MANTRA Launches Hongbai Incentivized Testnet

In a major step toward fusing decentralized finance (DeFi) with conventional financial markets, MANTRA recently announced the launch of its Hongbai Incentivized Testnet. Following the success of MANTRA Chain’s testnet phase one, the Hongbai Testnet was introduced. For around 100,000 anxiously expecting participants, it now opens the floodgates, allowing them to experience the newest infrastructure on the leading RWA layer 1 blockchain.

The Hongbai Testnet, which is the second iteration of MANTRA Chain’s testnet, is a component of the project’s larger initiatives to enable the tokenization of real-world assets (RWA) and attract institutional and non-traditional crypto users. This phase is anticipated to increase the number of users within the ecosystem and promote the creation of decentralized apps (dApps) on the MANTRA Chain.

Important Advancements in the Hongbai Testnet consist of:

Adoption of OM as a Native Token:

OM has been adopted as the native chain token, cementing its role in the ecosystem and reflecting the community’s choice.

CometBFT Consensus Deployment and the Latest SDK:

With the CometBFT consensus mechanism and the most recent SDK version, the testnet promises improved reliability and performance.

UI Deployment and Custom Module Access:

The upgrade improves user experience by giving users access to customized modules and a user-friendly interface for direct communication with the MANTRA Chain.

Phased Onboarding of Validators:

To ensure network security and performance, a verified, high-performing validator set from the first testnet phase is being gradually onboarded.

Activities for User Engagement:

Users that take part in engagement activities during the launch will be eligible to receive Genesis Drop tokens once the mainnet becomes live.

An important step toward the MANTRA Chain’s objective of creating the foundational layer of the RWA ecosystem is the introduction of the Hongbai Testnet. Together this next stage of development, the project extends an invitation to developers, users, and blockchain enthusiasts to collaborate in tandem. Phased disclosure of participation information will occur via MANTRA Chain’s dedicated discord channel.