MANTRA has officially announced a partnership with Google Cloud, designating Google as a primary validator for its Layer 1 (L1) network’s mainnet. This collaboration aims to enhance MANTRA’s ecosystem by utilizing Google Cloud’s recently launched Cloud Web3 Portal. As part of this initiative, MANTRA will create a testnet within the portal, allowing developers to work on the L1 ecosystem and earn free OM tokens.
Strengthening the Ecosystem
The partnership with Google Cloud is a significant step for MANTRA as it builds upon its recent mainnet launch. This development enables the network to bring tokenized real-world assets (RWAs) on-chain, empowering users to stake OM tokens and earn staking rewards. Additionally, MANTRA is collaborating with BCW Group, a leading provider of Web3 infrastructure solutions for the Google Cloud ecosystem, further bolstering its capabilities.
JP Mullin, MANTRA’s CEO, emphasized the importance of this partnership in a post on X (formerly Twitter), stating, “Working alongside Google Cloud is a testament to MANTRA’s growth and development, as well as a mark of credibility for the real-world asset industry.”
Transition to MANTRA Chain
With the mainnet now live, the OM token has transitioned from Ethereum’s ERC-20 to the MANTRA Chain. However, despite this strategic advancement, the OM token has faced challenges, experiencing a nearly 5% decline since the mainnet launch.
As the largest RWA token in the market, OM boasts a market cap of $1.2 billion, outpacing competitors like ONDO. The recent downturn in performance can be attributed to liquidation activities following OM’s all-time high reached on October 14.
Impressive Growth in RWA Tokenization
Since its launch just a year ago, MANTRA’s OM token has skyrocketed by over 6,500%, establishing itself as a dominant player in the RWA asset market. The overall RWA tokenization industry has seen significant growth this year, with RWA tokens currently representing approximately 0.33% of the total crypto market.
Conclusion
The partnership with Google Cloud marks a pivotal moment for MANTRA, reinforcing its position in the rapidly evolving world of tokenized real-world assets. As the platform continues to innovate and attract developers, the future looks promising for both MANTRA and its community.
October 2024, Cryptoniteuae
