MANTRA Chain mainnet goes live with OM staking and KARMA rewards

Mantra launched MANTRA Chain Mainnet, pursuing the goal of integrating traditional finance with blockchain technology.

According to a press release shared with Crypto.news, the real-world asset platform’s mainnet is now live, offering users advanced network security, regulatory compliance, and institutional-grade access to on-chain finance and tokenized assets through a comprehensive suite. It consists of tools.

Tokenization is the process of converting traditional assets, such as money market funds, into digital tokens that can be transferred and used on blockchain networks. Through MANTRA Chain, the project aims to streamline the process of bringing real-world assets onto the chain.

Starting today, users can bridge the native OM token from ERC-20 to the MANTRA Chain Mainnet and stake it to secure the network while earning rewards. OM will serve as the primary asset of the RWA ledger and play a more central role in the platform’s ecosystem.

Additionally, by completing specific tasks, known as quests, users will be able to earn KARMA, the project’s reputation-based reward system that encourages users to make positive contributions to the community.

The announcement stated that Mantra will continue to develop more features in the coming months.

“MANTRA Chain prioritizes security and compliance, enabling users and partners to actively participate in the expanding RWA market. Together we are creating a foundation for breakthrough opportunities in asset management,” Mantra CEO John Patrick Mullin told crypto.news.

He added that as awareness and innovation in the RWA sector grows, the platform could potentially help unlock “what the multi-trillion-dollar real-world asset economy could be.”

Meanwhile, OM has been performing well leading up to the highly anticipated mainnet launch, recently reaching an all-time high. The token is up over 7,134.6% this year.

The mainnet launch follows a successful testnet phase in November 2023 and an incentivized testnet launch in April, paving the way for full deployment of the platform.

Mantra has already secured several key partnerships ahead of the mainnet launch. For example, in April, the blockchain firm partnered with UAE-based real estate giant MAG to tokenize $500 million worth of real estate.

Just months later, the project signed a memorandum of understanding with multinational aviation finance company Novus Aviation Capital to unlock RWA investment opportunities in the aviation sector.

Increasing demand for tokenization

The tokenized asset market is expanding rapidly, with predictions that it could reach $16 trillion by 2030.

Major financial institutions are already adopting RWA tokenization. For example, Goldman Sachs is preparing to launch three tokenization projects by the end of 2024. Meanwhile, State Street, the world’s largest custodial bank, is exploring the tokenization of bonds and money market funds.