What is MANA currency? What does MANA coin mean?

MANA serves as the digital currency of Decentraland's virtual reality metaverse, enabling transactions, governance participation, and rewards for ecosystem contributions.

Oct 02, 2024 at 12:11 am

What is MANA Currency?

1. Overview

MANA is the native cryptocurrency token of the Decentraland virtual reality platform. It is used to purchase land, goods, and services within the Decentraland metaverse.

2. Purpose

MANA has several key use cases within Decentraland:

• Transaction Medium: Used to purchase land parcels, NFTs, and other digital assets.
• Governance: Staked to participate in the Decentraland DAO (Decentralized Autonomous Organization), which makes decisions on platform governance.
• Rewards: Earned as a reward for contributing to the Decentraland ecosystem through activities such as content creation and governance participation.

3. Technical Details

• Blockchain: Ethereum
• Ticker Symbol: MANA
• Token Supply: 2.19 billion

• Token Distribution:

  • 40%: Token holder distribution
  • 20%: Decentraland Foundation
  • 15%: Seed investors
  • 10%: Team and advisors
  • 10%: Community airdrop
  • 5%: Future developments

4. Value Proposition

MANA's value is driven by its utility within Decentraland, which offers:

• Immersive Virtual Experiences: Users can explore, create, and interact in a fully immersive virtual world.
• Land Ownership: Landowners can customize, develop, and monetize their land parcels.
• Community Building: Decentraland fosters a vibrant community of users, developers, and creators.
• E-Commerce: Businesses can establish virtual storefronts and sell digital goods and services.

5. Market Performance

MANA's market value has fluctuated significantly since its launch in 2017, reflecting the evolving landscape of the cryptocurrency market and the growth of Decentraland.