OAK Network & Mangata: XCM Liquidity Pool Auto-Compounding
OAK Network & Mangata: XCM Liquidity Pool Auto-Compounding
OAK Network incredibly excited to show off the cross-chain message passing capabilities of the Turing Network in partnership with Mangata. To offer auto-compounding of liquidity pool rewards on the MangataX decentralized exchange!
The OAK Network & Mangata are proud to be pioneering parachain cross-chain functionality for the Kusama & Polkadot ecosystems.
Introduction
After the $TUR successful bootstrap on the MangataX DEX. The Turing Network now offering technical functionality to auto-compound liquidity rewards for MGX liquidity pairs including $TUR:$MGX. The auto-compounding partnership between Turing and MangataX was established through the creation of key infrastructure. To allow XCMP calls across parachains to schedule future transactions. Firstly it will be use to auto-compound MGX liquidity pools but the infrastructure can still be used for even more advanced & complex actions.
The auto-compounding function utilizes the XCM compoundRewards call to schedule a future event on the Turing Network parachain which triggers an action on the MangataX parachain. By using the XCM protocol all user funds are secure and the action is completely non-custodial. The OAK team believes this impressive demonstration of the the key advantages for parachains on Polkadot & Kusama & the potential for XCM.
Using Auto-Compounding
The auto-compounding functionality allows developers to use Polkadot.js to set up automatic claiming of liquidity pool rewards on MangataX. Then automatically add the claimed rewards into a liquidity pool. Individuals may set their own percentage threshold and use the schedule parameter to choose to execute tasks at fixed times or recurring. Combining these actions creates a variety of use cases that we are excited to see how our communities utilize.
The Future
OAK Network is happy to be collaborating closely with Mangata to offer innovative new functionality to the ecosystem. MangataX continues to create more liquidity pairs, such as their recent listing of ZLK, and our team is excited to create auto-compounding for more parachain tokens.
Outside of MangataX the Turing Network & OAK Network is working to create automation and auto-compounding for other platforms and exchanges across Kusama & Polkadot.
About OAK Network
OAKNetwork layer one blockchain that enables multi-chain applications to automate single or recurring transactions using a simple transaction instruction. The OAK unlocks a diverse range of rich DeFi user experiences including scheduled and recurring payments, stable-cost-averaging, stop loss & limit orders, and non-custodial copy trading.
