Acceptance of 3 million MANTA tokens from the Manta Foundation to Bifrost

Abstract:

Bifrost is a dedicated liquid staking middle layer serving the omni-chain ecosystem. Built on Substrate and powered by Polkadot, it provides standardized cross-chain liquid staking solutions for multiple chains.

Bifrost proposes the strategic acceptance of 3 million MANTA tokens from the Manta Foundation to enhance liquidity solutions for its liquid staking token (LST). This initiative aims to recognize and further solidify the longstanding and valuable support that Bifrost has contributed to liquidity staking on Manta Network. This proposal details the intended distribution, the period of liquidity provision and its expected benefits to both ecosystems. The 3 million MANTA tokens will be employed to provide liquidity across bridge and DeFi products on Manta Network. This increase in liquidity will contribute to bootstrapping use cases for xcvMANTA in Pacific, a smoother and more rewarding staking experience for users, reducing slippage and broaden community participation.

Motivation:

Bifrost has played a significant role in supporting the liquidity of Manta Network through liquid staking. Currently vMANTA (MANTA Liquid Staking Token) has over 800,000 vMANTA. Soon, users can stake their MANTA directly on Manta Pacific via omni.ls on BiFrost. After receiving xcvMANTA on Pacific, users can take their xcvMANTA to a DEX on Manta Pacific, providing liquidity in the MANTA/xcvMANTA pool to earn rewards. The allocation of 3 million MANTA tokens for liquidity will solidify the collaboration between Bifrost and Manta Network, building native use cases for xcvMANTA across the Pacific ecosystem and ensuring the provision of continued staking rewards for the community.

Rationale:

  • Acknowledging Support: The long-term support provided by Bifrost to Manta Network’s security, bootstrapping on-chain use cases and activity pivotal for growth and sustainability. This token distribution is a gesture of appreciation and commitment to the ongoing partnership.
  • Enhancing Liquidity: Additional liquidity will streamline the liquid staking process on Bifrost, making it more accessible and attractive for users who wish to liquid stake MANTA to xcvMANTA. Moreover, the DeFi ecosystem on Manta Network offers additional avenues to earn rewards by providing liquidity to the MANTA/xcvMANTA pool.
  • Strengthening Ecosystems: This collaboration not only benefits Bifrost and Manta Network, but also enhances the broader Manta Pacific ecosystem and usecases off xcvMANTA.

Voting:

This proposal is now open for community voting. Your participation is crucial!

Voting Period:

The voting period will commence by Manta Atlantic.

We encourage all community members to participate.

9 Likes

When does the voting period start and where can I vote?

1 Like

Voting will come later. Proposal need to go through council approval first before public voting started.

1 Like

Fantastic proposal Bifrost! I will be putting forward my vote to make sure this passes.

SK852

2 Likes

Hi There,
I’m fully supporting the idea.

Bifrost built some liquidity on their parachain even with the hurdles for the users to bridge from Pacific to Bifrost.

Most users are waiting for more use cases, it’s time to expand use cases directly on pacific now !

2 Likes