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DeFi Platform MANTRA DAO to Serve As a Masternode Operator for TomoChain, a Blockchain Claiming to Scale to 100x Ethereum’s Capacity

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MANTRA DAO (distributed autonomous organization), a community-governed decentralized finance (DeFi) platform that aims to make staking, lending, and governance more accessible to traders and investors, is teaming up with the developers of TomoChain, which describes itself as a “diversified and robust” DeFi ecosystem.

MANTRA DAO will be integrated with TomoChain and the native TOMO token will be accessible via MANTRA’s platform as well, so that it may be used for staking and lending. The token may be used to run a (transaction) validator Masternode on TomoChain. TomoChain will also be listing MANTRA DAO’s native OM token on the TomoDEX (decentralized or non-custodial exchange), which is run via TomoChain. The token may be used for spot trading.

Council Member John Patrick Mullin, the co-founder at MANTRA DAO, stated that his team will be working with TomoChain community members on various opportunities in the DeFi space.

As mentioned in a blog post by MANTRA DAO:

“TomoChain is … committed towards a decentralized future empowered by blockchain technology. Its DeFi platform offers almost zero fees and immediate transaction confirmation by scaling up to 100 times that of the Ethereum transaction speed.”

TomoChain uses a special blockchain consensus algorithm, called the Proof-of-Stake Voting consensus. Its core layer is maintained by the Masternode network, which is a “decentralized, safe, cost-effective, and instant transactional system” for developing dApps. MANTRA DAO will be operating one of these Masternodes, which means it will be helping to secure the TomoChain network.

TomoChain provides a mobile wallet that allows users to store, transfer, and stake TOMO tokens. They can also transfer these tokens and use dApps on TomoChain. TomoChain also offers on-chain staking services that let users secure the chain while earning TOMO as rewards.

Kyn Chaturvedi, Chief Business Development Officer at TomoChain, remarked:

“As our industry expands to support interoperability, core underlying areas to start from are in giving token holders additional access, utility, and returns on held assets. With MANTRA DAO directly investing into our ecosystem to become a Masternode operator, that underlying value will be confidently communicated as their service goes live and we continue to collaborate on subsequent initiatives together.”

As reported recently, Band Protocol token holders may now stake digital assets on MANTRA DAO.

In August 2020, MANTRA DAO announced it would support Polkadot, a protocol for cross-chain transfers of assets and data.

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Matic, which Supports Secure, Instant Crypto Transactions, Verified by Ethereum, Announces Major Updates

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Matic, a platform that aims to facilitate secure, scalable, and instant transactions that are verified by the Ethereum (ETH) blockchain network, has announced new project updates. The Matic developers claim that their project has been making steady progress after it was introduced via Binance Launchpad (the exchange’s IEO platform) in 2019.

The Matic team noted:

“Our developer ecosystem is growing rapidly, with Matic quickly becoming the go-to platform for (decentralized applications) dApps of all types. Phase 2 of our staking rollout is firmly underway and we’re becoming deeply ingrained into the (decentralized finance) DeFi ecosystem.”

The Matic project developers state that they’ve been working on supporting various DeFi solutions like @TheMahaDAO, which claims to be India’s first distributed autonomous organization that’s focused on promoting blockchain innovation in the country.

Matic’s native MATIC coin was recently listed on the Kyber Network, which serves as an on-chain liquidity protocol, allowing “decentralized” token swaps to be integrated into various applications. The Matic team also confirmed that they’re now working on staking rollout Phase 2.

They’ve also welcomed new (transaction) validators to the blockchain or distributed ledger tech (DLT network, including:

  • @TorusLabs (which enables “one-click logins for dApps);
  • @InfosysConsltng (a global advisor allowing organizations to “reimagine their future and create sustainable value leveraging disruptive technologies”);
  • @BCW_llc (a strategy consulting firm);
  • @decentralgames (developer of non-custodial virtual casinos); and
  • @Node_Ateam (a Cosmos, IRISnet, Terra, Kava, IOV, E-Money, Solana, BAND, Matic, and Orbit Validator).

The Matic Network mainnet went live on June 1, 2020. At the time of its launch, it had already produced 43,000+ new blocks.

On September 12, 2020, the Matic Network Developers announced the Build-n-Earn projects that qualify for grants and community voting. On September 11, the Matic team confirmed that the VR ecosystem (@Dvision_network) is onboarding to Matic in order to facilitate “the next generation of virtual experience.” Dvision is a blockchain-enabled VR content ecosystem that aims to develop a more inclusive virtual ecosystem for businesses, designers and regular end-users.

Last month, Binance-owned WazirX, an Indian cryptocurrency exchange, had announced that it will launch a DeFi project with assistance from Matic.

While it does seem like the Matic team has been quite busy since their project was listed on Binance Launchpad, it remains unclear whether these projects will provide any real value or products to customers that would actually be meaningful and useful. Most crypto projects don’t really have legitimate use cases. They mostly encourage trading in speculative tokens.

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USDC Now on Algorand Bringing “Major Scalability and Performance Improvements”

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The Centre Consortium has announced that USD Coin or USDC is now using Algorand – the second major blockchain after Ethereum to offer native support for the stablecoin.

The Centre Consortium was founded by Circle and Coinbase – the creators of USDC which was announced in 2018. Centre was formed with a mission of creating a global standard for fiat based digital currency that can be exchanged with very little friction and at speed. Centre wants to ensure that its stablecoin standards, formats and protocols work across multiple major blockchain platforms.

So why is this important? Using Algorand will help boost speed and scale – something that is important when you are talking about payments and financial applications.

Algorand is said to bring over 1,000 tps and transaction fees of 1/20th of a cent to the USDC ecosystem – far better than Ethereum. Future improvements include the potential of scaling throughput by 8-10x on Layer 1, accompanied by new secure smart contracts for tokens.

USDC has grown rapidly with over 1.8 billion in circulation jumping by 3x in the past 6 months.

Earlier this year, Centre announced its Multichain USDC Framework, an effort to increase interoperability. The Centre Multichain USDC Framework is said to establish a “rigorous set of criteria for the issuance and operation of USDC on new blockchains, while also supporting innovation and experimentation by third-party developers and blockchain platforms.”

Centre reports that it has been encouraged by the growing interest in using USDC within regulated financial institution settings.

Silvio Micali, founder of Algorand, called USDC on Algorand a defining milestone for frictionless payments as well as sophisticated financial applications:

“This launch brings together the convenience of USDC and an advanced protocol for global financial exchange in which Layer-1 smart contracts are as simple and secure as ordinary payments.”

Alesia Haas, Chief Financial Officer at Coinbases, said expanding USDC beyond Ethereum will ensure USDC has the ability to support a diverse range of services in DeFi or large financial service firms.

“Today’s launch represents a significant improvement to USDC’s scalability, improving its utility and making it a significantly more useful protocol for solving real-world financial problems,” said Haas.”We look forward to supporting USDC on Algorand for both our retail and institutional customers in the future.”

Jeremy Allaire, Chairman and CEO of Circle, said that Algorand has been at the forefront of scalable blockchain:

“Algorand’s focus on providing capabilities that are geared towards regulated financial institutions is also important as digital dollar stablecoins such as USDC become a core market infrastructure in the financial services industry more broadly.”

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