The RWA sector L1 project MANTRA continues to expand, with a rise of over 64 times in a year.

Recently, the blockchain Layer 1 project MANTRA, focused on the tokenization of real-world assets (RWA), announced an agreement with a real estate group in Dubai to tokenize at least $1 billion in assets for the group in the UAE. This move marks MANTRA's continued expansion in the RWA sector.

According to data platform statistics, from January 1 to December 25, 2024, the MANTRA (OM) had a remarkable rise of 6418.3% throughout the year, with the price soaring from $0.0584 at the beginning of the year to $3.81 on December 25, making it the most outstanding RWA investment project in 2024.

John Mullin, co-founder and CEO of MANTRA, believes that this collaboration "reflects a huge confidence in the future of RWA tokenization." The partner is a well-known real estate developer whose investments span various fields, including real estate, capital markets, hotels and resorts, manufacturing, dining, high-end fashion, and data centers. The new agreement aims to provide token-based financing for the portfolio companies of the real estate group, covering areas such as real estate, the hospitality industry, and data centers. This collaboration is expected to enhance the accessibility of investments and simplify processes, with the tokenization work on related assets scheduled to begin in early 2025.

Currently, MANTRA's business spans multiple regions including Hong Kong, Singapore, and others, but its main operational focus is concentrated in the Middle East, particularly Dubai. Last year, MANTRA also reached an agreement with another developer to tokenize real estate assets worth a total of $500 million, with the first project starting from a residential project in Dubai. In addition, MANTRA signed a memorandum of understanding with a digital bank authorized by the Central Bank of the UAE, and both parties will collaborate to develop a framework to support the tokenization and distribution of RWA, while complying with the regulations of local regulatory authorities.

Looking back at 2024, MANTRA's development has been rapid. In March, MANTRA completed a $11 million financing round; in May, it received a strategic investment from a digital asset subsidiary of a certain securities company. Currently, MANTRA has developed a suite of RWA including digital identity (DID), compliance system MANTRA Guard, token management system MTS, decentralized exchange (DEX), and liquidity-efficient emission protocol (LEEP). These modules work together to enable effective management and liquidity of RWA tokenized assets within a compliance framework.

The MANTRA mainnet will officially launch on October 23, 2024. Users can bridge OM tokens from ERC-20 to the MANTRA mainnet tokens, stake OM to secure the network and earn on-chain rewards, as well as earn KARMA by completing new tasks on the mainnet.

Looking to the future, Mullin stated that MANTRA is currently in its first stage of development, focusing on bringing high-quality assets on-chain. The second stage will focus on liquidity and secondary market venues, while the final stage will be dedicated to unlocking the composability of RWA, allowing it to be used across different DeFi applications. Mullin also revealed an ambitious plan: "We aim to reach $100 billion in RWA TVL by the end of 2026. Although progress is currently slow, we are attracting new funds, new capital, and new participants into the space. Over time, this will create a snowball effect, ultimately bringing us to a leading position in RWA."

Overall, MANTRA's collaboration with the Dubai Real Estate Group marks further application of blockchain technology in the tokenization of real estate in the Middle East and provides new development opportunities for the RWA sector. As MANTRA continues to expand in the RWA field, the project has demonstrated strong momentum. Can MANTRA become the industry leader in RWA? This question is worth our continued attention.