In a significant move towards the convergence of traditional financial markets and decentralized finance, MANTRA has announced the launch of the Hongbai Incentivized Testnet. This development is a critical component in the MANTRA Chain ecosystem, serving as a preparatory platform for the upcoming mainnet. 

The Hongbai Testnet is designed as a sandbox where developers and users can refine and test their applications, ensuring robustness and functionality before the official launch. This strategic initiative not only underscores MANTRA’s commitment to innovation but also sets the stage for a transformative impact on how real-world assets (RWAs) are handled within the blockchain space.

The primary purpose of the Hongbai Testnet is to serve as the definitive test environment for all updates and innovations before they are implemented on the mainnet. This allows for a thorough vetting process, minimizing risks and ensuring that all new features integrate seamlessly. 

Developers have the unique opportunity to engage with the testnet to deploy and test their decentralized applications (dApps), fine-tuning functionalities such as account creation, token transfers, and smart contract interactions. This rigorous testing ensures that once these applications are transitioned to the mainnet, they are optimized for performance and user experience.

1/ Dive into what makes #HongbaiTestnet a game-changer! Testnet Phase 1 Recap: We started our journey with Testnet Phase 1 back on Nov 8, 2023. With 100 validators onboard, we've clocked over 1.5M blocks, boasting an average block time of just 6.34 seconds. pic.twitter.com/MAhRjY9aJh

— MANTRA | Tokenizing RWAs (@MANTRA_Chain) April 26, 2024

Enhancing Development and Security Through Innovation

The Hongbai Testnet operates on a distributed network of nodes that uphold the network’s functionality and security. It employs a Proof of Stake (PoS) consensus mechanism, where validators play a pivotal role in maintaining the network’s integrity. 

These validators are crucial in processing transactions and proposing blocks, which enhances the testnet’s reliability and mirrors the operational environment of the upcoming mainnet. This setup not only tests the resilience and efficiency of the network under various conditions but also ensures that the MANTRA Chain will be robust and secure upon launch.

For developers, the Hongbai Testnet is an invaluable tool. It provides a realistic and controlled setting to explore the nuances of blockchain application development. Developers can utilize advanced tools and APIs provided by MANTRA to build and refine their applications. 

This includes testing the tokenization of RWAs, a significant advancement that MANTRA is set to introduce. By simulating real-world asset management on the blockchain, the testnet helps developers understand and innovate on the tokenization process, which could revolutionize asset liquidity and transferability.

Furthermore, the testnet environment is designed to be completely isolated from the mainnet, ensuring that the trials and experiments conducted do not affect the live network. 

This separation allows developers to freely test hypotheses and adjust configurations without the risk of destabilizing the mainnet. It also means that any tokens and transactions on the testnet are purely for testing purposes and do not carry real-world value, providing a safe space for experimentation.

The launch of the Hongbai Testnet is not just a technical upgrade; it is also a community-driven initiative. MANTRA emphasizes community involvement in the development process, offering developers and users the chance to contribute to the ecosystem’s growth and direction. This collaborative approach ensures that the MANTRA Chain is built with a wide range of insights and meets the diverse needs of its users.

Recently,Wondra plan to, with user consent, use AI assistants to learn personal data and generate users’ digital twins— customized “digital beings” with users’ personalities, preferences, and choice biases.

Next, Wondra will use AI to settle these “digital beings” in the Metaverse— remember the digital natives mentioned earlier? Yes, Wondra will make your digital avatar become a true native of the Metaverse. This world will be a new land and a promised land for all humanity. They, no, “you,” will be the first settlers, living, socializing, constructing, and generating various real consumption demands in the Metaverse world.

With demand, supply will naturally emerge. Combining the emerging concept of RWA, real-world assets will easily enter the cryptocurrency market. In the Metaverse world, demand and supply will spontaneously form economic supply and demand relationships. In the absence of external intervention, plural supply and demand relationships will form the most pure free market, operating sustainably in Metaverse 2.0.

In its official introduction, Wondra describes its business as follows:

“Wondra will use deep learning of large-scale AI models to help users establish their digital twins in the Metaverse, and control their daily behaviors through the AI models under the Wondra Protocol framework. Through continuous deep learning and simulation, such digital twins will infinitely approximate the behavioral habits, logical thinking, emotional preferences, etc., of the original users in the real world, and they will become truly long-lasting natives living in the Wondra Metaverse.

At the same time, the Wondra Protocol will bind these digital twins to users’ original selves through SBT. The behavior of the twins will directly affect the reputation of the original community and even direct benefits.

