Monday, July 15, 2024
HomeDeFiManta Network declares 71.5% of $KMA to transfer its treasury

Manta Network declares 71.5% of $KMA to transfer its treasury

Manta Network, a Substrate-based DeFi privacy protocol, revealed treasury adjustments to its Kusama parachain, Calamari Network, locking 7.5 billion $KMA, or 71.5 percent of total $KMA issuance, in its decentralised treasury. Manta Network’s latest move intends to increase decentralisation on its platform, with funds requiring community control to be accessed.

Calamari provides users with a plug-and-play privacy-enhanced parachain services of Kusama ecosystem applications. The combination of Kusama’s multi-chain properties with zkSNARKs, which ensures all on-chain transactions and token exchanges stay private, is critical to its growth. The Calamari team has been working tirelessly to increase decentralisation on the platform in order to promote privacy.

Calamari Network has embraced a development method that provides complete privacy and decentralisation of its network and the entire Kusama ecosystem since its introduction last year. First, the $KMA token was distributed directly to the community in a fair token launch, in which 10,000 $KMA tokens may be exchanged for 1 $KSM token.

As part of the benefits for assisting Calamari Network in securing a parachain, up to 30% of the project’s total supply is allocated to PLO participants. This was accomplished by successfully obtaining a parachain auction via the Kusama crowd loan. Furthermore, no tokens were saved for the development team or private investors, resulting in the platform being totally owned by the community, according to the platform’s website.

Second, months after the debut of the fair token, Calamari Network released its on-chain community governance. The launch was followed by a series of runtime upgrades, each of which required community approval to allow. Token voting with $KMA has pushed multiple 3.1.x updates, allowing for the implementation of new features such as a community collators programme.

Finally, on its path to total decentralisation, Calamari is launching decentralised treasury services (with over 70% locked) and community control over the treasury. Governance will need to unlock the $KMA in the Calamari treasury. 

Future treasury tokens will be used as incentives for airdrops, liquidity farming, development grants, future crowd loans, the lock drop of the $MANTA token, and other community activities. Governance will propose and decide on approvals for the aforementioned activities and events.

Calamari Network intends to introduce the upcoming private payment service, MariPay, in the future, which will offer privacy for various parachain assets in the Kusama ecosystem. The Dolphin testnet for this service is already operational. Nonetheless, the development team intends to introduce MariSwap to provide users with the opportunity to swap across parachain assets while maintaining the anonymity of the user addresses.

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