Friday, June 9, 2023

Manta Network Puts 7.5B $KMA on Decentralization


Manta Network, a substrate-based DeFi privacy system, has made major adjustments to its Kusama parachain, Calamari Network. They’ve put 7.5 billion $KMA in their decentralized treasury, accounting for 71.5 percent of the total $KMA supply.

Manta Network’s latest move intends to increase decentralization on its platform by unlocking funds that require community oversight. Calamari Network has announced the activation of its treasury, taking another step toward project decentralization. The treasury has received around 7.15 billion $KMA.

Furthermore, Calamari provides consumers with a plug-and-play privacy-enhanced parachain that supports Kusama ecosystem applications. Combining Kusama’s multi-chain properties with zkSNARKs is critical to its progress. This ensures the privacy of all on-chain transactions including token swaps. The Calamari team has been working tirelessly to increase decentralization on the platform in order to promote privacy.

Calamari’s Way to Total Decentralization

Calamari Network has embraced a development method since its inception last year that ensures the network’s complete privacy and decentralization. It also incorporates the Kusama ecosystem as a whole.

First, in a fair token launch, the $KMA token handed directly to the community. One $KSM token might swap for every 10,000 $KMA tokens. Participants in the PLO receive up to 30% of the project’s total supply. This is one of the benefits of assisting Calamari Network in securing a parachain.

This accomplished by using the Kusama crowd loan to secure a parachain auction. Furthermore, no tokens were saved for the development team or private investors, making the platform wholly community-owned.

Second, Calamari Network implemented its community governance on-chain a few months after the fair token launch. Following the debut, many runtime improvements released, each of which required community approval to activate.

Several 3.1.x upgrades have pushed by token voting with $KMA. Other features have enabled, such as the establishment of a community collators program.

Finally, Calamari is delivering decentralized treasury services as part of its road to absolute decentralization (with over 70 percent locked). The treasury is under the responsibility of the community. Governance will require to unlock the $KMA in the Calamari treasury.

Airdrops, liquidity farming, development grants, future crowd loans, the $MANTA token lock drop, and other community activities will all benefit from future treasury tokens. Governance shall propose and decide on the approvals for the aforementioned activities and events.

80% $KMA Supply Locked

Aside from the 7.15 billion $KMA in the treasury, an additional 8% of tokens are out of circulation. Calamari allotted 30% of the entire $KMA supply in the Kusama Parachain Lease Offering at the Kusama parachain auction (PLO). This is to ensure Kusama’s parachain spot.

The PLO spent roughly of 2.28 billion $KMA (2,277,429,443 $KMA to be exact). While all of the money has transferred to Calamari Network crowd loan contributors, 66% of it has unlocked for claims. 34% of tokens are still locked at the time of writing.

Moreover, the total locked $KMA coins now account for 79.25% of the entire supply. Only 20.75 percent of the whole $KMA supply is in circulation right now.

Calamari Network intends to develop MariPay, a private payment service, in the future. It will provide anonymity for the Kusama ecosystem’s numerous parachain assets. The Dolphin testnet for this service is already operational.

Despite this, the development team intends to release MariSwap. Users will be able to shift between parachain assets while maintaining the anonymity of their user addresses.

Christina Jones
Christina Jones
Christina Jones is the owner and CEO of Cryptoconstellation Before starting Crytpoconstellation, Christina spent ten years as an Editor in Chief at a well-known publishing house, Editorial Planeta SL, in Madrid.

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