Mangata Launches Proof-of-Liquidity v2 with Single-Sided Staking and Automatic Payouts
Mangata is proud to announce that the chain was successfully upgraded to a new runtime on Monday, June 12th. The latest runtime upgrade of the Mangata Network brings about a range of enhancements that are crafted to improve functionality, security, and user experience. The new features cover a broad spectrum, from Proof-of-Liquidity v2 to improvements in the Gasless swaps mechanism.
Following community feedback, Mangata DEX has extended the functionality of MGX tokens by enabling single-sided staking on the Proof-of-Liquidity. This enhancement broadens the range of opportunities for MGX utilization and helps to reinforce network security by supplementing the current pool of staked liquidity.
After engaging in discussions with users reluctant to take the risk of providing liquidity, a significant percentage of users emerged who preferred not to engage in liquidity provision. These users cite various reasons, such as economic risk, legal uncertainty, and technical risk, especially concerning custody. Given that staking native tokens is more time-tested than liquidity provision, the introduction of this option will be more suitable for these conservative users. The idle MGX, which previously was not contributing to the network, can now be utilized within Proof-of-Liquidity.
Proof-of-Liquidity v2 also enables collators to allow multiple liquidity pairs for staking on their nodes. This means users now have the opportunity to stake a greater variety of liquidity pairs, leading the way forward for diversifying user participation in the Mangata ecosystem.
Another improvement in Proof-of-Liquidity v2 is the automatic payouts. The Substrate technology allows Mangata to utilize the untapped blockspace to distribute payouts for the Proof-of-Liquidity v2. This means that there will be automated calls on the network, and the rewards will be automatically distributed among the network participants.
Gasless & Convenient
Forging a unique path in the Polkadot ecosystem, the Mangata DEX is the exclusive platform offering Gasless swaps. Previously, gasless swaps entailed a conditional lock of 50 MGX from the user balance, set to be released upon the completion of the subsequent swap. In the spirit of user convenience and continuous improvement, the updated mechanism now automatically releases the 50 MGX hold after a 24-hour period, eliminating the need for any user intervention. This development simplifies the Gasless Swaps technology, making it even easier to transact on the Mangata DEX.
On the Back-End
Finally, there are two more developments in the runtime upgrade that demonstrate the ongoing commitment of Mangata DEX to its long-term objectives.
The first one is the improvements in the bootstrap pallet. The bootstrap mechanism no longer requires the use of a sudo command to finalize a bootstrap. This transition marks a small but important step towards a more decentralized and permissionless network.
There have also been advancements in the auto-routing mechanism. Multi-swaps now support one-hop swaps, which is a crucial enhancement on the roadmap toward automatic routing. However, Mangata X users are still advised to exercise caution while trading with low liquidity pairs as these upgrades are not integrated with the trading app just yet.
Steering Forward: New Design for the Trading App
Mangata DEX’s runtime upgrade demonstrates its commitment to meeting the changing needs of DeFi users. The new features and back-end updates are integral to the roadmap aimed at delivering an experience that is technologically advanced and user-centric. Though the roadmap ahead is filled with exciting developments, the present progress would not be possible without the invaluable feedback and active participation of the Mangata community. The new interface for the front end is going into beta soon, so don’t forget to join the discussion in the Mangata Discord channel to provide your feedback and be part of shaping the future of the Mangata Network!
Mangata is on a mission to become the #1 interchain DEX, offering traders and liquidity providers the best platform to access native tokens and earn rewards.
We believe that everyone should have the opportunity to participate in the decentralized economy and benefit from the power of blockchain technology. That’s why we are creating a user-friendly platform that makes it easy for users to trade, provide liquidity, and earn from multiple passive income streams through double staking rewards, even if they are new to crypto.
Mangata will offer access to the widest array of tokens from all chains, better prices for traders by mitigating MEV, and the ability to trade without gas.
At Mangata, we’re dedicated to building a fair and transparent platform that puts the needs of users first, offering the lowest fees for traders and the highest rewards for stakers. We’re committed to continuously improving our platform and offering new features that provide even more value to our users.
Join us on our mission to become the #1 interchain DEX and unlock the full potential of the decentralized economy.