# About

A novel AMM based DEX with unique mechanics for correlated assets

Mantissa Finance is building a full-stack DEX to redefine the onchain trading experience of correlated assets (stablecoins, liquid staking & liquid restaking tokens etc.) and is currently deployed on EVM compatible chains. Mantissa's flagship product **MantisSwap** is a single-sided AMM for spot trading tightly correlated or pegged assets in a highly efficient manner with in-built mechanisms to minimize principal losses for liquidity providers. 


# Overview

The troubled world of AMMs and how MantisSwap solves the common problems with existing DEXes with its innovative design.

Automated Market Makers (AMMs) have been a major innovation in decentralised finance (DeFi), enabling traders to swap tokens on-chain in a decentralised manner while allowing liquidity providers to earn a yield on their tokens and accruing trading fees in return. However, traditional AMMs share similar shortcomings in their design, specifically around impermanent loss risk and capital inefficiencies.

## **Problems with existing AMM design**

* **Fragmented Liquidity -** The liquidity of different pools cannot be shared with one another due to the closed liquidity pool design in first-generation stableswaps, resulting in less-than-ideal slippages and indirect trades.
* **Impermanent Loss -** Providing 50/50 paired liquidity is expensive for an individual and has the looming risk of impermanent loss. 
* **Complex Pool Design** **-** The design of other stableswaps requires multiple tokens of equal value within a pool, complicating pool compositions and hindering the scalability of the protocol. 
* **Insufficient Risk Management** - Liquidity providers suffer the maximum loss in the event of depegging of an asset as there is no mechanism to prevent or minimise losses.

## MantisSwap - Redefining the StableSwap AMM <a href="#ea80" id="ea80"></a>

MantisSwap has four core features that makes it stand out from other AMMs:

* **Single-Sided Liquidity -** Instead of having to deposit both tokens like in a classic liquidity pool, liquidity providers only need to deposit one token and receive a receipt token (called the LP token) for the deposited token.
* **Open Pool Design -** While other AMMs have fragmented liquidity amongst pools, on MantisSwap liquidity is shared between tokens, allowing token swapping from different pools and enabling higher capital efficiency of the system.
* **Flexible Architecture -** The pool design of Mantis allows multiple tokens of the same kind to be accommodated in a single liquidity pool, enabling deeper liquidity for each asset.
* **Autonomous Loss Protection -** MantisSwap design features a novel mechanism to minimise losses due to the volatility risk associated with various pegged assets using internal pool metrics rather than depending fully on oracles.


# FAQ

**How is it different from other stableswaps?**

Mantis is the first AMM that offers pure single-sided liquidity deposits with a multi-asset pool design that can support "N" number of tokens in one trading pool. Users can deposit only one token and receive an LP token for that specific token representing the amount deposited and share of the total pool deposits.&#x20;

**Which chains will MantisSwap be deployed on?**

We initially launched on Polygon POS followed by Polygon zkEVM as part of our Public Beta launch and then expanded to Mode network (built on OP stack) in which stress-tested the whole protocol under different conditions. We are now expanding to other EVM compatible chains like HyperEVM and Berachain.

**Where can I buy MNTS?**

MNTS is currently not live and not tradeable. All the information around it will be communicated in future when token launch will be approaching.

**Is there any way to earn extra rewards onMantis Swap?**

Deposit in our 80-20 MNT-WETH pool to earn Balancer LP token. Stake these to earn veMNTS. The more veMNTS you have, more will be your share of emissions.&#x20;

**Is there any lock-in to earn veMNTS?**

There is no lock-in. You can withdraw your Balancer LP anytime but once to withdraw, your veMNTS balance will become 0.&#x20;

**Are the LPs protected against token depegs?**

There are 2 levels of protection. First of all the slippage curve is such that slippage reaches a very high value once it deviates too much from equilibrium. Secondly, there are circuit breakers placed which halts trading based on the amount of non-depegged tokens left in the system. For more details [see here.](/mantis-scroll/risk-mitigation/depegging-risk)&#x20;

**If the circuit breakers are active and trading has been halted, as an LP can I withdraw my tokens supplied to Mantis?**

Yes, only the swap process involving the token under stress is paused whenever the circuit breakers are triggered. LPs can withdraw their liquidity from any token including the one which triggered circuit breaker.

**Are the contracts audited?**

Yes the contracts have been audited by Peckshield and Omniscia.&#x20;


# Glossary

## AMM

An automated market maker (AMM) is a fully automated decentralized exchange (DEX) where trades are made against a pool of tokens called a liquidity pool without the need for a third-party intermediary. An algorithm determines the prices at which buyers and sellers can trade assets and regulates the values of the tokens in the liquidity pools. Examples of AMM include Uniswap, Curve, and MantisSwap.

## APR

An annual percentage rate (APR) is the % interest a user earns on their investment. Users can earn this by staking their assets in the protocol.