Later, Wondra will map offline assets to online through the RWA concept to gain broader liquidity support and enrich actual applications in the Metaverse. The interaction of users’ digital twin data combined with AI production, consumption, and other life interactions will be synchronized with reality, enjoying multiple benefits online and offline.”

Entering a New World: AI Interaction

Wondra introduces the AI assistant “Wonki” as the first interface for users to enter the Metaverse. Wonki plays a central role in users’ daily activities. Through gamified interactions with Wonki, users’ daily interactions with the AI model will become training.

Users will receive incentives in the form of ecosystem tokens $WII through training AI, and these AI assistants will gradually optimize their response mechanisms through continuous user interactions, achieving a leap from basic task execution to complex situational responses. At the same time, by continuously learning user preferences and behaviors, they will gradually model data for users’ digital twins.

“The integration of AI not only enhances the interactivity of the platform but also enhances the user experience through personalized services,” says Wondra’s technical staff. This application of technology will make every interaction in the virtual world full of value.

Diverse Lives: Digital Twins and Double Opportunities

Through AI learning and modeling, Wondra creates a unique digital twin for each user, representing their presence in the virtual world. These digital identities can act on behalf of users in the Metaverse, and even when users are offline, they can continue to interact and make decisions driven by their independent AI.

This ensures that the ecosystem created by Wondra in the Metaverse always has sufficient demand entities freely moving, making it not just a game or social platform but a multidimensional virtual society covering education, commerce, entertainment, and other aspects, aiming to create a diversified virtual society. Users can learn, work, create, and entertain in Wondra, while interacting with other users globally, and the entire ecosystem will be ensured to operate smoothly through governance tokens $WIA.

“We are exploring a new form of online presence,” says the project initiator. “Through digital twins, users can achieve full-time representation in the virtual world.”

Wondra Protocol: Key Role of Blockchain

In the Wondra Metaverse ecosystem, safeguarding user privacy and rights is crucial. Therefore, like Asimov’s Three Laws of Robotics, the Wondra Protocol uses blockchain technology to provide solid protection for user data, ensuring transparent handling of all user data and the security of their privacy. Through distributed ledger technology, every user data interaction is securely recorded on the blockchain, preventing unauthorized access and tampering.

At the same time, the Wondra Protocol uses smart contracts to manage the interaction rules of digital twins, ensuring reasonable management and supervision of users’ virtual identities and behaviors. Smart contracts automatically execute contract terms, ensuring that all operations comply with Wondra’s policies and user expectations. This approach not only increases the transparency of the system but also strengthens users’ control over their digital identities, allowing them to decide autonomously which personal information can be shared or kept private.

Through the Wondra Protocol, digital twins become an extension of users in the virtual world, able to securely store their personal data, preference settings, and historical interaction records. The security and immutability of this information are guaranteed, allowing users to trust that every interaction in the Wondra ecosystem is safe and private.

Supply Introduction: RWA and Cross-Border Cooperation

In the Wondra Metaverse ecosystem, AI-driven digital twins lead lives intertwined with real-world assets, marking the next step in bridging the virtual and physical worlds and establishing Wondra as a versatile service platform. By incorporating RWA, Wondra evolves beyond being solely a virtual interaction space, transforming into a multifunctional hub where real-world assets and services are digitized for use and trade within the Metaverse.

Utilizing blockchain technology, tangible assets such as real estate, art, and financial securities are tokenized into tradable cryptocurrencies. Likewise, real-world services like educational courses, consulting, and social collaboration are mapped onto Wondra through RWA. These tokens represent ownership or usage rights to real-world assets, allowing users’ digital twins to freely engage in buying, selling, leasing, or exchanging these assets within Wondra, with real-world users simultaneously benefiting from related services.

All assets and services integrated via RWA undergo management and execution through smart contracts on the blockchain. This ensures transparency, security, and tamper resistance of transactions, while automated contract execution reduces transaction costs and delays.

By integrating RWA into Wondra’s supply services, the ecosystem not only deepens and broadens its economic scope but also offers users a seamless fusion of real and virtual worlds, enabling diverse service experiences. This innovative economic model propels the Metaverse from a mere gaming or social platform to a truly global digital economy.

A New Chapter in the Metaverse Unfolds

The Wondra team acknowledges that building Wondra is a long-term endeavor fraught with challenges. Through continuous technological innovation and community collaboration, the project team aims to address various issues arising from the fusion of virtual and real worlds. As technology matures and user bases expand, Wondra will progressively realize its vision of creating a comprehensive, active, and highly interactive next-generation internet world.

