RWA track Layer 1 project MANTRA has risen over 64 times in a year, deeply cultivating the Middle East market

MANTRA, a Layer 1 blockchain project focused on the tokenization of Real World Assets (RWA), recently announced an agreement with Dubai real estate giant DAMAC Group to tokenize at least $1 billion of the group's assets in the UAE. This initiative marks another significant breakthrough for MANTRA in the RWA sector.

In the past year, MANTRA has been very active in the RWA sector. In October 2024, the MANTRA mainnet was officially launched, and subsequently, its token price saw a significant rise. Data shows that throughout 2024, MANTRA (OM) had an increase of up to 6418.3%, rising from $0.0584 at the beginning of the year to $3.81 at the end of the year, making it one of the standout performers among RWA investment projects in 2024.

John Mullin, co-founder and CEO of MANTRA, stated that DAMAC's support reflects the strong confidence in the future of RWA tokenization in the market. As a well-known real estate developer in the UAE, DAMAC's business covers multiple fields including real estate, capital markets, hotels and resorts, manufacturing, catering, high-end fashion, and data centers. This collaboration aims to provide token-based financing solutions for DAMAC's portfolio companies, involving various sectors such as real estate, hospitality, and data centers. The tokenization process of these assets is expected to commence in early 2025.

Currently, MANTRA's business has spread to multiple regions including Hong Kong and Singapore, but its main operational focus remains concentrated in the Middle East, particularly in Dubai. Last year, MANTRA also signed a $500 million real estate asset tokenization agreement with developer MAG Property Development, with the first project set to be located in a residential development in Dubai. In addition, MANTRA has signed a memorandum of understanding with Zand Bank, a digital bank authorized by the Central Bank of the UAE, to collaborate on the development of a framework for RWA tokenization and distribution, while strictly adhering to the relevant regulations of the Dubai Virtual Assets Regulatory Authority (VARA).

In 2024, MANTRA made significant progress in financing and technology development. In March, MANTRA completed a $11 million financing round led by Shorooq Partners. Two months later, it received a strategic investment from a subsidiary of a certain securities digital asset company. On the technology front, MANTRA has developed a comprehensive RWA toolset, including digital identity (DID), compliance system MANTRA Guard, token management system MTS, decentralized exchange (DEX), and the Liquidity Efficient Emission Protocol (LEEP). These modules work together to provide comprehensive management and liquidity support for RWA tokenized assets.

The MANTRA Token Service (MTS) serves as a comprehensive module that allows the creation, management, and control of tokenized assets on the MANTRA Chain. Its main features include a token factory, configurable workflows, administrative permissions, comprehensive token management (minting, burning, staking, freezing, distribution), built-in functionalities, jurisdiction compliance, and banking module integration, among others.

MANTRA DEX introduces a protocol layer liquidity pool system, forming the core of the platform's decentralized finance (DeFi) and providing users with a permissionless trading environment. The upcoming MANTRA LEEP aims to address the widespread liquidity shortage issue in the crypto market, particularly for assets beyond Bitcoin and Ethereum.

Mullin, the CEO of MANTRA, stated that the project is currently still in its first phase, primarily focusing on bringing high-quality assets onto the blockchain. In the future, MANTRA will gradually advance the construction of liquidity and secondary markets, ultimately achieving the composability of RWA, making it widely usable in various DeFi applications. Mullin also proposed an ambitious goal: by the end of 2026, he hopes to reach a TVL of $100 billion in RWA.

Overall, the collaboration between MANTRA and DAMAC marks a further application of blockchain technology in the tokenization of real estate in the Middle East, and provides new development opportunities for the RWA sector. With MANTRA's continued expansion in the RWA field, the project has demonstrated strong development momentum and is expected to become one of the leaders in the RWA sector.