## MNTS

The native token of MantisSwap. More info in [MNTS & veMNTS](/tokenomics/mnts-and-vemnts#mnts)

## NLR

**Net Liquidity Ratio.** It is the sum of all the assets divided by the total liabilities of the protocol.

$$
Net\ Liquidity\ Ratio\ (NLR)\ =\ \frac{Total\ asset\ in\ all\ pools}{Total\ deposits\ made\ by\ LPs}
$$

NLR denotes the health of the protocol.

NLR >= 1 - Healthy

NLR < 1 - Stressed. Protocol fees are updated to return back to health.

## RTV

**Risk Tolerance Variable.** RTV determines the amount of risk the protocol is willing to take in case of a peg deviation for a token and prevents the liquidity ratio of a volatile token from going beyond a certain threshold. More info in [#rtv](#rtv "mention")

## veMNTS

**Vote-Escrowed MNTS**. Allows user to increase their liquidity mining rewards. More info in [MNTS & veMNTS](/tokenomics/mnts-and-vemnts#vemnts-vote-escrowed-mnts)


# Roadmap

<details>

<summary>2022</summary>

**Q3 2022**

* Research and MantisSwap Whitepaper
* Grant from Polygon DAO
* Preliminary Audit by Hexens

**Q4 2022**

* Audit by Peckshield
* Testnet Launch
* Ambassador Program

</details>

<details>

<summary>2023</summary>

**Q1 & Q2 2023**

* Public Beta Launch on Polygon Mainnet
* Liquidity Mining Program launch (Polygon Mainnet)&#x20;
* Public Beta Launch on Polygon zkEVM
* Private Fundraising Round (Pre-seed)

**Q3 & Q4 2023**

* Rebrand
* Audit by Omniscia

</details>

### Q1 2024

* [x] Polygon zkEVM DeFi Unleashed Campaign
* [x] Public Beta Launch on Mode Network Mainnet
* [x] Ecosystem Partnerships
* [x] Development of v2 (Perpetual DEX)

### Q2 2024

* [x] Mantissa Airdrop Program Phase 1&#x20;
* [ ] LRT Pools
* [ ] Strategic Round&#x20;
* [ ] Public Sale
* [ ] MNTS Token Launch
* [ ] v2 Testnet launch

### Q3 2023

* [ ] Mantissa Airdrop Program Phase 2
* [ ] veMNTS Launch
* [ ] Gauge Voting
* [ ] v2 Mainnet Launch
* [ ] Governance Launch


# AMM Model

Core concepts and swap mechanism of Mantis AMM

Mantis allows users to provide liquidity in single asset tokens. Instead of depositing multiple pool pairs, liquidity providers only have to deposit one token. Like other single-sided AMMs, Mantis uses the concept of **Asset Liability Management (ALM)** to maintain accounts of each token to record assets and liabilities, a concept inspired from traditional finance. This design is what allows single-sided liquidity provision.

On top of ALM, MantisSwap uses the concept of liquidity ratio and its implementation to price an asset instead of the number of tokens as traditional AMMs do. Liquidity ratio is defined as the ratio of assets in the pool to the liabilities which the protocol has to pay back to its LPs.

$$
Liquidity\ Ratio=\frac{Asset\ in\ Pools}{Deposits\ made\ by\ LPs\ in\ pools}
$$

### Slippage Curve

A swap performed by a trader in MantisSwap involves interaction between two token accounts at the same time. The core element of our swap mechanism is the parameterised slippage curve that maps the liquidity ratio of a token to a slippage value and is used to price assets and determine the swap slippage. Slippage in the context of our design is essential to penalise the actions that drive the liquidity ratio of a token away from 1.

The Mantis model defines the slippage curve as a function of a single parameter i.e. liquidity ratio of the token. The slippage function **f(r)** is defined as follows:

$$
f(r)=
\begin{cases}
ae^{-nr} & 0 \leq r \leq k\\
a(e^{n(r-2k)} + 2(e^{-nr}-e^{-nk})) & k < r\\
\end{cases}
$$

​Here, *r = Liquidity Ratio, k = Inflection Point, a = Maximum Slippage, n = Decay Rate*

![Mantis Slippage Curve](/files/YPOGc9xfzrEENjclWftT)

{% hint style="info" %}
For all general purposes, k=1. The values of a & n will be initialised with 0.8 & 16 respectively, which can be updated in the future.
{% endhint %}

### Swap Slippage

Using the information above, we get the swap slippage for a swap from *token a* to *token b* as follows:

$$
{Slippage}=\frac{{{f(r}*{a1})\ {-f(r}*{a0})}}{r\_{a1}\ {-\ r}*{a0}}-\frac{{{f(r}*{b1})\ {-f(r}*{b0})}}{r*{b1}\ {-\ r}\_{b0}}
$$

Here,

*ra0* = *Liquidity Ratio of token 1 before swap*

*ra1* = *Liquidity Ratio of token 1 after swap*

*rb0* = *Liquidity Ratio of token 2 before swap*

*rb1* = *Liquidity Ratio of token 2 after swap*


# Reward Emission Model

Total supply of MNTS is 500 million and 42% of it is reserved for reward emissions. As LPs deposit stablecoins in pools they receive an LP token. LPs can stake these tokens to earn liquidity mining rewards in the form of MNTS tokens.

