3 Million Token for LRT Adoption

Abstract

The Manta Foundation is releasing the 3 million MANTA tokens (0.3% of the total token supply) from the treasury to further support the adoption of LRTs on Manta Pacific through the Restaking Paradigm campaign and future LRT campaigns.

Motivation

The adoption of LRTs is instrumental in the growth of Manta Pacific, and the Restaking Paradigm offers an excellent opportunity to introduce LRTs to the community through the support of Manta ecosystem LRT projects including EtherFi, Ethena, Puffer, Bedrock, and more. The benefits observed include:

  • Increased on-chain participation and capital efficiency.
  • Promoted long-term alignment between Manta Network’s objectives and ecosystem support.
  • Given the positive impact of the Restaking Paradigm, it is imperative to sustain momentum by offering additional incentives to participants, ensuring continued Manta’s growth and stability.

Demonstrated Success Through Restaking

The Restaking Paradigm has already shown promising results, with significant participation from the community, which has led to:

  • Heightened community engagement and support for Manta Network’s initiatives.
  • Strengthened trust and loyalty within the Manta Network ecosystem.

Future Outlook of the Restaking Paradigm

With the current success, Manta Foundation is committed to expanding the Restaking Paradigm’s impact by:

  • Enhancing the rewards mechanism to maintain high participation levels.
  • Exploring new opportunities to leverage restaking for Manta’s growth and development.
  • Continuing to align the restaking incentives with long-term objectives and community benefits.

In addition to the current offerings, more LRT options and yield-bearing stablecoin projects will continue to join Restaking Paradigm, providing users with more choices and incentives. These upcoming additions are set to further enrich the ecosystem, providing users with more opportunities to maximize their earnings and diversify their portfolios.

Funding Allocation and Distribution

The allocation of 3 million MANTA tokens will be directed towards providing additional rewards for LRT adoption including Restaking Paradigm. For Restaking Paradigm, up to 2 million in rewards will be allocated, based on the following milestones:

  • A total of 100,000 MANTA tokens were unlocked at $20m TVL
  • An additional 400,000 MANTA tokens (for a cumulative total of 500,000 MANTA tokens) unlocked at $50m TVL
  • An additional 500,000 MANTA tokens (for a cumulative total of 1,000,000 MANTA tokens) unlocked at $100m TVL
  • An additional 1,000,000 MANTA tokens (for a cumulative total of 2,000,000 MANTA tokens) unlocked at $200m TVL

The rewards will be unlocked and distributed based on each user’s contribution to the total TVL at the end of the Restaking Paradigm campaign period. Any rewards that are not unlocked, including the 1 million MANTA tokens not allocated towards the Restaking Paradigm campaign, will be used as rewards in upcoming LRT campaigns.

For Restaking Paradigm, a total of 1 million MANTA tokens will be allocated and distributed once the campaign ends.

The address that will be used to receive and distribute the 3 million MANTA tokens will be

5CJDE1uS6XuoCQZE2ELuxurYnvZ7eb6x4EXb9t9yWL2XQHmQ.

Considerations

With Manta Network’s strategic approach to token allocation and the demonstrated success of the Restaking Paradigm, the requested 3 million MANTA tokens represent a calculated investment into the growth and sustainability of LRTs on Manta Pacific. This initiative not only rewards current participants but also attracts new stakeholders, fostering a robust and vibrant Manta Network ecosystem.

Voting

This proposal is now open for community voting. Your participation is crucial in shaping the future of the Manta Network and the success of the Restaking Paradigm.

Proposal Hash: 0x0bcd7bc80b2e4e5775c650a8d23e1df74e3385508bbc288af9c2dc705e843cc4

Voting Link: Polkadot/Substrate Portal

Voting period: 4/12/2024 to 4/19/2024 7AM UTC

15 Likes

LFG you are good to go