The story of Wondra is just beginning. In this new world driven by AI and blockchain, Wondra is poised to become a flagship project leading the future development of the internet. For users worldwide, it signifies not only technological innovation but also a revolution in lifestyle.

Wondra stands at the forefront of technological innovation, empowering the Metaverse with AI and heralding a new chapter in digital life, foreshadowing a smarter and more interconnected future.

Disclaimer: This press release may contain forward-looking statements. Forward-looking statements describe future expectations, plans, results, or strategies (including product offerings, regulatory plans and business plans) and may change without notice. You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements.

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It may only be April, but it has already been a fairly eventful year for crypto. 

In January, the United Securities and Exchange Commission (SEC) begrudgingly approved spot Bitcoin (BTC) exchange-traded funds (ETFs), while the fourth Bitcoin halving event has dominated the news more recently.

In non-Bitcoin news, Ethereum launched its Dencun upgrade in March, improving its integration with layer-2 blockchains.

What, then, of decentralized finance (DeFi)?

In December 2023, Cointelegraph asked industry experts to predict the future of DeFi in 2024. One of the experts we spoke to was Kevin de Patoul, CEO of crypto market maker Keyrock.

At the time, de Patoul pointed to tokenized U.S. Treasurys (T-Bills) and the tokenization of other real-world assets (RWAs) as significant trends to watch. Amid the market resurgence, Cointelegraph caught up with de Patoul to ask if DeFi was progressing as he expected:

“We do see more and more real-world assets on-chain,” confirmed de Patoul. “The T-Bills were the big hit of last year. Things have continued to grow, but by a bit less as the rates are a little less enticing. We are continuing to see that story unravel. We are very much in the process but it is something that will take a long time.”

BlackRock’s USD Institutional Digital Liquidity Fund (BUIDL), which launched in March, is one example de Patoul highlighted as on-trend, demonstrating a convergence of tokenized real-world assets and stablecoins. BUIDL seeks to offer a stable value of $1 per token while paying daily accrued dividends to investor wallets at the end of each month.

Over $1 billion in U.S. Treasurys have been tokenized. Source: Dune Analytics

De Patoul also cited PV01, which issued its digital native bond as recently as April 8.

For de Patoul, however, these examples only constitute “baby steps” toward a much larger transformation where every asset eventually becomes digitized. De Patoul says these changes will take time to be fully realized.

Recent: SEC targets Uniswap Labs, raising concerns over open-source code liability

“It’s not something that I would see happening in one year,” said de Patoul.

As de Patoul explains, “Crypto is a proof-of-concept for digitally represented value,” and if the last 15 years have demonstrated the efficacy of that proof-of-concept, the next 15 will be about expanding the franchise.

“Where are we going to be in 15 years — what will the world look like when all assets are on-chain?”

It’s a question that demands untypically long-term thinking in an industry where most participants are notoriously impatient.

Exceeding expectations in DeFi

The tokenization of assets is a trend that was widely predicted, but Eduard Jubany Tur, founder of perpetual trading exchange ZKX, still finds some surprises in the details.

“We spent years talking about crypto going to the real world, and actually, the real world came into crypto,” Tur told Cointelegraph.

“RWAs are happening, and they’re happening on-chain on the main networks,” said Tur. “I think that’s a very different shift compared to what the entire industry has been working on in the last ten years, which traditionally was permissioned blockchains and specific infrastructure built for institutions.”

Tur explains, “What we’re seeing now is that institutions have realized that these decentralized networks fit within their risk parameters, and they actually just deploy directly onto Ethereum and other networks.”

As Tur points out, this “is an incredible achievement for the industry” and something that simply could not have been predicted just a few years ago.

The evolution of DeFi

Danny Chong, founder of yield-enhancing asset tracker Tranchess, believes that 2024 is realizing the predictions made in 2023 — especially with regard to RWAs.

Similarly to Tur, Chong points to the convergence of “crypto into the real world, the real world into crypto” and tells Cointelegraph, “DeFi is evolving.”

“Crypto is now being invested in or being looked upon with interest by the financial giants, the likes of Fidelity, the likes of BlackRock, the banks and so on.”

For Chong, the spot Bitcoin ETFs are just another example of this convergence, but they won’t be the last. In fact, traditional finance and crypto are becoming increasingly intertwined.

Chong admits surprise at the speed with which “centralized DeFi” has emerged and accelerated as a trend, even if the concept appears to be a contradiction in terms.

“People realized that having some form of centralization in DeFi may not be a bad thing. It’s becoming more acceptable as time passes. So we now have DeFi protocols that have some element of centralization,” said Chong.

