MANTRA February 2024 Recap: Hongbai Incentivized Testnet is Coming

4 min readMar 7, 2024

Welcoming back all our Sherpas to celebrate the major feats of another month that kept the MANTRA team busy all along! The team gathered in Hong Kong, followed by different key discussions and decisions, including the roadmap, new $OM tokenomics, and the Hongbai Incentivized Testnet, which was a giant leap forward for the entire MANTRA team and the community.

That’s not all! Two DAO proposals were also passed, MANTRA was added to the Real-World Assets category on CoinGecko, our CEO & Co-Founder, John Patrick Mullin, was invited to various prestigious podcasts, and the list of exciting updates continues. Here’s a summary of all the important events from the world of MANTRA for the month of February.

DAO Proposals

  • February started with the successful approval of the DAO proposal to boost staking rewards on MANTRA with 99.6% votes. As a result, staking rewards for all three $OM single-asset staking pools (Ethereum, Polygon, and BSC) now be increased by 20%.
  • Apart from this, a major change that took place through the approval of another DAO proposal to make $OM the L1 token of MANTRA Chain was also passed with an overwhelming 99.95% approval.
  • Following that, the MANTRA team examined transition feasibility and published a DAO proposal suggesting changes to the $OM tokenomics. Stakers can now earn up to a staggering 1.35x multiple on their staked $OM!

$OM Staking

  • Over 145 million $OM tokens have been staked on MANTRA, which makes up an impressive 18% of the circulating supply. You can stake $OM tokens on:
  • The MANTRA Chain validator network is expanding worldwide, strengthening our RWA-focused L1 blockchain with robust security & excellence. Thus, we shared an overview with the community on how 90+ validators spread over 30+ countries are actively contributing to MANTRA to make the network more decentralized.

Exchange Listings

  • Leading crypto exchange Binance launched USDT-Margined $OM Perpetual Contracts on 13 February, enabling Binance users to trade $OM with up to 50x leverage. $OM token is also available on the Binance spot market.
  • OKX Futures also launched MANTRA USDT-Margined $OM Perpetual Swap Trading Contracts on 20 February. Users can now trade $OM with up to 20x leverage on OKX. Prior to this, $OM/USDT spot trading pairs were already available on OKX. The exchange also listed $OM in Margin Trading & Simple Earn categories.
  • MANTRA ($OM) got officially listed on indodax, the largest exchange in Indonesia, on Wednesday, 7th February. OM/IDR pair is now available for trading.

Interview with CEO

  • MANTRA Co-Founder & CEO, John Patrick Mullin, joined an insightful Community Call to explain various aspects of the MANTRA ecosystem. You can watch the session to catch his insights on the recent successful DAO proposal to make $OM the L1 token of MANTRA Chain, the latest upgrades and enhancements to the $OM token utility, and our primary focus on real estate tokenization initiatives in key areas such as Hong Kong and the UAE.
  • Mullin also appeared in the Dubai Eye 103.8 FM podcast alongside Ahsan from Zand Bank, discussing the future of tokenized RWAs. This conversation dived deep into the world of RWA tokenization, exploring how MANTRA is unlocking its full potential.

News, Features & Releases

MANTRA’s initiatives towards revolutionizing the future of real estate tokenization were featured in prominent blockchain-focused news outlets.

  • Nasdaq published a feature on how MANTRA’s Token Service (MTS) integration is bridging the gap between traditional illiquid assets (such as art, commodities, and real estate) and the crypto space through the tokenization of real-world assets.
  • Crypto Wisser also published a feature explaining how MANTRA is playing a prominent role in developing a fully compliant and regulatory-ready L1 chain for RWA by working together with regulatory bodies in key financial markets.
  • We also published a blog discussing how the MANTRA Compliance Module provides tools and services to ensure Web3 platforms comply with various regulatory requirements associated with cryptocurrency transactions & financial activities.

X Spaces

MANTRA leaders joined a host of X Spaces, speaking broadly about how MANTRA is leading the way for the $16 trillion regulatory-compliant RWA tokenization industry. In case you missed it, tune in to them now:

Community Announcements

MANTRA launched the Sherpa’s Vision Quest, an initiative through which our community members could suggest what additional features should be included in $OM, and win a share of the prize amount of $500 in $OM.

MANTRA also attended ETHDenver, taking the subject of regulatory-compliant tokenization of RWA to a larger stage to highlight its importance in the coming years.

The waitlist for the Hongbai incentivized testnet also officially opened. If you haven’t already, submit your interest now by filling out this waitlist form & get a chance to secure your spot.

February brought us one step closer to our mission to build a secure and sustainable future for RWA tokenization. Nevertheless, a lot of work remains. Stay tuned to get updates on all the important events from the world of MANTRA.

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