The Manta Token
$MANTA is the first deflationary utility token where redeem and token burns are generated from actual privacy-preserving network usage and growth in Privacy DeFi. Also, Manta tokens are required to stake and run collator on the Manta Parachain Chain. $MANTA has a fixed supply of 1,000,000,000 with no inflation schedule. The current version of $MANTA token economics design (pending additional feedback):
The Manta token ($MANTA) is a utility token that rewards the token holders with a redeem mechanism on the Manta Pay and Manta Swap usage fees. Beside facilitating the consensus mechanism that underpins Manta Parachain Chain by staking, $MANTA has a burn function. Moreover, $MA also has a governance function and extended function.
- 1.users mint the privacy tokens with an equivalent number of based tokens (0.1%),
- 2.redeem the privacy tokens to base tokens (0.1%),
- 3.private transfer from one address to another.
100% of Manta wrapped fees (in DOT or major crypto assets) are injected into a redeem pool. $MANTA holders can redeem at a redeem value (Redeem value will be adjusted by the market) periodically. The $MANTA tokens will be burned automatically as soon as they are redeemed, which acts as a deflationary force and accrues value to existing $MANTA holders.
Game theory incentivizes token holders to behave in honest ways. Good collators are rewarded by this mechanism whilst bad collators will lose their stake in the network. This ensures the network stays secure. The staking reward comes from the transaction fee collections.
We intend to offer governance value for $MANTA via a DAO system. $MANTA holders can stake $MANTA to vote on important proposals (e.g., new listings, incentives for miners). In return, they receive rewards in $MANTA from transaction fee collections. In the end, our goal is to have the project progressed by the community.
With other protocols like privacy-preserving lending platforms built on $MANTA. The $MANTA token can be expected to share from more utilities.