這是關於咒語如何獲得有利可圖的RWA令牌化協議的故事，然後丟失了它。

據報導，一年前公開宣布大張旗鼓時，該消息據報導是5億美元，隨後是簽署人的無線電寂靜。

Mantra has been making great strides in the rapidly growing field of real-world asset tokenization. Earlier this year, the Layer 1 blockchain announced a partnership with MAG Group to democratize access to luxury UAE real estate using yield-bearing vault products.

咒語在現實世界中的迅速增長的領域取得了長足的進步。今年早些時候，第1層區塊鏈宣布與MAG Group建立合作夥伴關係，以民主化使用攜帶託管產品的豪華阿聯酋房地產。

This deal, which was reported to be worth $500 million, was widely covered by the crypto media and signaled Mantra’s ambitions to become a major player in the tokenization of real-world assets.

據報導，這筆交易的價值為5億美元，被加密媒體廣泛涵蓋，並表明咒語的野心是成為現實世界資產標記的主要參與者。

However, despite the initial fanfare, there has been little to no news on the status of the deal in recent months. This has led to speculation that the deal may have fallen through or that it is still in the works but has hit a snag.

但是，儘管最初的大張旗鼓，但最近幾個月交易的地位幾乎沒有新聞。這導致人們猜測這筆交易可能已經通過，或者仍在進行中，但遇到了障礙。

Then, seemingly out of nowhere, the deal resurfaced this year. But this time it had been awarded to a different Layer 1 blockchain whose name starts with M - and its value had multiplied by 6x along the way.

然後，這項交易似乎無處不在，今年的交易浮出水面。但是這次，它被授予另一層1層的區塊鏈，該區塊鏈以M的名字開始，其價值沿途乘以6倍。

On July 3, 2024, Mantra announced that it would be partnering with MAG to launch a new series of vault products that will offer investors the opportunity to invest in a portion of the mega-mansion at ‘The Ritz-Carlton Residences, Dubai, Creekside’ development, part of the Keturah Resort.

2024年7月3日，Mantra宣布將與MAG合作推出一系列新的保險庫產品，這將為投資者提供機會投資於迪拜（Ritz-Carlton Residences），迪拜，Creek Sidees的開發項目的一部分，在'Ritz-Carlton Ressidences的一部分。

Investors participating in the vault product will benefit from a compelling reward structure. They can expect to receive a combined yield, with an estimated 8% APY generated from stablecoins, further augmented by MANTRA’s native token, $OM.

參與保險庫產品的投資者將受益於令人信服的獎勵結構。他們可以期望獲得合併的收益率，估計由Stablecoins產生了8％的APY，並由Mantra的原始令牌（$ OM）進一步增強。

The news was also picked up by CoinDesk, who reported that the deal would be valued at $500 million and would be the largest tokenization deal in the Middle East.

該消息也被Coindesk收集了，他們報告說，這筆交易的價值為5億美元，將是中東最大的令牌交易。

Later that year, the deal was still active, even if Mantra wasn’t actively posting about it. For example, in November, JP Mullin mentioned the partnership in a tweet. His final post on the topic occurred in January, when he tweeted: “Wild looking back at 2024: Started with a tokenomics proposal...Ended with Google Cloud, BlackRock, and MAG.”

那年晚些時候，這筆交易仍然很活躍，即使咒語沒有積極發布。例如，在11月，JP Mullin在推文中提到了合作夥伴關係。他關於該主題的最後一篇文章發生在一月份，當時他在推特上發表了推文：“回想2024年：從一個令牌群提案開始……以Google Cloud，Blackrock和Mag結尾。”

And then, out of nowhere, a wild Mavryk appeared.

然後，出現了一個狂野的馬夫里克。

On May 1, it was revealed that MAG Group had signed a deal with Mavryk Dynamics to tokenise $3 billion of real estate assets.

5月1日，據透露，Mag Group與Mavryk Dynamics簽署了一項協議，以匯總30億美元的房地產資產。

The assets in question are the same ones that were being used in the original Mantra deal: the Ritz-Carlton in Dubai, part of the Keturah Resort, and an investment will be included in MAG’s Village properties. But this time, the real estate group is going further and putting an entire $3 billion of its property portfolio on the line, with the assets to be issued on Multibank’s new RE platform operating on Mavryk.

