Mantra Launches Mainnet of RWA-Focused L1

Mantra, a revamped web3 project now targeting real-world assets (RWAs), deployed the mainnet for its Layer 1 network today, launching a series of new features for network participants.

Users can now stake OM and earn rewards, bridge the native from an Ethereum-based ERC-20 token to gain access to future RWA airdrops, and earn KARMA for completing “missions” on the newly launched network.

"As a purpose-built layer 1 blockchain specifically designed to integrate traditional finance with blockchain technology, the Mantra Chain Mainnet aims to quickly become the preferred ledger of record for RWAs," Mantra said.

“As awareness and innovation continue to grow, together we’ll be able to further unlock what can be a multi-trillion dollar real-world asset economy," said John Patrick Mullin, Mantra’s CEO.

Despite the news, OM dropped 3.5% to $1.38 today as the broader digital asset sector pulled back. However, drawdown follows an outstanding 2024, with OM more than 7,000% year-to-date, according to CoinGecko.

Mantra’s growth has been fuelled by several large announcements this year. The project partnered with Dubai-based real estate behemoth MAG on a project to tokenize up to $500 million of real estate. In the same country, Zand Bank, a private firm licensed by Dubai’s central bank, also inked a deal with Mantra to begin streamlining the identification, listing, and distribution of RWAs.

In May, the project launched an RWA savings vault powered by Ondo Finance’s USDY.

Earlier this year, Mantra announced the closure of an $11 million fundraise to broaden the scope of its RWA operations in the Middle East.