DragonBite Unveils New MANTRA DAO LP Pool — Penalty Fees Waived, No Minimum Staking Requirements

4 min readJul 22, 2021

The launch of our 1st LP staking program on MANTRA DAO has closed on a positive note for the participants who are expected to receive an average of 82k+ $BITE EACH as they maintained their stake until the end of the program.

Following this, we are excited to announce our 2nd LP Staking Program, which will launch on MANTRADAO today (July 22nd), at 12:00 PM UTC.

🧐 What is an LP Staking Program?

We are often contacted by our community, especially newbies in the industry, about the difference between a Staking Program and an LP Staking Program.

Staking programs are designed to allow users to participate in securing the network for the tokens they invest.

It’s a pool where token holders can transfer and lock their tokens for a given period of time. By pledging their tokens to a cryptocurrency protocol, they earn rewards. Therefore, instead of just holding your BITE in your wallet, you can stake your BITE and earn more BITE.

An LP Staking program has a different goal.

LP stands for “Liquidity Provider” and these types of programs are designed for those who want to provide liquidity to a project.

To do so, participants are required to stake equal values of two different tokens which generates a third token called an LP token that they can use, hold or sell.

In DragonBite’s case and since BITE is an ERC-20 token, our community members interested in joining the LP Program are required to provide both BITE and equal value of ETH to join the pool and will benefit by doing so because LP stakers will earn Uniswap-Uni LP Tokens as a reward for staking. By minting the LP tokens, their liquidity works double-time: they earn fees and farming yields.

💎 Details of the New DragonBite-MantraDao LP Staking Program

Pool’s Name: DragonBite — MANTRA DAO 2nd LP Pool
Duration: From Thur. July 22nd, 12PM UTC to Wed. Sep 15th, 12PM UTC
Reward Pool: 1 Million $BITE
Minimum Staking requirement: there is no minimum to participate in this program, meaning anyone can join the pool as long as he/she provides both ETH and BITE.
Fee: Gas fees apply when depositing and withdrawing the tokens, however, there is no penalty for unstaking, meaning members can unstake at any time

🎁 Extra benefits for those staking a min of 0.25ETH and BITE

Dragonbite is organising a Grand Giveaway this summer with the first prize winner being awarded a Ferrari California!

While everyone can stake to the DragonBite — MANTRA DAO 2nd LP Pool, only those who stake a minimum of 0.25 ETH (and similar value in BITE) can claim extra entries for the Grand Giveaway lucky draw.

Beware:

1.You MUST claim your entry to the lucky draw to be included as a participant of the Giveaway.

2. Entries to the Grand Giveaway campaign via this particular program are only available to participants staking before July 31st, 11:59pm, after this date, only participants to the normal staking programs could join the lucky draw.

How to claim your entries to the Grand Giveaway: after staking in the DragonBite- MANTRA DAO 2nd LP Pool, please follow those rules:

Follow DragonBite on Telegram
Follow DragonBite on Twitter
Like and comment this post with the mention “$BITE to Mars”
Fill out this form to confirm your participation: https://dragonbite.io/form_grandgiveaway/#form5-5f

🃏Number of entries a participant to the DragonBite- MANTRA DAO 2nd LP Pool could claim

🚀 How does the DragonBite — MANTRA DAO 2nd LP Pool differ from the 1st LP Pool

🎯 How to stake in the LP Program

Staking in an LP program requires more steps than a normal staking program.

Please watch our step by step tutorial to see how to proceed 👇

About MANTRA DAO

MANTRA DAO is a community-governed DeFi platform focusing on Staking, Lending, and Governance. MANTRA DAO leverages the crowd’s wisdom to create a community-governed, transparent, and decentralized ecosystem for web 3.0. Built on Parity Substrate for the Polkadot ecosystem, MANTRA DAO gives financial control back to the people to store and grow wealth together.

About DragonBite

DragonBite is a fully integrated ecosystem of decentralized financial services built on interoperable technologies, and with many aspects of the ecosystem collectively controlled by its members. Its governance mechanism is predicated upon 2 digital tokens called BITE and BITE Point.