Cross-chain DeFi network, MANTRA DAO, has announced that the validator for Band Protocol is now available on the platform for delegation. In a tweet on Tuesday, the network informed that users would earn OM token rewards for taking part in the innovative ways of distributing the token.
?Validator for @BandProtocol Chain Now Available for Delegation?
?️Earn $OM as soon as we go LIVE with this innovative way of distributing OM tokens‼️
?We “band” together to create an interoperable cross-chain future!
FIND OUT MORE:https://t.co/UizDRNvEx0
— MΛNTRΛ DΛO (@MANTRADAO) November 3, 2020
Cross-chain interoperability is one of the major goals of both MANTRA DAO and Band Protocol. Integration between DeFi networks is vital for the future growth of the ecosystem at large, furthering scalability, blockchain agnosticism, and decentralization. In the official announcement on Medium, MANTRA DAO revealed a three-phase rollout for the delegation of Band Protocol validators.
In Phase 1, users will be able to use the COSMOS ecosystem wallets and delegation interface for delegating their BAND tokens to the MANTRA DAO validator and earn BAND rewards. Phase 2 will allow users to delegate BAND to MANTRA DAO Validator using the MANTRA DAO App to earn BAND, while in Phase 3, they will earn BAND and OM tokens as rewards.
MANTRA DAO is a DeFi network governed by a global community. The network focuses on crypto staking, crypto lending, and crypto governance, leverage crowd intelligence to build a transparent and decentralized Web3.0 ecosystem. On the other hand, Band Protocol is a decentralized data oracle provider focused on cross-chain interoperability, security, and scalability. Band Protocol will also help MANTRA DAO connect off-chain data and APIs to smart contracts.