“Some DeFi users who are extreme purists have even come to terms with the fact that, actually, it may not be that bad a thing. At the end of the day, people in DeFi — or in the real world of finance — all they want is, first of all, protection of their money, and second, returns.”

So, while the sector’s idealism may suffer, centralization will continue to gain traction in DeFi.

Good intentions never last

Tur points to another area where reality erodes idealism.

In December 2023, the crypto market was in the grips of a long winter, but as April comes to an end, the market is bullish once more. Tur believes bear cycle psychology is reflected in the industry predictions of December 2023.

“It’s an interesting situation because during every bear market, I think people tend to think that’s when we’re going to, and excuse me for the language, ‘wash our sins away,’” Tur told Cointelegraph.

It is often said that the bear market is a time for building. Tur explains that it is also a time for good intentions and seeing the best in the market. But those good intentions are easily forgotten when the bull begins to outrun the bear.

As Tur puts it, “At every turn in the market, we prove ourselves wrong, and we go back to the same old shenanigans — but with greater energy.”

“We’re back into what I call Ponzinomics, which is probably the law of gravity in crypto. How do you pile up and distribute incentives in a way that motivates users to come and use different protocols?”

The solution that the market has chosen this time is what Tur calls “recursive airdrops.”

As Tur explains, “The idea of recursive airdrops is that you can use different platforms, and each platform will give you points or potential eligibility for airdrops of other third-party platforms.”

Recent: Bitcoin ETF demand turns negative around BTC halving

In this new paradigm, depositing liquidity on a protocol can potentially make you eligible for multiple airdrops. The issue for airdrop hunters is the rules for airdrop qualification are not always clear or publicized in advance, making the sport a form of educated guesswork.

Similarly, picking a winner with layer-2s may be a challenge. Tur says to prepare for “a Cambrian explosion of layer-2s, and as we have seen in the past in crypto, about 90% of them will disappear or fade away.”

But for developers and airdrop hunters alike, that’s the gambling spirit bull market optimism creates.

VeChain’s April surge highlights milestones in sustainability and blockchain innovation.

Over 3 million wallet holders mark VeChain’s widespread adoption.

VeChain integrates sustainability with community engagement, driving real-world impact.

VeChain, the renowned blockchain platform, witnessed a remarkable surge in its activity this month of April. The output from the project underscores its prominence as one of the leading projects in the industry.

April ignites with explosive growth for #VeChain! Over 3M $VET wallet holders mark a new record, showcasing massive adoption! The #Vorj no-code platform sees major enhancements alongside an upgraded VeChain SDK, fueling token innovation. Thrilling global meetups… pic.twitter.com/0Gcw1UafQb

— Marcel Knobloch aka Collin Brown (@CollinBrownXRP) April 23, 2024

The month saw over 3 million wallet holders for VeChain’s native token, VET, setting a new record and signaling widespread adoption. The Vorj platform received significant upgrades, complemented by enhancements to the VeChain SDK, fueling innovation in token utilization.

Globally, VeChain’s Web3 community gathered momentum with vibrant meetups in Italy and France. Notably, UFC fighters embraced VeChain’s technology, sporting gloves embedded with NFC and blockchain chips, revolutionizing sports tech.

Moreover, VeBetterDAO introduced its X-2-Earn model, initiating a grant program to support builders while promoting sustainability initiatives. The platform’s ‘Food Traceability’ projects further bolstered safety standards across the global food industry.

Moreover, March 2024 concluded with the launch of MaaS (Digital Asset Tokenization platform), embraced by MotoGP champions Gresini Racing. These achievements not only elevate the value of VET but also reinforce VeChain’s narrative in sustainability and Real World Applications (RWA), transcending conventional blockchain applications.

Despite being in testnet, VeBetterDAO is already powering impactful real-world applications.@mugshot_vet's incentives are powered by the VeBetterDAO governance process.A more sustainable world begins with your vote . Cast your VOT3 https://t.co/u1Nh1qnCbL

— vechain (@vechainofficial) April 22, 2024

In a bid to integrate sustainability with community engagement, VeChain initiated a campaign to distribute reusable mugs. This gave coffee consumers the chance to incentivize their drinks and boost sustainability. 

Another successful launch this season includes VeChain’s UFC Gloves. Ultimately, despite being in its testnet phase, VeBetterDAO is already driving impactful real-world applications, with incentives powered by the platform’s governance process.

VeChain’s journey toward a more sustainable world invites active participation from its community, emphasizing the significance of collective action through the VOT3 voting process.

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