The rewards share for a LP depends on both the liquidity deposited and veMNTS balance of the LP. It is given by:

$$
LP \ Reward \ Share = Deposit(1+\frac{\sqrt{veMNTS}}{1000})
$$

The final LP reward for a user is given by the following equation:

$$
LP\ Reward=\frac{LP\ Reward\ Share}{Total\ Reward\ Share}\ =\ \frac{Deposit\ (1+\frac{\sqrt{veMNTS}}{1000})}{\sum^{for\ all\ users}\_i{}{Deposit}\_i(1+\frac{{\sqrt{veMNTS}}\_i}{1000})}
$$

​Here,

*Deposit* = *Deposit made by LPs*

*veMNTS* = *veMNTS balance of LP*

The APR for each token will be calculated by:

$$
APR=\frac{365(Daily\ Emission\ of\ token)(LP\ Reward)(Price\ of\ MNTS)}{Amount\ of\ LP\ Deposited\ by\ user}
$$

Before the launch of DEX pool, APR will be calculated considering price of 1 MNTS as $0.03. This is the price at which DEX pool will be launched.<br>

{% hint style="info" %}
Token reward emissions will be discontinued on 3rd April, 5 pm UTC and will be replaced by Mantissa Points.
{% endhint %}


# Fees

It is possible for a user to earn arbitrage profit risk-free by manipulating the liquidity ratio using consecutive deposit/withdrawal and swaps. To prevent such misuse of the protocol, and to sustain the protocol over the long run, it is imperative that a deposit/withdrawal fee is charged to cancel such profit, and a small swap fee charged to sustain it.

## Net Liquidity Ratio (NLR)

All fees calculations revolve around a central parameter, Net Liquidity Ratio (NLR).

$$
Net\ Liquidity\ Ratio\ (NLR)\ =\ \frac{Total\ asset\ in\ all\ pools}{Total\ deposits\ made\ by\ LPs}
$$

### ​Where does this fees go?

Depending on the NLR, a part of fees goes into the treasury, a part of it stays in the protocol to cover the NLR while the remaining goes to LPs for providing liquidity. LPs will earn a fixed swap fee, while the fees between treasury and protocol will depend on NLR. Initially, the distribution between treasury and protocol will be given as:

$$
Treasury\ Ratio =
\begin{cases}
0% & \text{$NLR < 1$}\\
40% & \text{$1 <= NLR < 1.05$}\\
80% & \text{$NLR >= 1.05$}
\end{cases}
$$

​The remaining % remains in the system to increase the NLR.


# Deposit Fees

A user can earn arbitrage profit by performing a swap, deposit followed by a reverse swap on a token with liquidity ratio > 1. Thus, the deposit fees is only charged for tokens where the liquidity ratio > 1.

The arbitrage fee is given by:

$$
\text{Deposit fees} = (L+d) \left(f(r\_2)-f\left(\frac{r\_{\text{max}}L+d}{L+d}\right)\right) + L (f(r\_{\text{max}})-f(r\_1))
$$

​Here,

*L = Liability*

*d = Deposit amount*

*r\_1 = Liquidity ratio before deposit*

*r\_2 = Liquidity ratio after deposit*

*r\_max = Maximum liquidity ratio of the token*

r\_max is a weighted average of the maximum liquidity ratio observed over a period of time. It is calculated such that&#x20;

$$
r\_{max} \geq r\_1
$$

always holds true.

Deposit fees increases as the difference between r\_max and r\_1 increases, as this denotes a possible arbitrage opportunity. When r\_max = r\_1, deposit fees = 0


# Withdrawal Fees

A user can earn arbitrage profit by performing a swap and withdrawal followed by a reverse swap on a token with liquidity ratio < 1. Thus the withdrawal fees is only charged for tokens where the liquidity ratio < 1.

The arbitrage fee is given by:

$$
\text{Withdrawal fees} = (L-W)(f(r\_2)-f(r\_1))
$$

​Here,

*L = Deposits made by LPs in the stablecoin*

*W = Withdrawal Amount*

*f(r) = Slippage function*

*r\_1 = Liquidity Ratio before deposit*

*r\_2 = New liquidity ratio after deposit*

Withdrawal fees can become significant when liquidity ratio is low and NLR < 1. Thus, users are also allowed to withdraw in other tokens whose liquidity ratio > 1. Withdrawing in other tokens does not incur any fees for the user except a nominal swap fees.


