MANTRA has taken a significant stride in merging decentralized finance (DeFi) with traditional financial markets by announcing the launch of its Hongbai Incentivized Testnet. Building on the success of MANTRA Chain’s initial testnet phase, the Hongbai Testnet now offers around 100,000 eager participants the opportunity to explore the latest infrastructure on the leading RWA layer 1 blockchain.
As the second iteration of MANTRA Chain’s testnet, the Hongbai Testnet forms part of the project’s broader initiatives to enable the tokenization of real-world assets (RWA) and attract institutional and non-traditional crypto users. This phase aims to increase the user base within the ecosystem and facilitate the development of decentralized apps (dApps) on the MANTRA Chain.
Key advancements in the Hongbai Testnet include:
1. Adoption of OM as the Native Token: The native chain token, OM, has been embraced to solidify its role in the ecosystem and reflect the community’s preferences.
2. Deployment of CometBFT Consensus and the Latest SDK: By implementing the CometBFT consensus mechanism and the most up-to-date SDK version, the testnet ensures enhanced reliability and performance.
3. UI Deployment and Custom Module Access: The upgrade enhances user experience by granting access to customized modules and a user-friendly interface for direct communication with the MANTRA Chain.
4. Phased Onboarding of Validators: To ensure network security and performance, a verified and high-performing validator set from the initial testnet phase is gradually being onboarded.
5. User Engagement Activities: Users participating in engagement activities during the launch will be eligible to receive Genesis Drop tokens once the mainnet goes live.
The introduction of the Hongbai Testnet marks a crucial step towards MANTRA Chain’s goal of establishing the foundational layer of the RWA ecosystem. The project invites developers, users, and blockchain enthusiasts to collaborate and contribute to this next stage of development. Details regarding participation will be gradually disclosed through MANTRA Chain’s dedicated discord channel.
