MANTRA unveils Hongbai Incentivized testnet

MANTRA’s Hongbai Incentivized testnet has been launched to integrate traditional and defi markets through Real World Asset tokenization.

The testnet launch represents a development for MANTRA in utilizing RWA tokenization on a layer 1 blockchain dedicated to security.

“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 company said on its Medium page.

Following an initial testnet phase in November 2023, the project aims to engage a broader audience to refine the RWA tokenization process and expand its ecosystem by attracting a range of users, developers, and institutional players.

The testnet’s objectives include the integration of OM as the chain’s native token, facilitating developer access to the smart contract platform CosmWasm, developing a new user interface, custom modules, a phased approach to validator onboarding, and user engagement activities.

The testnet offers developers access to modules designed for compliance, including an on-chain Decentralized ID (DID) system, a Token Service module for creating and minting permission tokens, and a guard module for application access control. The features are intended to support MANTRA’s focus on security and compliance.

Participants can engage in activities on GALXE, such as wallet creation, token collection, swaps, and DID minting, for an opportunity to receive part of the 50 million OM allocated for the mainnet launch.