Singapore – June 21, 2023 – MoonbeamGo to page https://moonbeam.network/, the top destination for multi-chain applications on Polkadot, has announced an XCM connectionGo to page https://moonbeam.network/blog/xcm-on-polkadot/ between MoonriverGo to page https://moonbeam.network/networks/moonriver/ and MangataGo to page https://www.mangata.finance/. Thanks to this community-approved integration, MOVR transfers to Mangata are enabled, and Mangata’s token can now be used as xcMGX, an XC-20Go to page https://moonbeam.network/blog/introducing-xc-20s/ representation of MGX, across the Moonriver ecosystem.
Mangata X is a community-owned interchain DEX specializing in access to hard-to-find tokens. The Mangata integration was proposed by the Mangata teamGo to page https://forum.moonbeam.foundation/t/mangata-x-proposal-open-accept-hrmp-channel-and-register-asset-xcmgx/664 in the Moonbeam Community Forum with the required disclosuresGo to page https://forum.moonbeam.network/t/xcm-disclosure-mangata-x/539 to give the community time to explore the project, comment, and ask questions. Its approval via governance reflects positive community sentiment toward the idea, moving the integration into development.
Mangata X is a Kusama DEX parachainGo to page https://moonbeam.network/education/what-is-a-parachain/ that focuses on capital efficiency and fairness. It offers gasless swaps, protection against front-running and MEV via the Themis Consensus Extension, a novel method to secure the network called Proof-of-Liquidity, algorithmic buy and burn with every swap, liquidity gauges, permissionless pool creation, bootstrapping, and more. Mangata’s MGX token provides a base liquidity layer to secure the network which supports a diverse treasury.
Community feedback continues to support decentralization of the Moonbeam Network through community proposals like the Mangata integration proposal. OpenGov is live on MoonriverGo to page https://moonbeam.network/announcements/opengov-moonriver/ allowing any MOVR token holder to propose changes for the network, and all holders can vote. All referenda, including proposals and voting results, are visible on-chain, and decisions are made by majority vote. With community approval, OpenGov will launch on Moonbeam in the future.
Find out more about OpenGov on Polkadot and how to participate in the Moonbeam Community Forum to be part of upcoming governance proposals and discussions.
About the Moonbeam Network
MoonbeamGo to page https://moonbeam.network/ is a smart contract platform for building cross-chain connected applications that can access users, assets, and services on any chain. By uniting functionality from Ethereum, Cosmos, Polkadot, and more into a single platform, Moonbeam solves today’s fragmented user experience — unlocking true interoperability and paving the way for the next generation of applications. The Moonbeam platform uses integrated cross-chain messaging to allow developers to create smart contracts that access services across many remote blockchains. This approach, plus Moonbeam’s developer-friendly EVM platform, vast tool support, and modern Substrate architecture, creates the ideal development environment for building connected applications.