# Swap Fees

To maintain the Net Liquidity Ratio > 1 and to incentivize LPs, we have defined the swap fees based on the value of NLR. The swap fees is defined as follows:

$$
Base fees = 0.01%
$$

$$
Swap\ Fees =
\begin{cases}
Base fees & \text{$NLR >= 1$}\\
2 \* Basefees & \text{$0.96 <= NLR < 1$}\\
4 \* Basefees & \text{$NLR < 0.96$}
\end{cases}
$$

Under critical condition (NLR < 1), all the non-LP fees stays in the system.


# Risk Mitigation

The recent events in the DeFi market have proven that risk management and capital protection for LPs are essential to catalyse the growth of the space. Even for fully-backed stablecoins, panic in the market can trigger a run and lead to a potential peg deviation.

MantisSwap design features a novel mechanism to minimise losses due to the volatility risk associated with various pegged assets. This internal risk mitigation mechanism doesn’t rely on external data feeds (which are oftentimes not available for nascent tokens) and reduces the involuntary exposure of LPs to the assets in the Omnipool. Other single-sided AMMs using Asset Liability models depend on external oracles for price feeds of tokens to manually halt trading. This approach does not work as can be seen with the depegging of MIM and UST in the past where during the depegging the oracles could not provide correct prices and led to significant pool imbalance before the trades were stopped.


# Inventory Risk

In the context of our design, enabling single-sided liquidity provision eliminates Impermanent Loss (IL) but is replaced by what we call as Inventory Risk (IR). IR occurs when the total liabilities of the protocol becomes greater than the total assets in the system. In our case, when the sum of total value of tokens across all the pools become less than the total amount deposited as liquidity, LPs are exposed to IR.

## Inventory Risk Factor (IRF)

We have introduced a parameter called Inventory Risk Factor (IRF) to measure IR and prevent a situation where Mantis is unable to pay its liabilities:

$$
\text{IRF} =
\begin{cases}
1 &  \text{if} \  \text{NLR} \geq 1\\
\text{NLR} & \text{if} \  \text{NLR} < 1
\end{cases}
$$

Since the loss due to IR is only realised by LPs upon withdrawal, the IRF comes into effect when the following two conditions are satisfied at the time of withdrawal:

* NLR < 1
* Liquidity ratio of the token being withdrawn is less than 1<br>

In such a case, the withdrawal amount is multiplied by IRF (after fees) and is represented mathematically as:

$$
\text{Withdrawal amount} = \text{IRF}(\text{Liabilities} - \text{Fees})
$$

Doing so ensures that the system remains sustainable. LPs are also incentivised to withdraw in other tokens with a liquidity ratio > 1 when NLR < 1, keeping the system in balance.


# Depegging Risk

Stablecoins and other pegged assets like wrapped versions of the same asset such as wBTC or liquid staking tokens such as stETH should ideally maintain a consistent 1:1 exchange rate with the currency to which they are pegged. However, a token may lose its peg or even collapse completely - periods of intense buy/sell activity can create larger deviations - incurring serious losses to LPs, as highlighted by the recent event of UST depegging and collapse.

NLR, which determines the health of our protocol, is affected in the event of depegging. Under normal conditions, the NLR of Mantis will remain close to 1 and any loss due to Inventory Risk (IR) will be negligible. The depegging of a token can result in a lower NLR value of the system, which may lead to significant losses for LPs.

Any value of NLR < 1 is undesirable for the protocol and needs to be mitigated. This becomes critical for depegged tokens which can reduce NLR significantly. Our slippage curve design protects NLR from going too low, thereby protecting the liquidity providers. However, we employ additional measures to ensure that an impending depeg incurs minimal loss to our LPs which can be successfully offset by trading fees and other incentives.

## Risk Tolerance Variable (RTV)

We introduce a new parameter, Risk Tolerance Variable (RTV) for each token in our pool. RTV determines the amount of risk the protocol is willing to take in case of a peg deviation for a token and prevents the liquidity ratio of a volatile token from going beyond a certain threshold. When a token surpasses the risk threshold, a circuit breaker is triggered that halts swaps from this token until the protocol returns to a more stable state. Even if the token fully depegs after this point, the system remains in the same state, unaffected by the depeg. For instance, the losses due to the recent UST collapse could have been prevented using this risk tolerance circuit breaker on top of our slippage curve.

To measure the impact of a token on protocol health if it fully depegs in the future, we calculate the NLR value after removing this token from the calculation. Mathematically

$$
\text{NLR}\_{i} = \frac{\sum\_j p\_j A\_j}{\sum\_j L\_j} \text{ } \forall j\neq i
$$

For a token i, when `RTVi > NLRi`, swaps from token i to any other token are stopped. Further depegging has no effect on the NLR of the system.


