Through Real World Asset tokenization, MANTRA’s Hongbai Incentivized testnet has been launched to connect traditional and defi markets.
The testnet deployment is a step forward for MANTRA’s use of RWA tokenization on a security-focused layer 1 blockchain. The company said on its Medium page:
“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,”
The project intends to involve a larger audience to improve the RWA tokenization process and grow its ecosystem by drawing in a variety of users, developers, and institutional stakeholders after an initial testnet phase in November 2023.
The testnet’s goals are to include OM as the chain’s native token, make the CosmWasm smart contract platform more accessible to developers, create custom modules, a new user experience, phased validator onboarding, and engage users in activities.
Developers can access compliance-oriented modules on the testnet, such as the guard module for application access control, the on-chain Decentralized ID (DID) system, and the Token Service module for minting and issuing permission tokens.
The features are meant to complement MANTRA’s emphasis on compliance and security. On GALXE, users can participate in tasks such as wallet construction, token gathering, swapping, and DID minting to be eligible to win a portion of the 50 million OM distributed during the mainnet debut.
