News Report Technology
April 10, 2024

RWA Layer 1 Blockchain Mantra’s Hongbai Incentivized Testnet Is Now Live

In Brief

Mantra rolled out its Hongbai Incentivized testnet, granting developers, users, and blockchain enthusiasts access to its infrastructure.

RWA Layer 1 Blockchain Mantra’s Hongbai Incentivized Testnet Is Now Live

Real-world asset (RWA) Layer 1 blockchain Mantra (OM) rolled out its Hongbai Incentivized testnet, granting developers, users, and blockchain enthusiasts access to its infrastructure. With the new launch, Mantra expects to expand its ecosystem’s user base and facilitate the creation of decentralized applications (dApps).

The new phase will introduce significant advancements, encompassing the software development kit (SDK) and the implementation of the CometBFT consensus mechanism. Additionally, it will offer the adoption of OM as the native token, a phased approach to validator onboarding, and the provision of access to custom modules and UI deployment features.

Furthermore, the testnet will include user engagement initiatives, providing an opportunity to participate in the Genesis OM token airdrop following the mainnet launch.

Additional details on the testnet participation will be communicated through Mantra’s Discord channel.

The launch of the Hongbai Incentivized testnet marks the second phase of the project’s testing phase, representing a pivotal step in its endeavor to tokenize RWAs and attract users beyond the conventional Web3 community, including institutional participants.

In the first testnet phase, Mantra has garnered a significant user base of over 100,000 participants.

Keep track of cryptocurrency distributions in our Airdrops Calendar.

Mantra Raises $11 Million To Accelerate Blockchain Development And Adoption Of Tokenized RWAs

Mantra tackles liquidity fragmentation and cross-chain interoperability, offering secure and scalable infrastructure. Providing a framework that adheres to regulatory standards, the platform enables traditional finance companies to utilize asset tokenization and blockchain solutions to enhance RWA expansion.

Recently, the company successfully concluded an $11 million funding round led by venture firms. Among them are Shorooq Partners, Caladan, Three Point Capital, and Virtuzone Forte Securities, among several other investors. The company intends to use the raised funds to expedite the development of its blockchain technology.

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About The Author

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

More articles
Alisa Davidson
Alisa Davidson

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

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