What is MANA Token by Decentraland?
by LCX Team · · Updated April 26, 2021
MANA is the name of the native crypto currency of Decentraland. It is an ERC-20 token that can be purchased from several centralized exchanges, decentralized exchanges, and swap services.
Trade $MANA at LCX Exchange
Sign InWho Created $MANA?
Decentraland is basically a VR (virtual reality) world which is decentralized and developed on Ethereum. The VR allows users to buy land, build it, monetize it along with providing the ability to get involved in the applications and content developed by other users. Its decentralized nature makes it stand out from other VR projects. The in game currency and the LAND token which is also used on the platform are based on Ethereum which gives it owners complete control over their tokens and promotes transparency.
How $MANA Works?
MANA plays a vital role in Decentraland’s virtual world and can be used for transactions within the ecosystem and to participate in the management of its software.
When LAND is auctioned, the MANA tokens used to purchase the parcels are burned, or removed from circulation, making the supply of MANA deflationary. This could put pressure on the token value as the platform grows with new users.
Benefits of $MANA
MANA Token owners are benefited by the token ownership as they are provided with the ability to purchase LAND along with other goods and services in Decentraland. MANA Token holders can also interact with the platform by customizing their avatars, connecting with other users and exploring its metaverse. They can also vote on policy updates, participate in LAND auctions and subsidies to enhance the platform.
It is very easy to buy and sell MANA Token as it can be exchanged for many cryptocurrencies. Storing MANA Token is also very effortless and secure as it can be stored in a crypto wallet and custodian like LCX Wallet.
Decentraland (MANA) is also available at LCX Exchange.
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