MANTRA Core Proposal – MANTRA Chain Grant

As MANTRA grows and evolves into a fully fledged vertically-integrated and regulatory compliant blockchain ecosystem, MANTRA DAO will be leading our grants program to support a variety of projects, groups, and individuals to drive the future of our ecosystem. Our initiative to continually grow the MANTRA ecosystem means that we will be looking to support one of our ecosystem’s most ambitious projects yet; MANTRA Chain.

Project Summary:

MANTRA Chain is a proprietary blockchain built on Tendermint Core using the Cosmos SDK.

Developed with a vision to become a permissionless blockchain protocol purposely built to support regulatory compliant applications, MANTRA Chain will power MANTRA’s vertically-integrated ecosystem where Sherpa builders can build a wide variety of new decentralized and permissioned applications in a safe and secure manner.

Benefits to the MANTRA ecosystem:

A significant portion of MANTRA Chain’s total supply of its native token AUM, which is scheduled to be released in 2023, will be allocated to airdrops to OM stakers.

In addition, those who vote on this proposal will receive our first MANTRA Governance NFT and may be eligible for an additional AUM airdrop.

This will be the first of our efforts to expand upon our vision for OM to become the token that captures the value generated by partner projects within our ecosystem by building synergies between the AUM and OM tokens.

With the significant benefits proposed above for the MANTRA ecosystem and OM stakers alike, the Council has decided to initiate a “Core Proposal” vote for MANTRA Labs to receive a grant to continue its efforts to expand the MANTRA OMniverse.

Grant Criteria Summary:

Overall, we find that MANTRA Labs & MANTRA Chain fulfill our grants criteria, such as:

Being Open Source and built in the spirit of the open source movement, including plans to share open code repositories, as well as general transparency from the team.

Having Clear Value that will benefit the broader MANTRA ecosystem and community in a compelling way.

Showing Ability to Execute with a proven track record of being able to deliver quality products on time to the MANTRA ecosystem.

Having Uniqueness & Innovation with features such as its decentralized identity (DID) module, yield engine, real world asset tokenization engine, and more.

Planning Clear Use of Funds that includes transparent use of proceeds, and a roadmap to which the team will be held accountable.

Grant Terms:

The MANTRA Chain team will be self-operating and independently accountable for deliverables and execute upon the formulated strategy and plan.

The team will work closely with the Governing Council to ensure they are in the best position to be integrated within the MANTRA ecosystem.

The team will give regular updates at different stages of their development to make sure that product and build-out fit within the overall missions and initiatives of MANTRA.

Milestones & Timeline:

The MANTRA Chain team will be expected to adhere to its timeline to fulfill the defined objectives of the grant, including:

Set-up legal structures and team required, including the MANTRA Chain Foundation.

Publish a MANTRA Chain Whitepaper that will serve as the guiding principles for the chain development.

Present development roadmap by MANTRA Labs with a timeline for development and launch; any deviations from timeline will be analyzed and explained.

Regular monthly update and check-in intervals to disclose on development progress.

Grant Allocation Schedule:

A total of 27,000,000 OM tokens will be initially allocated towards the MANTRA Chain Grant with the total grant allocation amount and token released each batch over a total of 12 months.

An initial 5,000,000 OM tokens will be allocated for release from the MANTRA Grants Wallet in January 2023 with 3,000,000 OM allocated towards legal structure setup and 2,000,000 OM to cover expenses, overhead, developer costs, and other costs directly related to chain development.

2,000,000 OM tokens will be allocated from the MANTRA Grants Wallet for release at the end of every month from February to December 2023 to cover expenses, overhead, developer costs, and other costs directly related to chain development.

This grant will continue throughout 2023, but will be reviewed every 3 months to reflect OM price movements. It can also be reviewed earlier if there’s any significant price changes.

Council’s Comments:

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

The MANTRA Labs team will become one of many projects contributing to the MANTRA ecosystem; the team has already made significant contributions in expanding OM’s utility since the token’s release in August 2020.

Having worked very closely with MANTRA Labs, we are confident in the team’s ability to deliver on its milestones and would like to continue incentivizing the team to work closely with MANTRA DAO to create a thriving and expansive ecosystem for MANTRA.

We will run this proposal for 14 days (336 hours) commencing at 11 AM UTC on December 15th 2022, and will have the proposal take effect immediately on December 29th 2022 at 11 AM UTC should the proposal pass.

~The Council