Prior to reading this, I didn't know Mantra natively supports lending, borrowing, etc but these concepts are not exactly new even if you combine all. It's RWA, how it is implemented and the value it brings for investors and their community.
What's RWA; still I am not ready to believe into any altcoin. DeFi was too famous here some 2 or 3 years back but I could not recognize any project which stands till today with DeFi concepts based.
Real world assets are set of assets that represent assets that exist outside of crypto. For instance, if real estate gets tokenize and put on a blockchain, it can pass for an RWA asset because it has ties with a physical asset. This example of real estate is just one example. The list is extensive.
For DeFi projects, there are good ones that are beginning to revolutionize financial markets like Aave, EigenLayer, Uniswap too. There are others. To know how serious defi is, there is about $110B worth of assets available on various defi protocols.