Ethereum’s decentralized finance arena has seen the beginnings of breakout success in 2020, but with the rise of DeFi comes the prospect that other up-and-coming smart contract platforms and the chains and dApps they power will be able to peel off activity for themselves in the sector.
To be sure, Ethereum’s lead here is resolute for now. But that doesn’t mean there aren’t competitors already planting the seedlings for their own DeFi gardens. One of these competitors is Polkadot.
Polkadot is a multichain network, which essentially means it’s a blockchain of blockchains, where interoperability between these chains, called parachains, makes them open and interconnected rather than siloed. To this end, the Polkadot team developed Substrate, a framework for easily creating new cryptocurrencies and blockchains.
Of course, Polkadot is a young project as its initial version only just launched back in May 2020. But the network’s Substrate tech is already paving the way to DeFi services in the Polkadot ecosystem. A prime example of this dynamic is the rise of the Substrate-based MANTRA DAO.
A DeFi Platform for Polkadot
Simply put, MANTRA DAO is a community-governed decentralized application, or dApp, built on Rio Chain, a blockchain underpinned by Polkadot’s Substrate infrastructure. At its core the MANTRA platform has three pillars, which are lending, staking, and governance.
As such, MANTRA’s key offerings center around cryptonative earning opportunities like decentralized lending and saving services, as well as non-custodial crypto staking. Moreover, the project’s governance system empowers and incentivizes stakeholders to manage MANTRA into a well-tuned and effective platform.
A Hub for Staking Polkadot Assets
Since Polkadot is structured around the interoperability of parachains, it stands to reason that over time projects will proliferate atop it. Accordingly, MANTRA DAO is positioning itself to become a non-custodial staking hub for Polkadot-based…