Everything You Need to Know About the 50 Million $OM Mantra Airdrop
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Everything You Need to Know About the 50 Million $OM Mantra Airdrop
Mantra is an L1 public blockchain focused on RWA that may have been overlooked.
Navigating Web3 tides with focused insightsAuthor: HFAresearch
Translation: TechFlow
Mantra recently announced a 50 million OM airdrop, worth over $50 million at current market prices! This airdrop is intended for holders of certain NFTs shown in the screenshots below. But you might be wondering—what exactly is Mantra? Mantra is an L1 blockchain focused on real-world assets (RWA), and we believe it may have been overlooked.
The RWA narrative has had its ups and downs, but overall, it has remained one of the strongest themes of this cycle. MKR was the first token to establish some connection with the "real world" through investments in government bonds. We also identified Canto as a potential RWA project, although while it performed well shortly after our initial report, it hasn't achieved broader traction.
There are projects like ONDO, which fast money has embraced as a bet on the RWA space. While the joke “1 ONDO = 1 CONDO” (one ONDO equals one condo) is amusing, we struggle to get excited about ONDO’s fully diluted valuation above $7 billion, especially given massive supply inflation and upcoming VC unlocks.
Projects such as Centrifuge, while technically interesting, seem to have failed to make significant progress in real-world asset tokenization. This brings us to Mantra (OM)—a project that surprisingly few people are talking about, despite being one of the best-performing assets in the entire market this year (rising from around $0.04 to over $1):
Figure: $OM price performance in 2024
Naturally, we wanted to explore this story further—was this just a small, manipulated pump, or is something more substantial happening?
Overall, Mantra began in 2020. The Mantra chain is a Cosmos-based L1 customized for asset tokenization, emphasizing security and customization to enable compliance with regulatory requirements. In their own words, it's a "permissioned application on a permissionless blockchain."
Through their identity system, users receive a soulbound NFT/ID, which can then be used for KYC across any on-chain activity.
For tech enthusiasts, here are some key technical features:
• Built using the Cosmos SDK, IBC-compatible, supports CosmWasm
• Secured by a sovereign Proof-of-Stake validator set
• Scalable to 10k TPS
• Built-in modules, SDKs, and APIs for creating, trading, and managing compliant RWAs
• Enhanced user experience designed to bring non-native users and institutions into Web3
The Mantra chain is currently on the Hongbai testnet, with mainnet launch imminent™.
You might think: "They've been operating for four years and are still on testnet!?" That’s because Mantra didn’t start as a blockchain—it began in 2020 as a DAO. It was a community-driven DAO involved in various initiatives, including validating on Kusama, developing the DeFi ecosystem in China, and other miscellaneous activities. In 2022, Mantra shifted focus to building the chain they’re now completing.
Setting aside the technical details and history for now, let’s discuss some of the compelling developments Mantra has seen.
Recently, Mantra announced a partnership with MAG, one of Dubai’s largest real estate developers. This collaboration involves tokenizing the financing of $500 million worth of land plots and development projects, allowing on-chain investors to fund these projects and later participate in equity once construction is complete.
In practice, participants receive what looks like a bond during the funding phase—a bond paying an 8% yield in USDC, plus additional OM incentives. Once the development is finished, participants can choose to either redeem their principal or convert into equity ownership of the property.
Mantra has also signed a Memorandum of Understanding (MOU) with Zand, a digital bank in Dubai, to streamline the process of real-world asset tokenization, including identification, listing, and distribution of RWAs.
This is part of Mantra’s broader effort to build credibility and reputation in the UAE region, where they already hold a license from the Virtual Assets Regulatory Authority (VARA). It appears Mantra is currently focusing almost entirely on the UAE, with less attention elsewhere. Given the region’s relatively open regulatory environment and booming real estate sector, this strategic focus makes sense.
The MAG <> Mantra announcement is undoubtedly encouraging, but at present, it remains Mantra’s only publicized tokenization project. We certainly hope to see other developers or asset issuers join over time to validate Mantra’s viability as an RWA platform.
OM’s current fully diluted valuation (FDV) is slightly under $1 billion. The remaining supply will be distributed through their ongoing airdrop campaign, with approximately 32% of the circulating supply staked.
Mantra isn’t an obvious buy signal, but for a thoughtfully designed L1 achieving product-market fit in what could become a critical market, an FDV below $1 billion isn’t entirely unreasonable. OM has certainly earned a spot on our watchlist!
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