Substrate based Rio Chain announces the release of its first decentralized application called MANTRA DAO.
The Open Finance movement is about to witness its next breakthrough. Over the last couple of months blockchain based financial services have gained tremendous attention. Ethereum based protocols such as Maker Dao and Compound have illustrated the benefits of composability, whereby a wide array of financial protocols can interact with each other, quickly establishing a new paradigm for DeFi services.
This blistering success has also highlighted the limitations of the existing infrastructure it is predicated upon, more especially network congestions and increased transaction fees.
These constraints are soon to be obliterated with the launch of MANTRA DAO, the first decentralized application to be hosted on Rio Chain. MANTRA DAO is a community governed protocol that poses itself as the gateway to cross-chain, multi-asset DeFi services.
The launch of MANTRA DAO coincides with the rollout of Polkadot’s mainnet which Substrate based Rio Chain is expected to become a leading component of.
While iterating on the existing Ethereum based DeFi ecosystem, MANTRA DAO will leverage some key features of Rio Chain to make its services more efficient, more accessible and more scalable.
For example MANTRA DAO will benefit from Rio OAuth identification system that allows users to access their crypto wallet with their email login details.
Also MANTRA DAO’s staking and lending features will be integrated with the Rio Generic Asset Bridge which supports simultaneous cross-chain transfers of multiple assets.
But the most important aspect of MANTRA DAO’s integration on Rio Chain is that it will expose it to the benefits of Polkadot’s interoperable network.
Rio Chain is a Parity Substrate-based blockchain that utilizes Polkadot technology for its cross-chain compatibility. With its impressive technology stack audited by Certik, Rio Chain is in an ideal position to become one of the network’s parachains.
Using Rio Chain, MANTRA DAO will allow its users to onboard collateral from other chains including Bitcoin, and to leverage the existing Defi ecosystem built on Ethereum.
To learn more about MANTRA DAO visit our official website: mantradao.com
Find out about the latest development of Rio Chain on Rio DeFi’s website: riodefi.com