• Mangata X will be launching its Bootstrapping Event on June 8th.
• The Kusama DEX will bootstrap the first liquidity pool for Mangata X’s native token, MGX.
• KSM holders will get liquidity mining incentives, trading rewards and stake rewards if they hold their coins.

Mangata X is a Kusama-based community-owned DEX. It has now revealed that the liquidity bootstrapping will take place on June 8.

According to the information shared with CoinQuora, the Kusama DEX will bootstrap the first liquidity pool for Mangata X’s native token, MGX. A liquidity bootstrapping event is when a DEX introduces new tokens and makes price discovery fair.

The announcement follows Kusama’s earlier May unlocking approximately 1.1 million KSM through crowdloans and staking. Based on KSM’s current price, the number is 10% of total token supply. It amounts to approximately $100,000,000

The Mangata team purposely timed the liquidity bootstrapping event to allow multiple users to stake their recently unlocked KSM to Mangata X’s new pool because of the increase in KSM liquidity.

Mangata X also released a new consensus mechanism called proof-of-liquidity that reuses liquidity to maintain chain security and enables users to “stake once, [and] earn twice” as much. It also generates more liquidity and capital efficiency. This creates two streams for rewards.

Holders of KSM who will stake their coins with Mangata X’s new liquidity pool will receive liquidity mining incentives, staking rewards, and trading rewards.

In March 2022, Mangata X was launched as a parachain on Polkadot’s Canary network Kusama. Mangata previously stated that the initial plan was to launch on only but it decided to move to Kusama. This platform is known for its use of proof-of-liquidity and prevention of maximum extractable values (MEV).

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