chain building on Substrate, it is not bound by legacy restrictions and can customize the rules of the chain to optimize the whole ecosystem around capital efficiency and fairness. Mangata X is THE upcoming Kusama DEX that broke records when closing its crowdloan within 50 minutes.
SOURCE: Mangata Finance