The RWA project MANTRA performs brilliantly, with a rise of over 64 times in 2024.

In 2024, the blockchain Layer 1 project MANTRA in the field of tokenization of real-world assets (RWA) has shown strong momentum. According to data platform statistics, MANTRA (OM) has achieved an annual rise of 6418.3%, with the price skyrocketing from $0.0584 on January 1 to $3.81 on December 25, making it one of the best-performing RWA investment projects in 2024.

Recently, MANTRA announced an agreement with Dubai-based real estate group DAMAC Group to plan the tokenization of at least $1 billion in assets owned by the group in the UAE. MANTRA's co-founder and CEO John Mullin believes that this partnership demonstrates great confidence in the prospects of RWA tokenization.

DAMAC Group is a well-known diversified investment group with businesses covering multiple sectors including real estate, capital markets, hotels and resorts, manufacturing, catering, high-end fashion, and data centers. The group also owns the Italian fashion brand Roberto Cavalli and the Swiss luxury jewelry brand de GRISOGONO, and has developed several high-end projects in locations such as London and the Maldives.

This collaboration aims to provide token-based financing for DAMAC's portfolio companies, involving sectors such as real estate, hospitality, and data centers. The tokenization of these assets is expected to launch in early 2025, with the potential to enhance investment accessibility and streamline related processes.

It is worth noting that MANTRA's current business focus is mainly concentrated in the Middle East, particularly in Dubai. Last year, MANTRA also reached an agreement with developer MAG Property Development 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 UAE digital bank Zand Bank, and both parties will cooperate to develop a framework that supports RWA tokenization and distribution, while complying with local regulatory requirements.

2024 will be a fruitful year for MANTRA. In March, MANTRA completed a $11 million financing round led by Shorooq Partners. Two months later, MANTRA received a strategic investment from a digital asset subsidiary of a securities firm. In addition, MANTRA has developed a series of RWA suites, including Digital Identity (DID), Compliance System MANTRA Guard, Token Management System MTS, Decentralized Exchange (DEX), and Liquidity Efficient Emission Protocol (LEEP). The collaboration of these modules allows RWA tokenized assets to be effectively managed and liquidated 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 rewards, and OM will also become an important part of the RWA ledger.

Looking to the future, MANTRA's CEO Mullin proposed a three-phase development strategy: the first phase focuses on the supply side, bringing high-quality assets onto the blockchain; the second phase will emphasize developing liquidity and the secondary market; the final phase is dedicated to unlocking the composability of RWA, allowing it to be used across different DeFi applications. Mullin also stated that he hopes MANTRA can reach a total locked value (TVL) target of $100 billion in RWA by the end of 2026.

The cooperation between MANTRA and DAMAC marks a further application of blockchain technology in the tokenization of real estate in the Middle East, providing new development opportunities for the RWA sector. As MANTRA continues to expand in the RWA field, the project demonstrates strong development potential. Whether MANTRA can become a leader in the RWA sector in the future is worth the industry’s continued attention.