Hongbai Incentivized Testnet is LIVE

MANTRA
3 min readApr 10, 2024

The moment we’ve all been eagerly waiting for is finally here! As anticipation has been building, we’re opening the floodgates for 100,000+ eager participants to explore the leading Layer 1 blockchain for RWA tokenization by launching the MANTRA Hongbai Incentivized Testnet!

This milestone isn’t just a step forward for MANTRA — it’s a leap towards bridging the traditional financial (TradFi) and decentralized financial (DeFi) markets with the great potential of Real World Asset tokenization. Following our initial testnet phase’s successful launch in November 2023, we’re now ready to welcome over 100,000 enthusiastic participants to dive into the innovative fields of our security-first Layer 1 blockchain dedicated to RWA tokenization.

Key developments on Hongbai:

Our goal with the Hongbai Incentivized Testnet is to refine the RWA tokenization process, attracting a wider array of users, developers, and institutional players, expanding our ecosystem, and fostering dApp development on the MANTRA Chain. Here’s what you can look forward to:

  • OM Takes Center Stage: In line with a community proposal, OM has been adopted as the native token of the chain, reinforcing its significance within our ecosystem.
  • CosmWasm for Developers: We’ve made it easier for developers to access CosmWasm, streamlining the journey of dApp creation and deployment.
  • User-Friendly UI Deployments and Custom Modules: Directly interact with MANTRA Chain through our new user interface and custom modules, designed to improve your experience.
  • Phased Validator Onboarding: We’re bringing in a vetted, high-performing set of validators from the initial testnet phase, in stages, to maintain network security and performance.
  • User Engagement Activities: Join us on GALXE for various activities, and stay tuned for the chance to earn genesis drop tokens when mainnet launches.

The Hongbai Testnet is a pivotal development for MANTRA Chain, pushing us closer to our vision of creating a robust foundation for RWA tokenization. We invite developers, users, and blockchain enthusiasts to join us in this exciting next phase.

What builders can expect from Hongbai?

Developers will get first-hand access to a variety of custom modules exclusively available on MANTRA Chain. Let’s take a closer look at the new modules available on testnet:

Compliance: Ensuring Security and Trust

The compliance module incorporates an on-chain Decentralized ID (DID) system for all blockchain participants, such as investors, traders and developers. With MANTRA Chain, users only need to complete KYC once to access all permissioned applications on the chain.

Token Service: Safeguarding Assets

This module allows developers to create and mint permissioned tokens on the chain, enabling seamless interactions with the entire ecosystem through IBC. This opens up a world of possibilities for tokenized assets and innovative use cases on MANTRA Chain and beyond.

Guard: Empowering Seamless Interaction

This module plays a crucial role in enforcing access control on applications. By providing fine-grained control over user permissions, Guard helps prevent unauthorized access to assets, products, or specific actions. Through this module, we ensure the highest level of security and compliance, keeping our platform in line with evolving regulatory frameworks.

How to participate:

Complete quests on GALXE for the chance to be eligible for a portion of the 50,000,000 OM 🪂 Over the coming weeks we will be adding new onchain and offchain quests such as creating a MANTRA wallet, collecting tokens from the faucet, completing a swap, minting a DID and much much more!

Join the dedicated Discord channel to stay up to date with the latest participation details, which we’ll release gradually over time.

See the blockchain in action here:
View Explorer

Together, we’re not just testing technology; we’re reshaping the very fabric of finance.

Connect with us and be part of our journey.

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MANTRA

Unlocking the $16 Trillion RWA economy with a regulation-ready blockchain. www.mantrachain.io