Today, CryptoNewsZ is in conversation with Peter Kris, the visionary behind Mangata Finance, a project that employs novel concepts to protect traders in the Web3 space and paves the way for mass adoption.
Hi Peter, it’s a pleasure to have you with us today. We are keen to know about you and your exciting journey, including your latest ventures and undertakings.
Sure, it is a pleasure to be here as well.
I am Peter Kris, the CEO, and co-founder of Mangata Finance.
I was inclined towards tech from a very young age and have been on the technical side since the beginning of my career.
I started as a system administrator, providing support for UNIX servers and other databases. That was in 2011. Gradually, though, I became an application developer for Android.
Then in 2017, I co-founded a company to help early-stage crypto projects with Ethereum-based solutions, smart contract development, blockchain consulting, and more.
Mangata Finance is my latest undertaking. We provide easy and secure decentralized trading between Ethereum and Polkadot.
What makes you passionate 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 learned, the more fascinated I became.
Blockchain is a distributed database that allows for secure, transparent, and tamper-proof transactions. It’s perfect for industries like finance and healthcare, where data security is vital. And I’m passionate about helping build a future upon this incredible technology. That’s also the primary vision behind Mangata. The platform enhances decentralized trading in two leading blockchain ecosystems, Ethereum and Polkadot.
I think decentralized trading is crucial because it allows users to trade directly without intermediaries. Besides making the process cheaper and more accessible, this gives users more control over their data and transactions. And decentralized exchanges can remove certain traditional attack vectors because they eliminate centralized points of authority and failure. So, overall, decentralized trading provides many benefits and is becoming increasingly popular as a result.
Well said. What are the significant problems in the current cryptocurrency trading space? According to reports, your latest project aims to overcome some of these challenges; do you want to share more information with our readers?
Yes, there are problems, of course. But I also think it’s still early, and there’s a lot of potential for growth and improvement.
Security is a big issue for many decentralized exchanges because scammers are allowed to program their own rules for how tokens are traded. Which leads a lot of small traders to lose their money. That is why we are building our technology such that there is a single set of rules that applies to all tokens.
Small investors interested in decentralized trading also face the issue that there are very few on- and off-ramps from the traditional finance world and user interfaces are often clunky and not very user-friendly. We tackle these problems actively by working with new Web3 startups like Talisman that create a next-generation wallet that better keeps track of users’ assets than what we are used to today.
But there is an even bigger challenge: Front running! It is a method where bots steal from users during trading, often without them noticing… This is becoming a huge problem in Ethereum, with over 1 billion USD in value stolen in 2021. The problem is becoming bigger every day and some say it could even bring Ethereum to its knees.
Interesting! Can you shed more light on how Mangata Finance helps users overcome these challenges?
Sure. For starters, Mangata Finance is the first production-ready, Layer-1 DEX blockchain that helps users trade assets without exorbitant gas fees. Essentially, 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.
Secondly, Mangata Finance mitigates the risk of front running by bots. We achieved this by designing a consensus layer that nips front running in the bud.
What is Proof of Liquidity? How are users able to earn extra rewards through staking?
Proof of Liquidity is a novel consensus mechanism running on top of the Proof of Stake (PoS) consensus model.
The caveat of the traditional PoS mechanism is that it locks away staked assets and makes them illiquid. Such illiquidity is detrimental to DeFi because it creates more price volatility and leads to higher prices.
Proof of Liquidity eliminates the problem of locked capital and increases capital efficiency overall. This is possible by using liquidity as a stake to secure the network.
Such a system also provides better incentives to stakers, and they can now earn twice the rewards—one from staking and another from trading.
That was very insightful. How do you feel about the public’s response to Mangata Finance? Have you secured any investments from VCs recently?
We are building Mangata to become 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 us to set a record in the Polkadot and Kusama ecosystems for the fastest filling crowdloan, where we reached our goal in merely fifty minutes. More than 900 people contributed over 14,000 KSM, over 2 million USD in value at the time
As for VC funding, we have raised around $5.6 million from two rounds with ten investors. Mangata Finance is also backed by well-known entities like Polychain, IOSG Ventures, Altonomy, CMS, and TRGC.
What are some of the latest developments in Mangata Finance? How are they performing?
On the 16th of May, Mangata will have 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 beginning to set up one of the most important liquidity pools in the next growth stage of Polkadot and Kusama.
What are your future goals and aspirations for Mangata Finance?
Mangata will become a DEX that connects to all major ecosystems, allows trading of all tokens, and always provides the most capital-efficient and fair trading routes for what crypto and Web3 currently need.
Thanks for your time, Kris. We wish you the very best in all your future endeavors.
Thank you very much for having me here. It was a pleasure.