With the new crowdloan incentives, raising 5 million DOT gives 6x more rewards
These new updates apply retroactively as well;any contributors in the past, present, and future will be upgraded to the new reward system.
Since the announcement of our crowdloan on Polkadot less than a week ago, we have been listening to our community feedback. Just like with our canary network project, Calamari Network, Manta Network intends to be a community-driven project in many aspects; as a decentralized effort, our team commits to remaining open-minded to our community’s opinion.
We heard you loud and clear. Many crowdloan participants and supporters of our project were looking for a better rewards system, to keep Manta Network’s crowdloan competitive and adequately incentivized. As a next step, we jumped into community conversations surrounding this idea, including a few DMs with talented community members who built thorough and accurate reward models and projections.
With all of this information, we went back to the drawing board to figure out how to upgrade our crowdloan rewards. While the previous rewards system was a fixed rate of 1 DOT : up to 5 MANTA (not including early-bird incentives, the new system will take full advantage of the entire 15.6% crowdloan allocation that we have carved out. As a reminder, our crowdloan allocation distribution categorizes the 15.6% across the following:
- 12% (120 million) of tokens are base rewards, earned by simply contributing DOT
- 3% (30 million) of tokens are earned exclusively by crowdloaners through participating in the MantaPay liquidity event, once MantaPay launches
- 0.6% (6 million) of tokens are exclusively reserved for Binance early bird contributors)
Manta’s Updated Crowdloan Rewards System
Our updated system transforms the crowdloan rewards from a fixed ratio into one where every DOT contributed represents an allocation of the contributions.
The Base Reward Changes
Under the new system, the base rewards are no longer a ratio of 1 DOT to 4 MANTA. Instead, it is based on how many DOT you contributed to the pool of DOT contributions. With this change, your rewards will increase significantly. For example, if Manta receives 5 million DOT in its crowdloan, the new system would reward DOT contributors 6x the amount of rewards compared to the old system.
If Manta receives 5 million DOT in its crowdloan, the new system would reward DOT contributors 6x the amount of rewards compared to the old system.
The MantaPay Liquidity Event Rewards
The MantaPay liquidity event will still take place, but instead of having the reward fixed at 1 MANTA token, the same rewards distribution that the new Base Rewards have will replace the fixed ratio. In other words, crowdloan contributors who participate in the MantaPay Liquidity Event will be allocated a proportionate amount of the 30 million tokens, just like how the Base Rewards work.
The Bonuses Apply and Factor Into the Pool
The early-bird bonus amounts apply in the new system. All bonuses will be factored in for each applicable contributor; under the new system, the bonuses will be added into the representation of their allocation of the crowdloan rewards. As an example, an early-bird participant who contributes to the crowdloan before November 11, 2021 will receive 10% more MANTA than those who contribute after the third parachain auction.
The Binance Pool Remains the Same
The Binance Pool of 0.6% (6 million MANTA) will remain the same because it already follows the rules that we have applied under the new changes.
We believe that this new rewards system provides significant favor to the crowdloaners and supporters of Manta Network. Beyond that, we hope that this move represents a step that demonstrates that we are constantly listening to our community, and taking your feedback into consideration. Thank you to all of our community for contributing to the crowdloan and this new idea for the rewards structure. We appreciate it, and look forward to ushering in Manta Network’s first major milestone as a parachain!
Sincerely,
The Manta Network Core Team
About Manta Network
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Manta Network is the on-chain privacy solution for blockchain assets built from the first principle. In short term, Manta will be a product that enables high-performance private DeFi transactions, such as FT/NFT transfer and AMM styled swap. In the long term, Manta will be the platform for privacy-preserving blockchain applications.
Manta’s founding team comprises many US cryptocurrency veterans, professors, and scholars whose experience includes Harvard, MIT, and Algorand. The advisors of Manta include Hypersphere Ventures co-founder Jack Platts, Polychain partner Tekin Salimi, former Web3 Foundation co-founder Ashley Tyson, and Consensys’ Shuyao Kong. Manta has previously completed a million-dollar seed round of financing led by Polychain and participated by Three Arrows Capital, Multicoin, Alameda, and Hypersphere. Manta is also a grant fund recipient of Polkadot’s official Web3 Foundation. Manta also is an outstanding member of the Substrate Builder Program and the Blockchain Accelerator of the University of Berkeley.
