MANTRA Core Proposal - HeliSwap Grant Proposal #1

As part of Season 0 of the MANTRA Grants program, the Governing Council has identified several high-growth projects that will be further progressing the MANTRA ecosystem. The Governing Council sees benefit in allocating OM tokens from the MANTRA Grants Wallet to provide resources to further benefit the MANTRA ecosystem through these projects. The Council has voted in favor of inviting HeliSwap to be the first potential project and Grant Partner for MANTRA.

A Core Proposal for Heliswap Grant Proposal #1 has been initiated by the Governing Council 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. The development of the HeliSwap DEX is a joint venture between MANTRA and the blockchain development firm LimeChain. 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 interoperability and use cases to the OM token by officially introducing and supporting the OM token in the Hedera Hashgraph ecosystem. OM token holders will benefit from being immediately able to use the created $OM/$HBAR liquidity pool to swap tokens in the Hedera ecosystem.

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

Providing initial liquidity on $OM/$HBAR liquidity pool on HeliSwap

The Council agrees to review this proposal at the proposed phases and make adjustments to the liquidity amount, or to remove the liquidity entirely from the LP pool and return the assets to the MANTRA wallets at MANTRA’s discrecion.

Amount of funds requested:

$200,000 equivalent in $OM for Liquidity Provision on $OM/$HBAR

Funds Allocation Breakdown:

$200,000 of allocated funds will be sent from the MANTRA Grants wallet to the MANTRA Foundation Wallet where $100,000 value in $OM at the current market price, will be swapped in multiple batches to avoid creating large asset volatility, for $HBAR on the open market. The created LP tokens will not be staked and instead remain in the MANTRA wallet.

The $100,000 equivalent in $OM & $100,000 equivalent in $HBAR will be used to supply the $OM/$HBAR pair on www.heliswap.io.

Milestones:

HeliSwap DEX goes live with liquidity pools. Allocated funds sent from the MANTRA Grants wallet to the MANTRA Foundation Wallet $OM/$HBAR pair created and available to swap 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:

The Hedera Foundation and MANTRA have joined together in providing support to HeliSwap’s efforts in bringing value to both our ecosystems.

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

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.