MANTRA has officially launched its institutional-grade Layer 1 blockchain on the mainnet. This will allow the network to bring tokenized real-world assets (RWAs) on-chain.
The launch will bring the network’s native OM token from ERC-20 to the MANTRA Chain Mainnet, which allows access to future RWA drops.
MANTRA’s OM Token Remains Stable
It’s been a positive year for MANTRA, with the network raising over $25 million in 2024. OM token also saw exponential growth throughout the year.
The OM token is central to MANTRA’s RWA ecosystem. With this mainnet launch, users will now be able to stake OM to secure the network and earn on-chain staking rewards.
“We are thrilled to unveil our mainnet and officially welcome the industries, partners, and projects that want to collaborate and build the future of RWAs together,” MANTRA’s CEO John Patrick Mullin said in a press release shared with BeInCrypto.
However, despite the mainnet launch on Wednesday, the OM token has mostly remained stable. In the past 24 hours, it is down by 0.51%, currently trading at $1.40.
Read More: What Are Tokenized Real-World Assets (RWA)?
Nonetheless, the RWA tokenization industry has expanded significantly this year. RWA tokens make up approximately 0.33% of the overall crypto market, with a total market cap of approximately $7.75 billion.
MANTRA is the largest player in this sector, with a market cap of $1.2 billion, closely followed by ONDO.
Meanwhile, there has been a growing interest in tokenizing real-world assets from institutional players across different industries. Most recently, Legal & General, a London-based pension and investment management firm with $1.5 trillion in assets under management, announced that it’s planning to enter the RWA ecosystem.
Read More: How To Invest in Real-World Crypto Assets (RWA)?
If successful, L&G will join companies like Ripple Labs, which have already begun exploring tokenized bonds, money market funds, and other financial instruments.
State Street, a major US-based financial services company, has also started experimenting with tokenized bonds and money market funds. These events demonstrate the growing adoption of blockchain technology in institutional finance.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Source link
Mohammad Shahid
https://beincrypto.com/mantra-launches-mainnet-for-rwa-tokenization/
2024-10-24 05:00:22
