January 18th, 2021 at 8:48 am UTC · 3 min read
Total value locked in DeFi protocols has rocketed from $16 billion to over $22 billion in the first 2 weeks of January alone, with interest in both cryptocurrencies and the potential that blockchain holds for the future of financial services at an all-time high. The Polkadot ecosystem is growing at a similar pace, with innovative projects emerging and teams collaborating more than ever before to democratize access to digital assets.
Looking to become a leader in the DeFi space and having partnered with a host of projects last year including the likes of Band Protocol, Tomochain, Kira Network and API3, community-governed DeFi platform MANTRA DAO this week announced the addition of stablecoin protocol e-Money to it’s ever-growing list of partnerships. The MANTRA DAO ecosystem is now composed of some of the industries most promising projects with over 20 names on their roster.
e-Money introduces currency-backed, collateralized stablecoins to the world of decentralized finance and plans to build a cross-chain ecosystem across Cosmos, Ethereum, Polkadot and Avalanche. The partnership will see both projects working towards a completely decentralized future of finance with MANTRA DAO’s now very popular staking, lending and governance products soon being accessible with e-Money’s government-bond stablecoins. e-Money users can currently choose from several currencies including EUR and CHF, and there are plans to implement USD, GBP and JPY in the near future.
The e-Money mainnet launched on the 25th of March 2020 and offers equal access to decentralized financial services on a global scale and with minimal fees, instant settlements and immediate finality, the platform aims to become the “layer two solution for traditional finance”. With MANTRA DAO already well it’s way to becoming a full-suite, transparent community-governed ecosystem, the partnership will further the collaborative efforts being made by MANTRA DAO and many other innovative projects in the space.
As well as being direct investors in e-Money, MANTRA DAO will now become validators on the e-Money platform and join various other projects that have done the same. After the e-Money Public Sale launching on Polkastarter on January 19th 2021 token holders will be able to stake their NGM tokens with validators and earn rewards on the e-Money platform. MANTRA DAO also recently announced that they will partner with Fuse, a decentralized platform that enables anyone to launch and manage their own digital payment network, with MANTRA DAO Sherpas able to delegate their FUSE tokens to a validator node.
JP Mullin, MANTRA DAO, co-founder:
“Being blockchain agnostic at our heart, we are truly excited to partner with another cross-chain DeFi player from the COSMOS ecosystem. We are thrilled to support e-Money as a validator and support their cross-chain ecosystem being built across COSMOS, Ethereum, Polkadot, and Avalanche.”
e-Money’s recently launched DEX, which supports trading of all currency-backed stablecoins as well as the platform’s native NGM token, follows MANTRA DAO’s release of the beta version of the ZENTEREST Lending Protocol, and offers users zero execution fees on trades as well as no listing requirements. As January sets the pace for this year’s explosive growth in the decentralized finance sector, MANTRA DAO and e-Money look to together offer a comprehensive, transparent and scalable suite of products and services to DeFi investors.