# Swap

Users can swap from any one stablecoin to any other stablecoin, as long as the stablecoin price has not de-pegged in the market (More info in [Security](/developers/security#de-peg-protection)). We are currently starting with USDC, USDT & DAI in our main pool, and will have many more stablecoins and pegged assets in the secondary pools.

As a rule of thumb, swapping from tokens with **lower liquidity ratio** to **higher liquidity ratio** tokens is favored and will give the best margins, while the reverse trades are disincentivized with higher slippage.

The Swap slippage and the associated fees is explained in greater detail in our [AMM Model](/mantis-scroll/amm-model) and [Fees section](/mantis-scroll/fees/swap-fees).


# Deposit

MantisSwap allows for unilateral liquidity provision. Instead of having to deposit both tokens in a classic liquidity pool, liquidity providers only need to **deposit one token**.

Users can deposit stablecoins (USDC, USDT, DAI, etc.) into the Mantis Pool and get the corresponding LP token in return.

These LP tokens can further be staked into the protocol, allowing you to **earn MNT every block**. To make it easier, users will have the option to directly **deposit & stake** in a single transaction to save time & gas costs.

The LP tokens can later be used to withdraw the initial deposit at any time.

To prevent arbitrage, a small fee is charged on deposits of tokens whose **liquidity ratio > 1**. Detailed Explanation in [Deposit Fees](/mantis-scroll/fees/deposit-fees)


# Withdraw

Users can withdraw their deposit **anytime** by burning their LP tokens which they obtained on deposit. In case the LP tokens are staked, they will first need to be **unstaked** before they can be withdrawn.

To prevent arbitrage, a small fee is charged on withdrawing from tokens whose **liquidity ratio < 1.** An additional fee is also charged when the NLR (Net Liquidity Ratio) < 1. This is done to prevent the protocol from becoming insolvent.

To circumvent this, users are allowed to withdraw in other tokens whose **liquidity ratio > 1**, thus eliminating the withdrawal fees. Detailed explanation in [Withdrawal Fees](/mantis-scroll/fees/withdrawal-fees)


# Stake

### LP Stake

Users can stake their LP tokens in the protocol to earn liquidity mining rewards in the form of MNTS tokens. These rewards need to be claimed by the user from the protocol

The MNTS rewards earned on a token by a user depend on the following factors -

* MNTS Rewards allocated to the token
* % user amount staked compared to the total amount staked for the token
* veMNTS balance of the user

Therefore, users who are **early** are bound to earn substantially more MNTS on their deposit in the initial phases.

Users can unstake their position anytime, at which point all their pending rewards will be automatically claimed.

### BPT Stake

MNTS liquidity will be deployed on Balancer as a **80-20 MNT-WETH** pool. Users can add liquidity to this pool to get **BPT** (Balancer Pool Tokens)

Similar to staking LP, users can stake their BPT tokens to earn veMNTS. Claiming & holding veMNTS tokens allows users to increase their LP staking rewards. However, as soon as a user unstakes their position, their veMNTS balance goes to 0.

Detailed explanation on veMNTS can be found in [MNTS & veMNTS](/tokenomics/mnts-and-vemnts#vemnts-vote-escrowed-mnts)

Detailed explanation on MNTS reward emissions can be found in [Reward Emission Model](/mantis-scroll/reward-emission-model)


# Claim

Users need to claim their MNTS and veMNTS rewards from the protocol themselves. To make it easier, there will be a **Claim All** option to claim all the MNTS rewards at once.

Also, whenever users claim their veMNTS rewards, all their MNTS rewards will be claimed **automatically**, although veMNTS claim will reduce the veMNTS mining rate for the user. Detailed explanation in [MNTS & veMNTS](/tokenomics/mnts-and-vemnts#vemnts-vote-escrowed-mnts)


# MNTS & veMNTS

## MNTS

$MNTS is the **native token** of MantisSwap and has multiple use cases like governance voting, reward for providing liquidity and boosting these rewards.

Users can earn MNTS tokens by depositing their stablecoin and pegged assets on MantisSwap and earning liquidity mining rewards. These rewards can be increased by holding veMNTS.

