New Upgrade
Founding CEO Elvin Li unveiled the next upgrade on Manga Token with four underlying principles – improved tokenomics, build-up of Total Locked Value (or simply called “TVL”), ever-appreciating tradeable assets, and interest-bearing bonds. With these principles, Manga Token will be primed for success.
This upgrade is called MangaFi. Instead of just one single DeFi token, MangaFi will be a hub for a series of small-cap DeFi tokens. Every manga title would launch a new token and would have its associated utilities, NFTs and bonds. CEO Li brands these as “fan coins”.
Purpose of Fan Coin
A manga artist or project could launch a new fan coin under MangaFi. Their main goal would be to raise funds for producing more manga and content for the fans’ enjoyment.
MangaFi will help each manga title by lending a small amount of capital into its project vault to launch a fan coin. Fans could buy and trade these coins on MangaFi. A tax will be collected, and some of it will fund the continued development of the manga.
Fan Coin Utility
The CEO, Elvin Li planned for each fan coin to have its self-contained economy with a built-in taxation feature. Fan coins will also be backed by underlying assets in the project vault to give them an intrinsic value, commonly known as the floor price. In addition, the protocol ensures that each fan coin will have an ever-growing floor price to further enhance or maintain its value over time.
Fans give manga its life. CEO Li cements this idea by letting community transactions drive the economics of the coin, thus ensuring sustainable and deflationary economics.
Manga projects can opt to deploy NFTs which could only be minted by the respective fan coin. The NFT collection would also be backed by underlying assets from the project vault to ensure their values.
Novel Bond Market
Another feature with a more significant impact on the whole crypto industry, MangaFi will develop and utilise an in-house bond market in novel ways.
Manga projects may sell bonds for fan coins at a price lower than the market, incentivising users to buy these bonds rather than the exchange markets. In exchange, buyers would have to hold for a vesting period to prevent them from profiteering from the lowered price. In addition, any fan coin sold in the bond marketplace is isolated and would not affect the price in DeX.
This bond sells fan coins for funds through a sequential dutch auction where bonds are priced dynamically, depending on the supply and demand of bonds.
Through MangaFi bonds, a manga project can impose control over the number of coins in circulation. The project may sell its fan coins on the bond market and restock assets during an uptrend. And when the market is down, the manga project may buy back coins using assets on the bond market, thereby lowering the supply of coins in circulation.
A promising future awaits
MangaFi’s mission is to satisfy the needs of both the crypto and manga industries.
MangaFi backs the fan coins, NFTs and more with the project vaults, helping them to increase, or at least retain their values. This offers unique assurance to holders that their assets will forever be valuable and not simply vanish from the market.
Manga fans can contribute financially to their beloved mangas, while the projects receive funding to continue their development. Fans could even buy NFTs or other merch from the mangas.
MangaFi is positioned to help grow the manga and crypto industries, and in turn, itself will be stronger.
