Today, CryptoNewsZ is in conversation with Peter Kris, the visionary behind Mangata Finance, a project that uses novel concepts to protect merchants in the Web3 space and paves the way for mass adoption.
Hi Kris, it’s a pleasure to have you with us today. We are very interested in hearing about you and your exciting journey, including your latest ventures and endeavors.
Of course it is also a pleasure to be here.
I’m Peter Kris, CEO and co-founder of Mangata Finance.
I was tech-savvy from a young age and have been on the tech side since the beginning of my career.
I started out as a sysadmin, providing support for UNIX servers and other databases. That was in 2011. Little by little I became an application developer for Android.
Then, in 2017, I co-founded a company to support early-stage crypto projects with Ethereum-based solutions, smart contract development, blockchain consulting, and more.
Mangata Finance is my newest venture. We offer simple and secure decentralized trading between Ethereum and Polkadot.
What excites you about the blockchain space?
Ah! I still remember when I first heard about blockchain. I had no idea what it was, but the more I found out, the more intrigued I became.
Blockchain is a distributed database that enables secure, transparent, and tamper-proof transactions. It’s perfect for industries like finance and healthcare where data security is critical. And I’m passionate about helping build a future on this incredible technology. This is also the primary vision behind Mangata. The platform enhances decentralized trading on two leading blockchain ecosystems, Ethereum and Polkadot.
I think decentralized trading is crucial because it allows users to trade directly without intermediaries. Not only does this make the process cheaper and more accessible, but it also gives users more control over their data and transactions. And decentralized exchanges can eliminate certain traditional attack vectors because they eliminate central points of authority and points of failure. All in all, decentralized trading offers many advantages and is therefore becoming increasingly popular.
Well said. What are the key issues in the current cryptocurrency trading space? According to reports, your latest project aims to overcome some of these challenges; Would you like to share more information with our readers?
Yes, of course there are problems. But I also think it’s early days and there’s a lot of potential for growth and improvement.
Security is a big issue for many decentralized exchanges as scammers are allowed to program their own rules for token trading. Which causes many small traders to lose their money. That is why we are building our technology so that there is a single set of rules that apply to all tokens.
Retail investors interested in decentralized trading also face the problem that there are very few entries and exits from the traditional financial world and the user interfaces are often clunky and not very user-friendly. We’re actively tackling these issues by working with new Web3 startups like Talisman, who are creating a next-generation wallet that keeps tabs on users’ assets better than we’re used to today.
But there is an even bigger challenge: front running! It is a method whereby bots steal users during trading, often without them noticing… This is becoming a huge problem in Ethereum, with over $1 billion worth stolen in 2021. The problem is getting bigger every day and some say it could even bring Ethereum to its knees.
Interesting! Can you elaborate on how Mangata Finance is helping users overcome these challenges?
For sure. First off, Mangata Finance is the first production-ready Layer 1 DEX blockchain to help users trade assets without exorbitant gas fees. In essence, Mangata Finance is a no-gas economy.
The blockchain also has immediate finality. Swaps happen in seconds, unlike other chains that take hours or even days.
Second, Mangata Finance mitigates the risk of bot frontrunning. We achieved this by designing a consensus layer that nips front running in the bud.
What is a proof of liquidity? How can users earn additional rewards through staking?
Proof of Liquidity is a novel consensus mechanism built on top of the Proof of Stake (PoS) consensus model.
The disadvantage of the traditional PoS mechanism is that it locks up staked assets, rendering them illiquid. Such illiquidity hurts DeFi as it creates more price volatility and leads to higher prices.
Proof of liquidity eliminates the tied-up capital problem and increases overall capital efficiency. This is possible by using liquidity as a stake to secure the network.
Such a system also provides better incentives for stakers, and they can now earn twice as many rewards – one from staking and another from trading.
That was very revealing. How do you rate the public’s reaction to Mangata Finance? Have you secured any investments from VCs lately?
We are building Mangata to be fully decentralized and community owned within a few years. This approach is very popular in our community, and our highlight is the weekly Community Call: Mangata Monday.
This led to us setting a record for fastest filled crowdloan in the Polkadot and Kusama ecosystems, where we completed our goal in just fifty minutes. More than 900 people contributed over 14,000 KSM, valued at over $2 million at the time
As for VC funding, we raised around $5.6 million in two rounds with ten investors. Mangata Finance is also backed by well-known companies like Polychain, IOSG Ventures, Altonomy, CMS, and TRGC.
What are some of the latest developments at Mangata Finance? How do they perform?
On May 16th, Mangata will host its first-ever liquidity bootstrapping event. It will pair the native token of our Kusama DEX Mangata X MGX with the Kusama network token KSM. We see this as the start of building one of the most important liquidity pools in Polkadot and Kusama’s next phase of growth.
What are your future goals and aspirations for Mangata Finance?
Mangata will become a DEX connecting to all major ecosystems, allowing trading on all tokens and always providing the most capital efficient and fair trade routes for what crypto and Web3 currently needs.
Thanks for your time Kris We wish you the very best in all your future endeavors.
Thank you for having me here. It was a pleasure.
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