The rewards share for a user depends on both the liquidity deposited and veMNTS balance of the user. It is given by the following equation -

$$
User\ Reward=\frac{User\ Reward\ Share}{Total\ Reward\ Share}\ =\ \frac{Deposit\ (1+\frac{\sqrt{veMNTS}}{1000})}{\sum^{for\ all\ users}\_i{}{Deposit}\_i(1+\frac{{\sqrt{veMNTS}}\_i}{1000})}
$$

**Total MNTS Supply: 500,000,000**

## veMNTS (vote-escrowed MNTS)

User can deposit Mantis BPT (Balancer Pool Token from 80-20 MNTS-WETH pool) tokens to earn veMNTS tokens for boosted pool rewards. **veMNTS is non-transferable.**

* 1 staked BPT generates 0.0114 veMNTS every hour initially.
* The veMNTS rate decreases with time t (in days) according to following function:

$$
veMNT\ Rate\ =(0.0114)(1-\frac{t}{730})\
$$

* After 730 days = 2 years, the veMNTS mine rate will go to 0 and user will not earn veMNTS anymore.
* The rate is updated (decreased) everytime the user claims veMNTS. Thus, the user can opt to not claim so as to to get higher potential veMNTS. However, he will also miss out on the boosted pool rewards.
* When a user locks more BPT, his reward rate is updated according to the weighted average of the amount already staked and the new amount. This is given by -

$$
veMNTS\ New\ Rate=\ \frac{Locked*veMNTS\ Old\ Rate\ +\ NewAmount*0.0114}{Locked\ +\ NewAmount}
$$

* **Upon unstaking BPT, veMNTS drops to 0**


# MNTS Distribution

<figure><img src="/files/iYKJKV7d9UQbCYAGSskX" alt=""><figcaption></figcaption></figure>

The token distribution along with the vesting schedule:

* 42% towards Reward Emissions
* 20.67% towards Treasury (5% unlock at TGE, 36 months linear vesting)&#x20;
* 15% towards the core team (6-month cliff, subsequent 24 months linear vesting)
* 14% towards investors and advisors (6-month cliff, subsequent 24 months linear vesting)
* 5% for DEX liquidity&#x20;
* 3.33% for Public Sale


# Mantissa Airdrop Program

The Mantissa Airdrop Program is built to reward users who contribute meaningfully to the growth of MantisSwap by performing simple yet significant actions. 5% (25,000,000 MNTS) of the total MNTS supply is allocated to the Airdrop Program.

## Phase 1 (April to TGE)

Phase 1 of the Mantissa Airdrop Program will go live on 3rd April, 5 pm UTC and will continue until our TGE. A final snapshot date will be announced in due time.&#x20;

## Mantissa Points

Mantissa points are a measure of your contribution to the growth of MantisSwap. Users will be able to earn Mantissa Points under 2 categories: **Protocol** Points and **Referral** Points. The points earned by the user $$i$$ given by

$$
P\_i = P\_D + P\_R
$$

where $$P\_D$$ are the Protocol points and $$P\_R$$ are the referral points earned by the user $$i$$.

### Protocol Points

Protocol points ($$P\_D$$) are awarded to users for interacting with MantisSwap dApp. Users can earn Protocol points by doing the following actions:

* Depositing liquidity in MantisSwap pools
* Swapping pegged assets on MantisSwap&#x20;

The protocol points earned by a user $$i$$ for a token $$j$$ is given by

$$
P\_{D,ij} = \beta\_j \displaystyle\int\_{t=0}^T  (V\_{ij}(t) + \gamma S\_{ij}(t)) \thinspace dt
$$

where&#x20;

$$V\_{ij}(t)$$ is the number of tokens $$j$$ deposited by user $$i$$ at time t&#x20;

$$S\_{ij}(t)$$ is the total volume (expressed in number of tokens) of the token $$j$$ swapped by user $$i$$ at time t&#x20;

$$\beta\_j$$ is the weight multiplier of the token $$j$$

$$\gamma$$ is the swap multiplier of the token $$j$$

Values of token multipliers are shared below in [#multiplier-values](#multiplier-values "mention")section.

For example: a user who deposits 100 USDC $$(\beta\_{USDC} = 1)$$ for 10 days would be rewarded 24k points for this period (1 x 100 USDC × 10 days × 24 hours/day = 24000  Points).

To obtain total protocol points for a user $$i$$ we sum the points for each token the user interacts with:

$$
P\_D = \displaystyle\sum\_j P\_{D,ij}
$$

### Referral Points

Users who help in expanding the Mantissa community will be rewarded with Referral Points. By inviting new members, users will be able to enhance their earnings. Initially, whitelisted users will be provided with a unique Referral code. When someone signs up for the Mantissa Airdrop Program using this referral code, the referee will receive **10%** of the total protocol points earned by the new user. You can invite multiple users using your referral code. Additionally, the referred user will get a **5%** boost on the protocol points they earn.

We plan on distributing referral codes to a select few users periodically, via a variety of activities and quests, so stay tuned and keep actively participating.&#x20;

### Multiplier Values

The unique design of MantisSwap allows us to assign boost multipliers to each token and actions performed with that token, allowing us as well as our partners to reward users who contribute towards a specific token pool growth. You can find the multipliers assigned for each token below.

| Token              | Weight Multiplier | Swap Multiplier |
| ------------------ | ----------------- | --------------- |
| USDC               | 1                 | 1               |
| USDT               | 1                 | 1               |
| DAI                | 1                 | 1               |
| wETH (coming soon) | \*\*\*\*          | \*\*\*\*        |

{% hint style="info" %}
This table will be updated with multiplier values when new asset pools are added.
{% endhint %}

### Boosting Points

Users will be able to boost their points under various scenarios.

