Mantra OM Price Surges: Tokenization of Real Assets
Mantra (OM), a Layer-1 (L1) blockchain supporting the tokenization of real-world assets (RWA), has seen a price surge of nearly 40 percent in the past seven days. Data from DefiLlama also shows that Mantra’s total value locked (TVL) has increased by approximately 25.72 percent since the beginning of June, reaching $52.4 million.
This surge comes after months of stagnation since mid-April. Analysts attribute this increase to new partnerships and technological advancements within the Mantra ecosystem.
New Partnerships Driving Mantra’s Growth
On June 5th, Mantra announced a Memorandum of Understanding (MoU) with Zand Bank PJSC, a digital bank licensed by the Central Bank of the United Arab Emirates (UAE). The partnership aims to establish a framework for the tokenization of real assets in accordance with the standards set by the Virtual Asset Regulatory Authority of Dubai (VARA). This strategic move is also intended to enhance regulatory compliance, investor protection, and trust in RWA tokenization in the UAE.
“This collaboration represents a step forward in our journey to merge blockchain technology with our robust financial offerings to provide our customers with greater control over their investments, increased security, and more clarity on the lifecycle of their transactions.”
– Michael Chan, CEO of Zand
Technological advancements at Mantra have also played a key role in its recent growth. Last week, Mantra announced plans to utilize Ondo’s flagship interest-bearing note, tokenized as USDY, as the starting asset when its blockchain launches later this year. USDY offers holders access to short-term yields from US Treasury bonds while maintaining stablecoin utility.
The collaboration between the Ondo Foundation and Mantra is fostering a multi-chain vault where users can contribute USDC and receive high-quality yields. The mainnet launch will offer participants ONDO tokens and OM coins, further strengthening the Mantra ecosystem.
A technical analysis by CryptoSavingExpert highlights the potential for OM to break out of its consolidation zone. The analysis suggests that OM could reach $1.27 if it surpasses the current resistance levels. This insight aligns with broader trends in the crypto market and underscores the growing focus on the tokenization of real assets.
The CoinGecko RWA Report 2024 emphasizes the rise of real asset tokenization in crypto, particularly USD-backed stablecoins and commodity-backed tokens like gold. The report also notes a 782 percent increase in tokenized treasure products in 2023.
These trends align with Mantra’s strategic moves. As the project continues to innovate and grow, it stands poised for further success in the real asset tokenization industry.
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