The native token of DeFi solutions platform Mantra, OM, has emerged as the top gainer among the leading 100 cryptocurrencies, achieving an all-time high of $1.0924.
On Monday, OM was trading at $1.06, up 13% since yesterday. This increase reflects a 234% surge in its trading volume, which has reached $168 million within the same timeframe.
At the time of writing, OM was up 10% at $1.04.
OM token market cap surpasses $800 million
OM’s market cap has also seen significant growth, surpassing $800 million and positioning it as the 90th largest cryptocurrency by market capitalization. This rise underscores the growing interest and investment in Mantra’s platform and its native token.
The OM token plays a crucial role within the Mantra ecosystem, which is centered on real-world assets. Token holders can engage in various decentralized finance (DeFi) activities such as lending, borrowing, and earning rewards on the Mantra platform.
Additionally, they have the right to vote on proposals that shape the platform’s future direction, providing a level of governance and participation for users.
Partnership with UAE-based bank Zand boosts confidence in OM
The recent surge in OM’s value follows Mantra’s announcement of a Memorandum of Understanding (MOU) with UAE-based bank Zand. This strategic partnership aims to establish clear regulations for the tokenization of real-world assets (RWA), ensuring compliance with Dubai’s Virtual Asset Regulatory Authority (VARA).
The collaboration is expected to enhance the efficiency and transparency of asset management processes in the UAE, further bolstering confidence in Mantra’s platform and its native token.
In March, Mantra completed an $11 million funding round led by Shorooq Partners. The funding round also saw participation from strategic investors such as Three Point Capital, Forte Securities, and Virtuzone.
The post Mantra’s OM token rises 13% in 24 hours to hit all-time high of $1.0924 appeared first on Invezz