Manta Network Announces Over 70% Of $KMA Will Be Moved To Its Treasury

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Substrate-based DeFi privacy protocol, Manta Network, announced changes to the treasury of its Kusama parachain, Calamari Network, putting $7.5 billion KMA, or 71.5% of the total $KMA supply, into their decentralized treasury was locked. Manta Network’s latest move aims to boost decentralization on its platform, which involves unlocking the funds required by the community’s governance.

“Calamari Network today announces a further step towards project decentralization through the activation of its treasury,” reads a statement from the team. “$7.15 Billion KMA Has Been Put Into the Treasury.”

Calamari provides users with a plug-and-play privacy-enhanced parachain serving applications in the Kusama ecosystem. Key to its developments is to combine Kusama’s multi-chain features with zkSNARKs, which ensure that all on-chain transactions and token swaps remain private. To promote privacy on the platform, the Calamari team has worked effortlessly to drive decentralization on the platform.

The Journey to Total Decentralization on Calamari Network

Since its launch last year, Calamari Network has followed a development approach that ensures complete privacy and decentralization of its network and the entire Kusama ecosystem. First, the $KMA token was distributed directly to the community in a fair token launch where every 10,000 $KMA tokens could be exchanged with 1 $KSM token.

Up to 30% of the project’s total supply will be distributed to PLO participants as part of the rewards for helping Calamari Network secure a parachain. This was done by successfully securing a parachain auction through the Kusama crowd loan. In addition, no tokens are reserved for the development team or private investors, making the platform completely community-owned, the website explains.

Second, months after the fair token launched, Calamari Network launched its community governance on-chain. The launch was followed by several runtime upgrades, each requiring community consensus. Voting for tokens with $KMA has led to several 3.1.x upgrades, which have enabled other features, including the launch of a community collector.

Finally, on its journey towards total decentralization, Calamari is launching the decentralized treasury services (locked by more than 70%) and the community has control over the treasury. The $KMA within the Calamari treasury will need to be unlocked by the board. Future Treasury tokens will be used as an incentive for airdrops, liquidity farming, development grants, future crowd lending, $MANTA token lock drop, and various community activities. The approvals for the above activities and events will be proposed and decided through governance.

Nearly 80% of $KMA’s total supply is locked

In addition to the $7.15 billion KMA recently locked up in the treasury, an additional 8% of the tokens are out of circulation. During the Kusama parachain auction, Calamari allocated 30% of the total $KMA stock in the Parachain Lease Offering (PLO) to secure the parachain slot on Kusama.

A total of $2.28 billion KMA ($2,277,429,443 KMA exactly) was used up for the PLO. While that amount has been fully distributed to Calamari Network crowd loan donors, at the time of writing, 66% of those distributions are unlocked for claims, with 34% of the tokens still locked. This brings the total locked $KMA tokens to 79.25% of the total stock, with only 20.75% of the total $KMA stock currently in circulation.

Going forward, Calamari Network plans to launch its upcoming private payment service, MariPay, which will enable privacy for various parachain assets within the Kusama ecosystem. The testnet for this service is already live, codenamed Dolphin. Nevertheless, the development team also plans to launch MariSwap to allow users to switch between parachain assets while preserving the privacy of the user addresses.

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