Manta Network, a substrate-based DeFi privacy protocol, revealed treasury adjustments to its Kusama parachain, Calamari Network, locking 7.5 billion $KMA in its decentralized treasury, accounting for 71.5 percent of the total $KMA supply. Manta Network’s latest move intends to increase decentralization on its platform by unlocking funds that require community oversight.
“Through the activation of its treasury, Calamari Network today announces a further step towards project decentralization,” says a statement from the team. “The Treasury has received $7.15 billion in $KMA.”
Calamari provides users with a plug-and-play privacy-enhanced parachain that services Kusama ecosystem applications. The combination of Kusama’s multi-chain properties with zkSNARKs, which ensures all on-chain transactions and token exchanges stay private, is critical to its growth. The Calamari team has been working tirelessly to increase decentralization on the platform in order to promote privacy.
Calamari Network’s quest to absolute decentralization
Calamari Network has embraced a development method that provides complete privacy and decentralization of its network and the entire Kusama ecosystem since its introduction last year. First, the $KMA token was distributed directly to the community in a fair token launch, in which 10,000 $KMA tokens may be exchanged for 1 $KSM token.
As part of the benefits for assisting Calamari Network in securing a parachain, up to 30% of the project’s total supply is allocated to PLO participants. This was accomplished by using the Kusama crowd loan to secure a parachain auction. Furthermore, according to the network’s website, no tokens were saved for the development team or private investors, making the platform 100% community-owned.
Second, Calamari Network implemented its community governance on-chain a few months after the fair token launch. Following the debut, many runtime improvements were released, each of which required community approval to activate. Token voting with $KMA has pushed multiple 3.1.x improvements, allowing for the establishment of a community collators program, among other things.
Finally, on its path to total decentralization, Calamari is launching decentralized treasury services (with over 70% locked) and community control over the treasury. Governance will need to unlock the $KMA in the Calamari treasury. Future treasury tokens will be used as incentives for airdrops, liquidity farming, development grants, future crowd loans, the lock drop of the $MANTA token, and other community activities. Governance will propose and decide on approvals for the aforementioned activities and events.
Almost 80% of the total $KMA supply is secured.
Aside from the 7.15 billion $KMA that have lately been locked in the treasury, another 8% of tokens have been taken out of circulation. Calamari secured the parachain slot on Kusama by allocating 30% of the total $KMA supply in the Parachain Lease Offering (PLO) during the Kusama parachain auction.
The PLO spent a total of 2.28 billion $KMA (2,277,429,443 $KMA to be exact). While the entire sum has been transferred to Calamari Network crowd loan donors, only 66 percent of the tokens have been unlocked for claims as of this writing, leaving 34% of tokens locked. Only 20.75 percent of the whole $KMA supply is now in circulation, bringing the total locked $KMA tokens to 79.25 percent of the total supply.
Calamari Network intends to introduce the upcoming private payment service, MariPay, in the future, which will offer privacy for various parachain assets in the Kusama ecosystem. The Dolphin testnet for this service is already operational. Nonetheless, the development team intends to introduce MariSwap to provide users with the opportunity to swap across parachain assets while maintaining the anonymity of the user addresses.
