Abstract
This is a proposal for MANTA tokens to be used as incentives on StellaSwap’s MANTA-GLMR pool, in conjunction with the 1 million DOT incentive that Stellaswap was recently awarded via Polkadot Governance. If accepted, this incentive program would run for three months, with the possibility of renewal if the Manta community would like.
Check out the referendum on Stellaswap’s DOT grant here
And read the proposal in detail here
I will note that Manta is one of the largest parachain incentive recipients.
Background on Stellaswap
Stellaswap is the leading dex on Moonbeam, capturing the majority of on-chain volume. We have a Uniswap v3-style concentrated liquidity dex (running on the Algebra engine) which constitutes a unique offering on Polkadot. Our capital efficiency is many times higher than a standard dex, allowing much larger trades to be made on the same TVL without compromising on slippage. We generally have a utilization rate 20-100% on most of our pools, while a standard dex is going to be more like 5%.
Our dex calculates swap fees automatically - no need for LPs to guess what fee tier to use. And we’ve got an integration with Gamma to provide automated liquidity management on many of our top pools, which if this passes could include MANTA.
Note that as of this writing Gamma support is only available for one pool, but will be integrated in all of our largest pools by the time we receive our DOT incentives, in about two weeks.
The Advantages of MANTA on Stellaswap
Simply put, Moonbeam is where most of the users in the Polkadot ecosystem are. It’s often where they arrive first from the EVM world, and Stellaswap is the biggest dex in that space. A healthy MANTA pool on Stella will get the Manta brand in front of more users, and will hopefully lead to conversions among new Polkadot users.
With Stellaswap on track to receive significant DOT incentives there will be more attention than usual, and this is a great opportunity to push for a higher profile for Manta.
Something we’ve done in the past, if you look at our pools page specifically at iBTC and CFG, we put links to those project pages right on the pool. For users new to the Polkadot space, who are learning about parachains for the first time looking at our list of incentivized pools, we want folks clicking that link and getting excited as they learn more. And we would do this for Manta as well.
Moonwell
The biggest advantage though and a key goal here is a Moonwell listing. Moonwell is the largest lending platform on Moonbeam, and a listing here would not only provide additional utility for the Manta token (allowing manta holders to earn a yield on their tokens or collateralize them for loans), it’d also help to make Manta liquidity more “sticky” on Stellaswap.
If Manta does not currently have price oracle support, we would work with you and Moonwell to help get that set up.
$1m TVL in the Manta pool would be a key threshold to achieve this, as a stable price oracle and thus a Moonwell listing would be dependent on deep liquidity. Stella and DOT incentives will go a long way towards this over the course of this year, but Manta incentives (particularly during this initial three month phase) are key as well.
Incentives and Projections
Note - Stella and DOT incentive numbers are from the Polkadot Governance Proposal linked in the Abstract, and reflect a 12 month period. The MANTA numbers are for a 3 month term, that could be renewed.
Note also that the projected TVL in the Polkadot proposal did not account for any MANTA rewards.
MANTA-GLMR
Target TVL (again, based on DOT + Stella incentives only) - $1,500,000
Note that this level of TVL would allow for significantly less slippage than an equivalent TVL on a non-concentrated dex.
| Asset | Amount | Period |
|---|---|---|
| DOT | 10000 | 12 Months |
| Stella | 245562 | 12 Months |
| MANTA | 10869 | 3 Months |
Closing Thoughts
We look forward to working more closely with Manta moving forward, and we’re excited to involve MANTA in this unprecedented incentive program from Polkadot. Please don’t hesitate to share your thoughts in this forum, or to head over to Stellaswap’s discord channel to ask questions. You can find Stellaswap at StellaSwap - Leading Moonbeam DEX & DeFi Gateway
Our Wallet Address: 0x4300e09284e3bB4d9044DdAB31EfAF5f3301DABa
(If a substrate wallet address is required, please let us know and one can be provided)