MANTRA falls 9.7% post-mainnet launch as the market stays flat, smaller tokens like Chintai and Canto outperformed.
TL;DR…
- Market downturn: Bitcoin fluctuated between $65,000 and $69,000, with lower volatility at 1.52%, while RWA tokens generally faced losses, reflecting a tough week in the sector.
- Mantra’s decline: Despite a recent surge, Mantra retraced 9.7%, contributing to a mixed performance in RWA assets as smaller tokens outperformed larger ones.
- Weekly winners: Chintai (+52.9%), Canto (+47.9%), and Propbase (+11.4%) were among the best-performing smaller RWA tokens this week.
- RWA sector struggles: DefiLlama reported RWA’s mCap-weighted performance at +0.68%, making it one of the worst-performing sectors compared to Gaming (+5.6%) and Prediction Markets (+7.3%).
Bitcoin remains below $69K, with trading volumes up 20% for the week, while most altcoins are either flat or slightly up.
As the market enters a period of relative stability, let’s take a look at what’s going on in the Real-World Assets (RWA) space.
Did you miss last week’s recap? Check it out here.
Market Recap
The last week has been a topsy-turvy ride for the market, with Bitcoin (BTC) fluctuating between $65,000 and $69,000.
The original cryptocurrency is currently hovering around the $66,800 mark after recovering from yesterday's low of around $65,500.
Despite this price action, Bitcoin’s volatility has recently been easing—falling from 1.7% over the last 60 days to 1.52% over the last 30. This indicates a less risky, albeit more stagnant, market environment.
Overall, Bitcoin is currently down 0.5% for the week.
Narrowing our scope to just RWA assets, we find mixed performance across the sector. Most mid-to-large cap RWA tokens have been in the red over the last seven days, whereas a handful have managed to buck the trend.
Notably, last week’s frontrunner, Mantra (OM), has retraced much of its recent leg up and is now down 9.7% in the past seven days. Maker (MKR) has continued more than eight months of decline with a 10.6% decline this week, losing its $1 billion market cap and earning the thorny crown of this week's worst performer.
Source: CMC Real World Asset Page
As is commonly the case, the best performers tend to be concentrated among the smaller RWA tokens.
Some of this week’s biggest winners include:
- Chintai (CHEX): gained 52.9%
- Canto (CANTO): gained 47.9%
- Propbase (PROPS): gained 11.4%
- Clearpool (CPOOL): gained 5.4%
According to DefiLlama's narrative tracker, the RWA sector has a mCap-weighted performance of +0.68%, making it one of the worst-performing categories over the last week.
For comparison, Gaming (GameFi) saw mCap-weighted growth of 5.6% in the last week, while Prediction Markets gained +7.3%.
Click here to keep tabs on your favorite RWA tokens.
Weekly News Roundup
Catch up on the most significant stories with our weekly RWA news roundup.
Movement Labs Adopts ERC-3643 for Real-World Asset Tokenization:
Movement Labs, a core contributor to the Movement Network, has just joined the ERC3643 association. The firm will help extend the ERC3643 standard outside of Ethereum, helping to enable compliant RWA tokenization on the upcoming layer-2 blockchain ‘Move Network.’
Chainlink Launches Private Blockchain Transactions for Institutional RWA Settlement:
Decentralized oracle network, Chainlink, has launched CCIP Private Transactions, allowing financial institutions to perform cross-chain transactions securely while maintaining privacy and regulatory compliance. ANZ Bank is the first to pilot this feature for tokenized assets.
Centrifuge Integrates Fireblocks’ RWA Custody Solution:
RWA tokenization and on-chain credit platform Centrifuge is integrating Fireblocks' digital asset custodian solution. Centrifuge asset managers can now use Fireblocks to custody Centrifuge-native RWAs as well as other tokens, helping improve security and enabling other Fireblocks partners to leverage these RWAs more easily.
Aurum Equity Launches $1 Billion Tokenized Fund on XRP Ledger:
Aurum Equity Partners has launched a $1 billion tokenized equity and debt fund on the XRP Ledger, collaborating with Zoniqx. The fund will focus on global data center investments, offering improved liquidity, compliance, and efficiency for investors through tokenization.
Mantra Launches its Mainnet:
The blockchain for RWA tokenization, Mantra, has launched its mainnet. The institutional grade layer-1 for RWAs will enable firms to securely tokenize their off-chain assets to access enhanced liquidity and real-time settlement capabilities. It aims to streamline the integration of traditional finance with blockchain-based systems.
What to Expect
In just 12 days, the U.S. presidential election will take place, and either Donald Trump or Kamala Harris will be declared the 60th President of the United States.
Per current Polymarket odds, Donald Trump is the 61.3% favorite to win, his odds having skyrocketed against Harris over the last three weeks.
Source: Polymarket
Given that Trump is widely regarded as the pro-crypto candidate, his victory could bode well for the crypto industry as a whole.
Likewise, election season is historically one of the most bullish times for cryptocurrency—with Bitcoin growing 58.2% in Q4 2016 and 168% in Q4 2020. So far, Bitcoin is up just 5.4% in Q4 2024.
Should the trend continue, Bitcoin could be in for a dramatic run in the coming weeks—likely bringing other fundamentally strong crypto assets with it.
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