rypto market flat overall, RWA tokens mostly down, but MANTRA (OM) reaches all-time high amid sector developments in tokenization and real-world asset integration.
TL;DR…
- Market recap: Crypto market flat; sentiment shifts slightly towards fear; Bitcoin up 0.4%, altcoins down 0.1%.
- RWA token trends: Overall decline; big losses for Boson Protocol and Axelar, while Clearpool and Chia saw gains.
- Sector updates: Midas launches tokenized products in Europe; Jade City ships to China; Xalts partners with Polygon for tokenization; Marathon Digital introduces Anduro for fractional ownership.
- MANTRA (OM) highlights: Reached an all-time high; driven by mainnet launch, growing token holders, incentives, and partnerships in real estate and aviation.
As we dive into this week’s RWA market recap, it’s clear that the crypto landscape is experiencing a period of uncertainty.
Despite some minor movements, both Bitcoin and RWA tokens have struggled to gain momentum in recent weeks.
Let’s explore the key factors shaping this week’s developments and examine why one popular RWA token seems to be completely ignorant of the recent shaky market.
Did you miss last week’s update? Check it out here.
Market Recap
If you haven’t looked at the charts in the last week, we can summarize the current state of play in one word… uncertainty.
The market isn’t showing a clear direction with the total market capitalization of all cryptocurrencies roughly flat over the last week. Meanwhile, investor sentiment has shifted from neutral to slightly fearful according to the CMC Fear & Greed Index.
Source: CMC Global Live Cryptocurrency Charts & Market Data page
Bitcoin is trading roughly flat over the last week, being up just 0.4% over the last 7 days despite a brief rally at the end of last week. The total market capitalization of altcoins (TOTAL2) is down from $980.1 million to $979.2 million. This means the average altcoin (barring ETH) has lost 0.1% over the last week.
Unfortunately, RWA tokens haven’t fared too much better. The great majority of RWA tokens are trading flat or are slightly in the red over the last week, with just a handful of more resilient tokens managing to buck the trend and demonstrate growth.
Some of the biggest losers include:
- Boson Protocol (BOSON) — down 14.65%
- Axelar (AXL) — down 8.5%
- Sky (formerly MKR) — down 5.8%
- Realio Network (RIO) — down 5.2%
Some of the biggest winners include:
- Clearpool (CPOOL) — up 35.4%
- Chia (XCH) — up 20%
- Mantra (OM) — up 8%
- Venus (XVS) — up 6.4%
Overall, the total market capitalization of all RWA tokens fell by a meager $50 million over the last week, whereas trading volume was almost cut in half — indicating an apathetic market looking for a clear signal.
Notably, Mantra (OM) managed to achieve its all-time highest value during a time when most other cryptocurrencies are either trading flat or are showing relatively muted movements one way or the other. More on this later.
Despite the admittedly uninteresting market conditions, the TVL of RWA projects continues to grow rapidly — largely due to the proliferation of on-chain treasuries and Maker RWA assets.
Source: DeFiLlama RWA TVL Rankings
RWA Sector Recap
As one of the fastest-growing crypto sectors, the RWA space is always full of news, updates and developments to keep track of.
We’ve cut through the noise to recap four of the most important stories for this week:
Midas Launches Tokenized Investment Products in Europe: Asset tokenization firm Midas has launched tokenized real-world assets in Europe, accessible to retail investors without minimum investment requirements. Products like mTBILL and mBasis offer yields based on U.S. T-Bills and a delta-neutral trading strategy. Previous yields are ~5% APR and 25% APR respectively.
Jade-Powered RWA Platform "Jade City" Begins Deliveries: Jade City has shipped its first batch of jade (a semiprecious stone) to China, marking a milestone for its RWA platform. The platform plans to reinvest profits into its ecosystem, benefiting $JCT token holders.
Xalts Partners with Polygon for RWA Initiative: Fintech firm Xalts has integrated Polygon into its RWA Cloud platform, allowing financial institutions to tokenize real-world assets more easily. The collaboration enables efficient blockchain applications, focusing on enterprise-grade tokenization and regulatory compliance solutions.
Bitcoin Miner Incubates Asset Tokenization Platform: Marathon Digital has revealed Anduro, a platform that enables the tokenization of real-world assets. The platform aims to enable fractional ownership and blockchain-based tracking, expanding Marathon's reach into tokenized alternative assets like art and collectibles. Barrelled Whiskey will be the first asset tokenized on the platform.
MANTRA Spotlight
As we previously touched on, MANTRA (OM) managed to completely avoid the recent market stagnation and achieved its all-time highest-ever value while other coins largely buckled under pressure.
Let’s examine some of the potential reasons behind this recent show of strength:
- Upcoming mainnet launch: Last month, it was announced that the MANTRA chain Mainnet will launch in October 2024. This is typically a bullish sign for the project, since it signals that development is going to plan and the team can be trusted to deliver a polished product.
- Number of token holders: The number of on-chain $OM token holders has been climbing rapidly on all chains, indicating growing interest in the platform. In the last week alone, the Base-native version of $OM added 2.1% more holders, while the Ethereum version added 1.1%.
- Ecosystem incentives: A variety of on-chain quests allow users to earn $OM tokens and other rewards for completing actions that help grow the network. This helps to align incentives in the ecosystem while providing a simple on-ramp for new users.
- Significant partnerships: MANTRA is collaborating with MAG to tokenize $500 million in real estate assets and signed a MOU with Novus Aviation Capital to help advance aviation financing. This shows initiative to deliver real-world products that may achieve significant adoption.
Together, these may have contributed to the resilience of the project, helping it achieve consistent growth as investors feel inclined to speculate on its future success based on its past performance.
And that’s all for this week’s RWA roundup! Catch you here next week for more RWA news.
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