MANTRA

Dear Sherpas,

We are thrilled to share the incredible success stories and remarkable growth of our community over the past few weeks. The Hongbai Testnet and the MANTRA Atom Validator have experienced a surge in usage and popularity, contributing to MANTRA’s strong foundation.

One key factor behind this growth is our steadfast commitment to a multi-chain approach. This approach has enabled us to expand OM’s availability and attract new use cases, while continuously nurturing our Sherpa community.

In line with our strategy to broaden OM’s adoption and visibility, we are excited to propose the establishment of the first OM liquidity pool on Base Chain. As one of the top five EVM-compatible chains with significant momentum, Base Chain presents a compelling opportunity for us to reach a wider audience and further enhance OM’s utility.

Reason for Proposal:

Base has gained significant traction and adoption within the blockchain community. Its growing ecosystem and active user base present a valuable opportunity for our project to reach a wider audience and foster greater user engagement. By expanding to Base, we can leverage this thriving community and establish meaningful partnerships that enhance the overall value proposition of our project.

Further, with over US$2.6 billion of native USDC onchain and growing fast, we believe that Base is becoming a hub for stablecoin liquidity. As such, we hope to establish meaningful liquidity for the OM token on Base as a prelude to launching other products within the ecosystem.

Proposal Summary:

We propose to take a portion of the protocol owned liquidity from the OM/ETH Pool on UniswapV2 and to bootstrap a new OM/ETH liquidity pool on Uniswap V2 on Base Chain.

Details:

The OM/ETH Liquidity Pool on UniswapV2 currently has more than US$4M in liquidity, which allows for sizable onchain swaps with minimal slippage. Around US$3M of this liquidity is owned by MANTRA. We would take 25% of the Uniswap liquidity pool on Ethereum and use it to bootstrap the Base liquidity pool. This will create a deep liquidity pool allowing for effective swaps on Base involving OM.

Moving the OM token to Base requires the following simple process as provided by Coinbase.

There are three steps to get an existing L1 token on Base: https://docs.base.org/docs/tokens/list

And one step to get it trading in the Coinbase wallet: https://docs.base.org/docs/tokens/wallet

Upon approval of this proposal, we will start the work on all of the above.

Councils Comments:

Embracing a multi-chain strategy has been a fundamental principle for MANTRA since its inception. This strategic approach has played a pivotal role in driving exponential growth within our Sherpa community. Now, as we chart our course forward, we firmly believe that expanding to Base represents the logical and progressive next step for our project. Base’s significant traction, growing ecosystem, and active user base provide an opportunity to reach a wider audience and foster greater user engagement. Additionally, embracing Base enhances our liquidity profile, which will be a key feature to support mainnet OM. With pools on Ethereum, Base, BNB Chain and Polygon, we hope to provide users with more options and flexibility to enjoy OM as we move towards our mainnet.

Thank you for coming along on this journey with us!

Sincerely,

Your MANTRA Council

This proposal will run for 7 days (168 hours) commencing at 11AM UTC on May 10th, 2024 and ending at 11AM UTC on May 17th. Upon approval, our team will start working on bringing OM to BASE and update the community on its progress.