We are happy to announce that the channel between Statemine and Mangata X is now open! This development paves the way for the integration of Statemine tokens on Mangata X, expanding the available trading options for the users.
The first asset to be listed from Statemine on Mangata X is the popular stablecoin USDT (Tether), which will soon be available for trading and liquidity provision on Mangata X. This means Mangata X users can finally trade against a stablecoin, offering a much-needed safety net in times of market volatility.
Connecting with the Asset Hub of Kusama
As the main asset hub of the Kusama network, Statemine plays a key role in facilitating the creation and management of digital assets. It enables anyone to create assets with ease for various purposes, such as projects building on the ecosystem, DAOs, or even just for fun with frens!
The channel with Statemine allows Mangata X users to tap into an ever-growing pool of digital assets, ensuring that the users have access to a diverse range of trading pairs. Of course, this does not mean that every token on Statemine will be available for trading on Mangata X. Listing new tokens on Mangata X requires a proposal and voting on Mangata X governance.
New Tokens on the Horizon
The primary focus will be on listing USDT and RMRK tokens from Statemine.
- With the option to swap to a stablecoin like USDT, you can now endure harsh market conditions without leaving the comfort of the Mangata DEX. Say goodbye to the stress of having to navigate between different platforms just to tether yourself during turbulent times!
- RMRK is the native token of the Singular NFT platform, an innovative project that pushes the boundaries of non-fungible tokens with features like nested & multi-resourced NFTs. RMRK is widely available on several exchanges in the Polkadot ecosystem, where it trades in its native substrate format. Additionally, RMRK can be found on the Moonriver Parachain as xcRMRK, an EVM-compatible version of the token.
The integration of Statemine tokens on Mangata X, particularly USDT, presents numerous options for users seeking to capitalize on arbitrage.
With the availability of USDT, tokens on Mangata X will be able to be denominated in stable value. This development allows traders to better assess and compare the value of different assets, enabling them to make more informed trading decisions.
Mangata X’s permissionless pool creation feature empowers users to establish their own liquidity pools for any token pair. This flexibility makes it easier for traders to identify and utilize arbitrage opportunities for various trading pairs. As new pools are created, the potential for price discrepancies between different exchanges increases, offering even more chances for arbitrage.
Since USDT pairs and RMRK tokens are available throughout many decentralized and centralized exchanges, traders can monitor price differences between CEX and DEX platforms, and execute trades when differences are found.
Join the Discussion
By listing USDT and RMRK on the DEX, Mangata is further expanding its reach into stablecoins and the NFT space. The community is currently discussing the merits of USDT/KSM and USDT/MGX pairs at Mangata X governance forums on Discord. The proposal on USDT weights is also up for discussion. Our users are encouraged to participate in the discussion and take an active role in shaping the future of Mangata X.
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.