#### New pool launches

For all the new asset pool launches there will be a boost applied to each token for a limited period. The boost will be applied on the protocol points through token weight multiplier.

#### Rebalancing the pool liquidity ratio

Users who perform a swap that converges the liquidity ratios of two tokens will get a boost on swap multiplier of **1.5x.**&#x20;

#### OG users

OG users who have interacted with MantisSwap till December 2023 will have a **1.5x** boost applied to the points they earn at the end of the campaign.<br>


# Security

At MantisSwap, security is one of our top priorities. We have taken several measures to ensure the safety & longevity of the protocol.

## Multi-sig

The Treasury account will be hosted on a Safe (previously called Gnosis Safe) multi-sig wallet to store the protocol funds in a secure manner and prevent any bad actors from compromising the funds. The multi-sig will include members from the Mantissa Finance core team initially with more prominent names to be added with time.

## Audits

The Mantis AMM smart contracts have been audited by reputed auditing firms. All future contracts will also be audited before they are made live. You can find the full report from each of the audits at the links below.&#x20;

<table data-card-size="large" data-view="cards"><thead><tr><th></th><th></th><th data-hidden data-card-target data-type="content-ref"></th><th data-hidden data-card-cover data-type="files"></th></tr></thead><tbody><tr><td><strong>Peckshield</strong></td><td><em>(22/11/2022)</em></td><td><a href="https://github.com/peckshield/publications/blob/master/audit_reports/PeckShield-Audit-Report-MantisSwap-v1.0.pdf">https://github.com/peckshield/publications/blob/master/audit_reports/PeckShield-Audit-Report-MantisSwap-v1.0.pdf</a></td><td><a href="/files/5Jw9KppreEdOBDDE5osK">/files/5Jw9KppreEdOBDDE5osK</a></td></tr><tr><td><strong>Omniscia</strong></td><td><em>(12/08/2023)</em></td><td><a href="https://omniscia.io/reports/mantissa-finance-core-system-64bf82869d175e0014dae1cd/">https://omniscia.io/reports/mantissa-finance-core-system-64bf82869d175e0014dae1cd/</a></td><td><a href="/files/4d9L375DJ6TIHbIJ3yy0">/files/4d9L375DJ6TIHbIJ3yy0</a></td></tr></tbody></table>

## De-peg Protection

We have partnered with **Chainlink & API3** to get the latest price feeds for all the tokens in our protocol. These prices will always be consulted before a swap occurs to predict depeg risks.

Apart from our innovative slippage curve which prevents pool drainage, we use an additional layer of protection to ensure that an impending depeg incurs minimal loss to our LPs by introducing the Risk Tolerance Variable (RTV) for each token. When a token surpasses the risk threshold, a circuit breaker is triggered that halts swaps from this token until the protocol returns to a more stable state. Even if the token fully depegs after this point, the system remains in the same state, unaffected by the depeg.

The circuit breaker point is calculated using internal pool metrics that directly correlate to the health of the protocol. These metrics are further reinforced with oracle price feeds which are obtained from our partnership with **Chainlink on Polygon** and **API3 on zkEVM.** The circuit breaker check is always performed first before a swap occurs, ensuring safety of the protocol.


# Contract Addresses

This page lists the Mantis contract addresses on each chain.

## Polygon Mainnet

### Pool

<table><thead><tr><th width="242">Contract</th><th>Address</th></tr></thead><tbody><tr><td>Main Pool</td><td>0x62Ba5e1AB1fa304687f132f67E35bFC5247166aD</td></tr><tr><td>LP-USDC</td><td>0xe03aec0d08B3158350a9aB99f6Cea7bA9513B889</td></tr><tr><td>LP-USDT</td><td>0xe8A1eAD2F4c454e319b76fA3325B754C47Ce1820</td></tr><tr><td>LP-DAI</td><td>0x4b3BFcaa4F8BD4A276B81C110640dA634723e64B</td></tr></tbody></table>

### Governance

<table><thead><tr><th width="239">Contract</th><th>Address</th></tr></thead><tbody><tr><td>Master Mantis</td><td>0x2c1Ded27522E317515e5B5e856De7293938b6D1E</td></tr><tr><td>MNT Token (soon to be deprecated)</td><td>0xE92175Ea10FC1F59F633c77153e81780A6EEaE04</td></tr><tr><td>MNTS Token (<em>New</em>)</td><td>Coming soon...</td></tr></tbody></table>

### Treasury

<table><thead><tr><th width="241">Contract</th><th>Address</th></tr></thead><tbody><tr><td>Multisig</td><td>0x56DC54ddC30bdC43DB84b8e59087097805B95e71</td></tr></tbody></table>

