RWA Project MANTRA Reaches Billion-Dollar Cooperation with Middle Eastern Real Estate Giant

A certain blockchain Layer 1 project MANTRA recently announced an agreement with the Dubai real estate group DAMAC Group, planning to tokenize at least $1 billion of the group's assets in the UAE. This collaboration marks an important step for MANTRA in the field of tokenization of real-world assets (RWA).

MANTRA has been very active over the past year, and after the mainnet launch in October 2024, its token price has seen significant growth. According to data platform statistics, in 2024, the increase of MANTRA (OM) reached as high as 6418.3%, rising from $0.0584 at the beginning of the year to $3.81 by the end of the year, becoming one of the best-performing RWA investment projects in 2024.

DAMAC Group is a well-known real estate developer in the UAE, with operations in various sectors including real estate, capital markets, hospitality, manufacturing, dining, high-end fashion, and data centers. This collaboration aims to provide token-based financing for DAMAC's portfolio companies, covering multiple areas such as real estate, hospitality, and data centers. The tokenization of these assets is expected to begin in early 2025.

In addition to DAMAC, MANTRA has also reached an agreement with MAG Property Development to tokenize real estate assets worth $500 million. At the same time, MANTRA has signed a memorandum of understanding with the UAE digital bank Zand Bank to collaborate on developing a framework to support RWA tokenization and distribution.

In 2024, MANTRA completed a $11 million financing round and received a strategic investment from a digital asset subsidiary of a certain securities company. MANTRA has developed an RWA suite that includes digital identity, compliance systems, token management systems, decentralized exchanges, and liquidity-efficient emission protocols.

The CEO of MANTRA stated that the project's goal is to become a ledger for asset issuance or RWA. They are expanding the DApp ecosystem, including a secondary market, an on-chain RWA liquidity center, and collaborations with various DeFi providers in lending, borrowing, and fractional real estate products.

The development strategy of MANTRA is divided into three phases: the first phase focuses on bringing high-quality assets on-chain, the second phase focuses on liquidity and the secondary market, and the final phase will unlock the composability of RWA. The CEO expressed hope to reach $100 billion in RWA TVL by the end of 2026.

The collaboration between MANTRA and DAMAC marks a further application of blockchain technology in the tokenization of real estate in the Middle East, providing new development opportunities for the RWA sector. As MANTRA continues to expand in the RWA field, the project demonstrates significant potential that cannot be overlooked.