所討論的資產與原始咒語交易中使用的資產相同：迪拜的麗茲 - 卡爾頓（Ritz-Carlton），Keturah Resort的一部分，並且將在Mag's Village Properties中包括投資。但是這次，房地產集團將進一步發展，並將其整個30億美元的財產投資組合列入生產線，資產將在Multibank在Mavryk上運營的新RE平台上發行。

Now, Mavryk and Mantra have a lot in common: they’re both RWA Layer 1s. They share the same broad mission and they even have broadly similar names. In American Psycho terms, one’s Paul Allen and the other’s Patrick Bateman. The question of who’s got the better haircut and business card is still to be determined. But with the Dubai property deal now looking to have passed to Mavryk, it’s clear who’s managing the Fisher account, so to speak.

現在，Mavryk和Mantra有很多共同點：它們都是RWA第1層。他們共享相同的廣泛任務，甚至具有相似的名稱。用美國心理術語，一個人的保羅·艾倫（Paul Allen）和對方的帕特里克·貝特曼（Patrick Bateman）。誰有更好的髮型和名片的問題仍然有待確定。但是，由於迪拜物業交易現在希望將其傳遞給Mavryk，可以這麼說，很明顯誰在管理Fisher帳戶。

Aside from the size of the deal increasing six-fold, most of the other details appear to have remained unchanged from the original Mantra deal, such as the opportunity for token-holders to earn yield on the underlying real estate, all paid out onchain.

除了交易的規模增加六倍外，其他大多數細節似乎與原始咒語交易保持不變，例如令牌持有人有機會賺取基礎房地產的收益，所有這些都付出了。

Given Mantra’s silence since first announcing its own deal last June, followed by Mavryk’s jubilation upon unveiling its own this month, it appears that MAG has jumped ship - or is it simply hedging its bets?

鑑於曼特拉（Mantra）自去年6月首次宣布自己的交易以來的沉默，隨後是馬夫里克（Mavryk）在本月揭幕自己的慶祝活動時，看來瑪格（Mag）跳了船 - 還是只是在押注賭注？

It’s easy to speculate as to why MAG Group may have elected to move ahead with the RE tokenization deal using a different blockchain and launch partner. The most benign of these being a desire to get the ball again after the original Mantra deal appears to have stagnated. Be it for technical reasons, financial ones, or some other complication, the assets MAG Group’s been wanting to tokenise have been left in limbo for close to a year.

很容易推測為什麼MAG Group可能選擇使用不同的區塊鍊和啟動合作夥伴來實現Re Sokenization交易。這些最良性的是在原始的咒語交易似乎停滯不前之後再次獲得球。無論是出於技術原因，財務上的原因還是其他並發症，資產雜誌集團一直想讓象徵性的資產陷入困境近一年。

But another possible reading of the situation is that MAG Group hasn’t jumped ship: it may have simply hedged its bets and elected to move ahead with Mavryk while also keeping the Mantra deal on the table. A hint as to this can be found in a tweet from Mantra’s JP Mullin in March, when he wrote: “I believe Dubai has a plan to tokenise & trade fractional RE assets within the 1st half of this year.” When asked whether the assets would be tokenised on Mantra or another chain, he replied “Probably both.”

但是對這種情況的另一種可能的讀物是，Mag Group並沒有跳過船：它可能只是對沖自己的賭注，並選擇與Mavryk繼續前進，同時還將咒語交易保持在桌面上。關於這一點的提示可以在三月份的Mantra的JP Mullin的推文中找到，當時他寫道：“我相信迪拜有計劃在今年的第一半段內引起貿易和貿易分數資產。”當被問及這些資產是否會在咒語上或另一個鏈條上進行標記時，他回答“可能兩者”。

Wherever the truth lies, this much can be said with confidence: Mavryk now has a deal allowing it to tokenise one of the largest real estate portfolios in RWA history. And with MAG Group seemingly determined to

無論何處，都可以充滿信心地說：Mavryk現在達成了一項協議，使其成為RWA歷史上最大的房地產投資組合之一。並且魔術團體似乎決心