How Mavryk Beat Mantra to Monster $3B RWA Tokenization Deal
The post How Mavryk Beat Mantra to Monster $3B RWA Tokenization Deal appeared on BitcoinEthereumNews.com. This is the story of how Mantra secured a lucrative RWA tokenization deal – and then lost it. Worth a reported $500M when it was unveiled to great fanfare a year ago, the news was followed by radio silence from its signatories. Then, seemingly out of nowhere, the deal resurfaced this year. But this time it had been awarded to a different Layer 1 blockchain whose name starts with M – and its value had multiplied by 6x along the way. Mantra, MAG, and the Deal That Never Was On July 3, 2024, real-world asset blockchain Mantra broke the news of the largest tokenization deal in its history. “MANTRA and MAG will collaborate to democratize access to luxury UAE real estate using secure, yield-bearing vault products backed by MANTRA’s L1 technology.” It seemed by any reckoning the real deal, an agreement that would put RWAs on the map and make Mantra a major player in the race to tokenize real-world assets of all kinds. The news was confirmed in a company blog post, which elaborated on the terms of the deal with Dubai real estate giant MAG, noting: “Investors participating in the vault product will benefit from a compelling reward structure. They can expect to receive a combined yield, with an estimated 8% APY generated from stablecoins, further augmented by MANTRA’s native token, $OM.” CoinDesk also picked up on the story, adding that the $500M deal would include “a $75 million mega-mansion at ‘The Ritz-Carlton Residences, Dubai, Creekside’ development, part of the Keturah Resort.” On July 3, Mantra CEO John Patrick Mullin discussed the terms of the deal in a video interview, complete with Arabic subtitles for the benefit of viewers hailing from MAG Group’s seat in Dubai. And then…nothing. It’s like the deal just disappeared. We know it was…
The post How Mavryk Beat Mantra to Monster $3B RWA Tokenization Deal appeared on BitcoinEthereumNews.com.
This is the story of how Mantra secured a lucrative RWA tokenization deal – and then lost it. Worth a reported $500M when it was unveiled to great fanfare a year ago, the news was followed by radio silence from its signatories. Then, seemingly out of nowhere, the deal resurfaced this year. But this time it had been awarded to a different Layer 1 blockchain whose name starts with M – and its value had multiplied by 6x along the way. Mantra, MAG, and the Deal That Never Was On July 3, 2024, real-world asset blockchain Mantra broke the news of the largest tokenization deal in its history. “MANTRA and MAG will collaborate to democratize access to luxury UAE real estate using secure, yield-bearing vault products backed by MANTRA’s L1 technology.” It seemed by any reckoning the real deal, an agreement that would put RWAs on the map and make Mantra a major player in the race to tokenize real-world assets of all kinds. The news was confirmed in a company blog post, which elaborated on the terms of the deal with Dubai real estate giant MAG, noting: “Investors participating in the vault product will benefit from a compelling reward structure. They can expect to receive a combined yield, with an estimated 8% APY generated from stablecoins, further augmented by MANTRA’s native token, $OM.” CoinDesk also picked up on the story, adding that the $500M deal would include “a $75 million mega-mansion at ‘The Ritz-Carlton Residences, Dubai, Creekside’ development, part of the Keturah Resort.” On July 3, Mantra CEO John Patrick Mullin discussed the terms of the deal in a video interview, complete with Arabic subtitles for the benefit of viewers hailing from MAG Group’s seat in Dubai. And then…nothing. It’s like the deal just disappeared. We know it was…
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