Mantra DAO, a community-governed Decentralized Finance (DeFi) platform with a focus on staking, lending, and governance, has announced it has finished its initial membership offering on August 16. In total, the project has raised $5.9 million.
To make the crowdfunding more decentralized and prevent large investors from having too much control of the secondary market, Mantra DAO said it signed a digital Simple Agreement for Future Tokens, or SAFT, after completing know-your-customer activities with every single retail investor. SAFT is an investment contract offered by cryptocurrency developers, normally only to accredited investors. However, the project tells Cointelegraph that it is trying to “raise the bar” for crypto investment and set an example for future blockchain projects to be more accountable with investors' funds.
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