TL;DR
Mantra DAO has recently rebranded to Mantra, The UnReal World Asset Network. Or RWA if you are savvy. I say this because even though this transition began years ago, Mantra hasn’t secured a single property or launched a blockchain. As the RWA narrative has grown in popularity over the past few years and Blackrock announcing its intent to lock up more than $10 Trillion worth of assets on the blockchain. It makes it hard to know who’s here for the tech and who’s desperately hoping to give good ol Larry Fink a reach around. Let’s find out which camp Mantra subscribes to.
If you’d like to start at the beginning of Mantra’s journey, you’re welcome to catch up by reading my original 2020 Mantra DAO report. However, it’s not a requirement as the project’s already nuked all previous ambitions for the DAO. That is except for one portion that we’ll get into a bit later in the article.
For now, all you really need to know is that Mantra started on Polkadot as a DAO, deployed questionable marketing strategies, launched egregious tokenomics, and eventually failed miserably. Making today’s report more of a cautionary tale for those who still believe everything VCs post on Twitter (X).
What is Mantra?
Mantra is the reimagination of Mantra DAO. A pivot into the world of securing physical assets like houses, cars, and securities in the digital space. Mantra wants to become the first Layer 1 to specialize in catering to this new marketplace. Offering a place for anyone who would like to digitize their assets. Except there are a few problems with this.
For the past few years, Mantra has done little besides sell their token. With the majority of its founding members leaving the project after cashing the check. Both Will Corkin and Rodrigo Miranda moved on to SOMA Finance, defunct Rio Corp founder James Anderson moved on to Plutus, and Harrison Cheung left for DigiFinex. The only one who’s remained dedicated to Mantra is its CEO John Patrick Mullen, better Known to the Polkadot community as JP.
Another issue is that the project has provided no updates besides the expansion of staking validators.
There is no Mantra Network in operation or anything else that would resemble the promised objectives of Mantra. Even the Karma Points system that was previously sold to be the next big thing turned out to be a complete joke.
This is the same feeling you get when learning that Mantra Finance, offers no financial tools whatsoever. They say the project is for builders, traders, and institutions according to their website. But I do not see anyone trading, building, or anything else on Mantra.
No application, module, execution, interoperability, or native staking layer as promised.
How does Mantra Work?
Since we’re being honest, it doesn’t. After more than four years and Millions of dollars acquired by the CEO JP and his remaining team of “developers”. Mantra exists as just another placeholder. Living in a cocoon of “coming soon” since we first heard its name. Mantra talks a big game when it comes to marketing with influencers. But, the moment anyone tries to use Mantra it all falls apart.
The only thing that Mantra has built since 2020 is a big nothing burger. A steaming pile of shit sold on a diamond platter to anyone stupid enough to buy…
Jesse is a passionate seeker of truth who enjoys educating others about Bitcoin.
As a free thinker and 2nd amendment advocate, Jesse believes each individual has the right to monetary freedom.
“The swarm is headed towards us” -Satoshi Nakamoto