## Polygon zkEVM

### Pool

<table><thead><tr><th width="245">Contract</th><th>Address</th></tr></thead><tbody><tr><td>Main Pool</td><td>0x12d41b6DF938C739F00c392575e3FD9292d98215</td></tr><tr><td>LP-USDC</td><td>0x9b7bcEA67049819F4B35E84468c5E87918Aefe4B</td></tr><tr><td>LP-USDT</td><td>0x3b92B5e8e72A016991CC399241A6A4659f7073f4</td></tr><tr><td>LP-DAI</td><td>0xFe825CC878b25420d4b5Df5C68DDCDe8BF3947A8</td></tr></tbody></table>

### Governance

<table><thead><tr><th width="247">Contract</th><th>Address</th></tr></thead><tbody><tr><td>Master Mantis</td><td>0x4af97f73343b226C5a5872dCd2d1c4944BDb3E77</td></tr><tr><td>MNT Token (soon to be deprecated)</td><td>0x375488F097176507e39B9653b88FDc52cDE736Bf</td></tr><tr><td>MNTS Token (<em>New)</em></td><td>Coming soon...</td></tr></tbody></table>

<br>


# Brand Assets

Branding guidelines and asset kit

## Logos

<table data-column-title-hidden data-view="cards" data-full-width="true"><thead><tr><th>Type</th><th data-type="files">File</th><th data-hidden data-card-cover data-type="files"></th></tr></thead><tbody><tr><td><strong>Icon</strong> </td><td><a href="/files/EEwwqUWX9043IGIGQYBO">/files/EEwwqUWX9043IGIGQYBO</a><a href="/files/GhtMFd5fySDjWB91P9lr">/files/GhtMFd5fySDjWB91P9lr</a></td><td><a href="/files/L7i9xouJcekeKTu2SUJT">/files/L7i9xouJcekeKTu2SUJT</a></td></tr><tr><td><strong>Logomark</strong></td><td><a href="/files/yuRFS2ojLf2OQA5MxGKM">/files/yuRFS2ojLf2OQA5MxGKM</a><a href="/files/77KY9XewFG1dUYXfXY1d">/files/77KY9XewFG1dUYXfXY1d</a></td><td><a href="/files/n1RMupKvuYL5uVVJ8v0t">/files/n1RMupKvuYL5uVVJ8v0t</a></td></tr><tr><td><strong>Full Logo</strong></td><td><a href="/files/xH2lycSF8Y5CIgOLe0Qa">/files/xH2lycSF8Y5CIgOLe0Qa</a><a href="/files/xbrEDYJKxTLpwcB0EU9k">/files/xbrEDYJKxTLpwcB0EU9k</a></td><td><a href="/files/22FZ6nj6ObyT27nEaXEo">/files/22FZ6nj6ObyT27nEaXEo</a></td></tr></tbody></table>

## Color

<table data-view="cards"><thead><tr><th></th><th></th><th></th><th data-hidden data-card-cover data-type="files"></th></tr></thead><tbody><tr><td><strong>Han Purple</strong></td><td>#5526FF </td><td></td><td><a href="/files/GEFwRMRMcCWV3rwD8rML">/files/GEFwRMRMcCWV3rwD8rML</a></td></tr><tr><td><strong>Aqua</strong></td><td>#09F8F9</td><td></td><td><a href="/files/lrb8ISkbXXjQSgXwSQMj">/files/lrb8ISkbXXjQSgXwSQMj</a></td></tr><tr><td><strong>Cetacean Blue</strong></td><td>#0C042F</td><td></td><td><a href="/files/Fzs6QaavePX1AJiO3Zoa">/files/Fzs6QaavePX1AJiO3Zoa</a></td></tr></tbody></table>

## Fonts

<table data-card-size="large" data-view="cards" data-full-width="false"><thead><tr><th></th><th data-type="files"></th><th data-hidden></th><th data-hidden></th><th data-hidden data-card-cover data-type="files"></th><th data-hidden data-card-target data-type="content-ref"></th></tr></thead><tbody><tr><td><strong>Chillax</strong></td><td></td><td></td><td></td><td><a href="/files/Cv22qlggH9Z3X69sGZ60">/files/Cv22qlggH9Z3X69sGZ60</a></td><td><a href="https://www.fontshare.com/fonts/chillax">https://www.fontshare.com/fonts/chillax</a></td></tr><tr><td><strong>Satoshi</strong></td><td></td><td></td><td></td><td><a href="/files/uRP1g2wMroUlj5G9kFCc">/files/uRP1g2wMroUlj5G9kFCc</a></td><td><a href="https://www.fontshare.com/fonts/satoshi">https://www.fontshare.com/fonts/satoshi</a></td></tr></tbody></table>