MANTRA

Ever since its inception, MANTRA has always prioritized the development of forward-looking products and services, and the long-term benefits for the community and ecosystem.

At present, there are multiple factors that have led the council to believe that certain changes would prove to be more effective in deeming MANTRA a stronger protocol overall.

As such, we are proposing the following to take effect immediately on February 1st, 2023 should the proposal pass:

• The monthly expenditure of $OM Ecosystem Rewards will be reduced throughout February 2023; and
• The Cosmos (ATOM) Delegator Rewards will be discontinued.

Reasons for Proposal: After a lot of careful consideration, the council has decided to propose the above changes in order to reserve $OM for a more effective allocation strategy.

The changes would also serve to better protect the ecosystem in response to various broader market factors:

• The ongoing market situation
• Occasional insufficient liquidity on Binance Smart Chain
• Increasing speed of blocks-per-second following the Ethereum Merge

Proposal Summary: The details for the changes in $OM Ecosystem Rewards are provided below.

Please note that, should the proposal pass, the changes below will only take place for a month (February 2023). After the month is over, the council will reassess the effectiveness of the strategy and make further decisions accordingly.

• $OM Naked Staking on Ethereum: $OM token rewards will be reduced by 5% every week.
• $OM Supplying on ZENTEREST (Ethereum): $OM token rewards will be reduced by 10% every week.
• $OM Naked and LP Staking on Binance Smart Chain: $OM token rewards will be reduced by 50% every 2 weeks.

Please also note that the percentage of rewards reduction above is in relation to the amount of $OM tokens being distributed. It is NOT in direct relation to the APR that your $OM tokens will be accruing.

Regarding the Cosmos (ATOM) Delegator Rewards, $OM token rewards for Delegator Rewards participants will be reduced to zero. In other words, MANTRA’s Delegator Rewards will no longer be active.

However, if you have participated in the $ATOM Delegator Rewards program in January 2023, you are still eligible to receive your $OM rewards in the beginning of February 2023.

In the meanwhile, you are encouraged to move your staked $OM from Ethereum and Binance Smart Chain to Polygon network in order to enjoy the low gas fees.

Council’s Comments: The Council proposes to review the above proposal at the end of February and will make further adjustments as needed.

As an evolving ecosystem, MANTRA is excited to introduce and launch our upcoming products and services, and believe that the above changes will be beneficial to the process.

We will run this proposal for 7 days (168 hours) commencing at 10 AM UTC on January 20th, 2023 and will have the proposal take effect immediately on January 27th, 2023 at 10 AM UTC should the proposal pass.

~ The Council