- Mantra Chain has launched its Hongbai Testnet as it looks to power Real-World Assets (RWAs).
- The Testnet is incentivized and it pays close attention to regulatory demands of RWA.
MANTRA Chain, one of the leading players in decentralized finance (DeFi), has recently launched its Hongbai Incentivized Testnet which will see a seamless integration of the platform with traditional financial markets.
Incentivized Testnet for Real-World Asset Integration
MANTRA Marketing Lead, Christoph Lidman in a Press Release says the launch comes as the first phase of MANTRA Chain testnet was completed.
The unveiling of Hongbai Incentivized Testnet opens an opportunity for about 100,000 eager users to explore the latest infrastructure on the platform’s pioneering real-world assets (RWA) layer 1 blockchain. MANTRA is the first RWA L1 blockchain capable of adherence and enforcement of real-world regulatory requirements.
The Hongbai Testnet, which represents the second phase of MANTRA Chain’s testnet, is a vital component of the project’s overarching mission to facilitate the tokenization of real-world assets and attract users from both the traditional finance space and institutional sectors.
Analysts say MANTRA Chain’s testnet will give other platforms like Stellar, one of the main blockchain platforms in tokenizing real-world assets a run for their money as the space becomes increasingly competitive.
This second phase will broaden the ecosystem’s user base and foster the development of decentralized applications (dApps) on the MANTRA Chain platform.
Hongbai Testnet Features
Some of the key highlights of the Hongbai Testnet include the adoption of OM as a native token, deployment of the latest SDK and CometBFT Consensus, access to custom Modules and UI deployment, phased onboarding of validators, and user engagement activities.
MANTRA selected the OM as the native chain token following community feedback. The aim is to consolidate its position within the MANTRA Chain platform. The Hongbai Testnet introduces the latest Software Development Kit (SDK) version, complemented by the innovative CometBFT consensus mechanism. This is to enable users to have enhanced performance and reliability on the network.
Similarly, with access to custom modules and UI deployment, users can now enjoy a user-friendly interface for seamless interaction with MANTRA Chain, thereby enhancing overall user experience and accessibility. Four years ago, members of its community eagerly snapped up its NFT offering and had the same enthusiasm for the adoption of the Hongbai Testnet.
MANTRA has decided to carry out phased onboarding of validators from the initial testnet phase to guarantee the network’s security and performance as it transitions toward mainnet launch. In a bid to commemorate the launch, MANTRA invites users to participate in a range of engagement activities, with eligibility for genesis drop tokens upon the mainnet’s official rollout.
Industry stakeholders see the launch of the Hongbai Testnet as a pivotal milestone for MANTRA Chain, as it now positions it closer to realizing its vision of establishing a foundational layer for the RWA which some have considered to be the future of crypto.
In light of this, the protocol has called on developers, users, and blockchain enthusiasts alike to actively participate in this next phase of development.
