The RWA track L1 project MANTRA has performed impressively in 2024, and its future development is worth looking forward to.

Recently, a blockchain Layer 1 project focused on the tokenization of real-world assets (RWA) announced an agreement with a large real estate group headquartered in Dubai, planning to tokenize at least $1 billion in assets belonging to the group in the UAE. This news has attracted widespread attention in the industry.

The project has performed outstandingly in the RWA track, and after successfully launching its mainnet in October 2024, its token price experienced a significant increase. Data shows that throughout 2024, the token surged by as much as 6418.3%, rising from $0.0584 at the beginning of the year to $3.81 by the end of the year, making it one of the best-performing RWA investment projects of 2024.

The focus on Middle Eastern business is highlighted, and large-scale asset tokenization is imminent.

The co-founder and CEO of the project stated that this collaboration "is a huge vote of confidence in the future of RWA tokenization." The partner is a well-known real estate developer in the UAE, involved in various sectors including real estate, capital markets, hotel resorts, manufacturing, catering, high-end fashion, and data centers. This developer also owns several internationally renowned brands and develops high-end real estate projects in multiple locations around the world.

The newly reached agreement aims to provide token-based financing for the portfolio companies of the partners, covering areas such as real estate, hospitality, and data centers. This cooperation is expected to enhance the accessibility of investments and simplify the processes, with the tokenization of related assets planned to start in early 2025.

Currently, the project has business layouts in multiple regions of Asia, but the main operational focus is concentrated in the Middle East, especially Dubai. Last year, the project party also reached an agreement with another developer to tokenize real estate assets worth a total of $500 million, with the first project starting from a residential project in Dubai.

In addition, the project party has signed a memorandum of understanding with a digital bank authorized by the Central Bank of the UAE, and both parties will cooperate to develop a framework that supports the tokenization and distribution of RWA, while complying with the regulations of local regulatory authorities.

2024 Milestones: Major Developments in Financing, Mainnet Launch, and More

Looking back at 2024, the project was dynamic and achieved significant results. In March, the project completed a $11 million financing; two months later, it received a strategic investment from a well-known financial institution's digital asset subsidiary.

In terms of technology, the project has developed a complete RWA suite, including Digital Identity (DID), compliance systems, token management systems, Decentralized Exchanges (DEX), and Liquidity Efficient Emission Protocol (LEEP), among others. These modules work together to enable RWA tokenized assets to be effectively managed and liquidated within a compliance framework.

The token management system allows for the creation, management, and control of tokenized assets on the project chain, with functions covering token factories, configurable workflows, administrator permissions, and comprehensive token management. The DEX introduces a protocol layer liquidity pool system, laying the foundation for decentralized finance (DeFi) on the platform. The LEEP protocol is under development, aimed at addressing the liquidity shortage in the crypto market, particularly concerning non-mainstream cryptocurrencies and tokenized real-world assets.

On October 23, 2024, the project's mainnet officially launched. Users can bridge tokens from ERC-20 to the mainnet, stake tokens to secure the network and earn rewards, participate in the construction of the RWA ledger, and earn additional rewards by completing mainnet tasks.

Future Outlook: Three-Phase Development Plan

The CEO of the project stated in a public discussion that the goal of the project is to become a ledger for asset issuance or RWA. He emphasized the importance of public blockchains in the large-scale adoption of RWA, while pointing out that the project has built a permissionless layer to facilitate the compliant issuance, distribution, and management of RWA by asset issuers, tokenization platforms, and regulated trading venues.

The project is expanding its DApp ecosystem, including a secondary market, an upcoming licensed on-chain RWA liquidity hub, and collaborations with various DeFi providers in the areas of lending, borrowing, and fractional real estate products. Additionally, it is exploring private credit, payments, and carbon credits.

Looking to the future, the CEO outlined a three-phase development approach in the RWA field: the first phase focuses on bringing high-quality assets on-chain; the second phase will focus on liquidity and secondary market venues; and the final phase will unlock the composability of RWA, enabling its use across different DeFi applications.

The project has set ambitious goals, aiming to reach a TVL of $100 billion in RWA by the end of 2026. The CEO believes that, despite the slow progress at present, over time the project will attract more new funds and participants, eventually creating a snowball effect to achieve a leading position in the RWA field.

Overall, the collaboration between the project and Middle Eastern real estate giants marks a further application of blockchain technology in the tokenization of real estate in the Middle East, providing new opportunities for the RWA sector. As the project continues to expand in the RWA field, its future development is worthy of ongoing attention from the industry.