MAG and MANTRA Partner to Tokenize $500 Million in UAE Real Estate Assets
Daily Top Performer β AltLayer (ALT)
The SPX index was up by 0.51%, driven by strong performances in technology, utilities, and materials sectors. The broader cryptocurrency market was down, with Bitcoin and Ether dropping by 3.54% and 4.65%, respectively in the past 24 hours.
Today's top performer is ALT, which surged 3.50% after AltLayer's MACH enhanced Arbitrum One with sub-10-second finality and improved security.
AltLayer (ALT), founded in 2021, is a blockchain platform that simplifies the creation and enhancement of Layer 2 rollups, addressing issues such as insufficient validators, slow Ethereum finality, and centralized sequencing. It offers a Rollup-as-a-Service feature for quick, customizable rollup deployments without coding. AltLayer's MACH, an AVS using EigenLayer's restaking, now supports Arbitrum One, enhancing its Layer 2 ecosystem with sub-10-second transaction finality and improved security. Previously on Optimism's OP Mainnet, MACH's expansion to Arbitrum, with over 470 dApps, aims to boost efficiency and reliability in transactions. MACH ensures more secure transaction verification and supports decentralized operations across major Ethereum ecosystems.
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Talk of the Town:
MAG, a leading UAE real estate developer, has partnered with MANTRA to tokenize $500 million in real estate assets, aiming to transform real estate investment by leveraging blockchain technology. This partnership will first focus on Keturah Reserve, a luxury residential development in Dubai's Meydan district, offering investors access to real estate through a secure blockchain-backed vault product. The collaboration between MAG's extensive real estate expertise and MANTRA's institutional-grade blockchain infrastructure marks a significant advancement in real estate tokenization. This initiative not only enhances financing options for real estate projects but also provides global investors with a secure and transparent platform to access premium Middle Eastern real estate, promising a combined yield of about 8% APY with additional security features, such as over-collateralization by a $75 million property.
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Bitcoin Spot ETF Flows:
Category | Flow (millions) |
GBTC | (27.0) |
Non-GBTC | 6.5 |
Total | (20.5) |
Bitcoin's price could potentially drop to $55,000 in July, influenced by rising ETF outflows, miner capitulation, and a hawkish Federal Reserve stance on interest rates. Technical indicators like the MACD and EMAs suggest increased selling pressure. Despite a brief rise early in the month, significant ETF net outflows and economic uncertainties may push Bitcoin's price below the $60,000 support level, leading to further declines.
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Airdrop to Watch:
Solayer, known as the EigenLayer of Solana, is developing a restaking network to enhance Solana's security and support other decentralized networks. The project successfully raised $20 million in just 45 minutes. Solayer is now offering a potential airdrop through a badge claiming event that ends in three days. Participants must deposit any supported token on Solayer's platform, invite three users, and ensure at least one invitee deposits to claim their badges. Those interested are advised to act swiftly to meet the impending deadline.
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