MANTRA Core Proposal - HeliSwap Grant Proposal #2

As part of Season 0 of MANTRA Grants program, the Governing Council initiated the following HeliSwap Grant Proposal #2 to offer the chance for HeliSwap to receive a grant to expand and bring benefits to the MANTRA OMniverse.

Council quorum has been achieved as required for a Core Proposal to be initiated, and the Council has unanimously voted in favor.

Grant Recipient Project Summary: HeliSwap is bringing DeFi to the Hedera ecosystem by launching its first DEX and DAO, supporting swaps between HTS, ERC-20s and HBAR, all in a cost effective, green and permissionless way for people to trade their favorite assets.

Proposal Summary: The Governing Council has agreed in favor to review the terms of the Grants Proposal set out by the HeliSwap team to provide additional incentive for LP liquidity providers on www.heliswap.io. $OM token holders will benefit from being immediately able to access additional LP staking opportunities on the Heliswap platform.

As per HeliSwap’s Grant Application, the Heilswap team is requesting MANTRA to allocate OM tokens and as well as support through a grant for the purposes of:

• Creating LP liquidity provider rewards pools on HeliSwap

This proposal will be reviewed and tokens will be released at pre-agreed milestones to allow adjustments to the proposal parameters, if needed.

Amount of funds requested:

• $200,000 equivalent in $OM for LP Staking Pools on HeliSwap

Funds Allocation Breakdown:

• $200,000 equivalent in $OM will be sent from the MANTRA Grants wallet upon reaching the predetermined project phases.

Milestones:

• LP Staking Pools created on HeliSwap
• Allocated funds sent from the MANTRA Grants wallet to the $OM LP Staking Contracts provided by Heliswap
• LP Staking Rewards are available to be earned on www.heliswap.io

Proposed Phases:

If passed, the Council proposes to review the above proposal at regular intervals to make additional adjustments as needed.

Council's Comments:

As a strong layer 1 blockchain, the Hedra ecosystem presents a unique opportunity to bring OM tokens to many members of Hedra as well as open doors for Sherpas to more easily access the Hedra ecosystem.

Having worked very closely with the HeliSwap team, including successfully integrating the Hedera Bridge Support $OM to HTS through Hashport. Together, we are confident in the team’s ability and are clear on the benefit that a Grant provides by allowing Sherpas to swap in the $OM/$HBAR pool, while also opening opportunities for long term HeliSwap supporters for lucrative rewards and airdrops. Details of these rewards can be referred to in the HeliSwap tokenomics (link below).

https://medium.com/@heliswap/heli-token-tokenomics-f3cc6f7f70b0

We will run this proposal for 5 days (120 hours) commencing at 10 am UTC on 29 September 2022, and will have the proposal take effect immediately on 4 October 2022 at 10 am UTC should the proposal pass.

~The Council