MANTRA Chain mainnet goes live with OM staking and KARMA rewards

Mantra has launched the MANTRA Chain Mainnet, edging closer to its goal of integrating traditional finance with blockchain technology.

According to a press release shared with crypto.news, the mainnet for the real-world assets platform is now live, offering users enhanced network security, regulatory compliance, and institutional-grade access to on-chain finance and tokenized assets through a comprehensive suite of tools.

Tokenization is the process of converting traditional assets, such as money market funds, into digital tokens that can be transferred and utilized on blockchain networks. Through MANTRA Chain, the project aims to streamline the process of bringing real-world assets on-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, playing a more central role in the platform’s ecosystem.

Additionally, users will be able to earn KARMA, the project’s reputation-based rewards system that incentivizes users for positive contributions to the community, by completing certain tasks known as missions.

Mantra will continue to develop more features over the coming months, the announcement added.

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

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

Meanwhile, OM has performed well leading up to the highly anticipated mainnet launch, recently reaching a new all-time high. The token has surged by over 7,134.6% this year.

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

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

Growing demand for tokenization

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

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