Singapore, Nov. 18, 2021 (GLOBE NEWSWIRE) — (via Blockchain Wire) DeFi startup SyncDAO has announced that it will be partnering with MantraDAO to use their decentralized launchpad Zendit for their IDO.
Through the use of Layer 2 solutions, Zendit will help SyncDAO reach a wider audience and introduce more users to the opportunity to participate in DAO governance, an exciting new development that is allowing people the opportunity to contribute in a meaningful way to the communities they choose to be a part of. MANTRA DAO’s use of proven Layer 2 scalability solutions will ensure that these services are fast and compatible between both projects.
“Working with a team that is focused on improving the whole space was super important to us, that’s why we chose to work with MANTRA DAO. Their objective to give financial control back to the people was philosophically aligned with our goals at SyncDAO and made it an easy choice to partner with them.” – SyncDAO Co-founder Paul Holland
“Launching SyncDAO on Zendit is a great opportunity for us to introduce our community to a DeFi solution that is sorely needed and has been missing in the space. The combination of SyncDAO’s Perpetual Vaults and their affiliate smart contract layer is a killer product”– MANTRA DAO Co-Founder John Patrick Mullin.
The partnership with MANTRA DAO is just one of several that the SyncDAO team is announcing ahead of its official launch.
SyncDAO seeks to give new users a simple introduction to DeFi where they will ultimately be able to access the best of DeFi returns from multiple protocols from inside the SyncDAO interface, saving the user from understanding the complexities of multiple platforms.
With their unique Perpetual Vault architecture, users simply stake their Perpetual Vault Tokens (PVT) to choose the return they want to earn. Working with MANTRA DAO will serve to introduce a wider community to all the opportunities of decentralized finance as well.
SyncDAO is a Decentralised Autonomous Organisation (a DAO) founded by Rossco Paddison and Paul Holland. SyncDAO aims to bring DeFi to the mass market by incentivising referrals to its easy to use platform that offers the best of DeFi yield generating protocols via its Perpetual Vaults. SyncDAO is launching the first Perpetual Vault in November.
HOW PERPETUAL VAULTS WORK
The process of working with the Perpetual Vaults is easy. Users mint Perpetual Vault Tokens and deposit these into the high interest vaults. They can choose to earn interest in Stablecoins or may instead choose to be paid in a volatile currency like Ethereum, giving them the ability to continually dollar cost average into a blue chip asset that may appreciate over time.
Through the SyncDAO affiliate smart contract layer, anyone can be rewarded for referring new users to the Perpetual Vaults. These rewards will be a percentage of the interest earned on the deposits made by their referees. This is all managed in a permissionless manner through fully audited smart contracts on the Ethereum blockchain.
About MANTRA DAO
Mantra DAO is a community-governed DeFi ecosystem focusing on staking, lending, and cross-chain DeFi products. MANTRA DAO has built a suite of DeFi services including a multi-asset staking platform, money markets lending protocol, gamified lottery pool, and token issuance launchpad. The suite is natively built on Ethereum, with cross-chain products currently on Binance Smart Chain and Polygon, and is currently working on launching these services on Solana, HECO, and Polkadot in the near future.