MANTRA (OM) Soars Following UAE Expansion
Date
6/11/2024 5:00:28 AM
(MENAFN- eTrendy Stock)
MANTRA (OM) has skyrocketed today to 11.5%, achieving an all-time high of $1.09. The price surge follows the protocol's strategic expansion effort in the United Arab Emirates (UAE).
According to CoinGecko data, OM is up 10.7% over the past 24 hours, trading at $1.07. The token experienced a 78.20% surge in its trading volume, reaching $88 million. Its market cap is $859 million, making it the 105th largest cryptocurrency.
Source: CoinGecko
Further data shows that OM has been on a steady climb in the last 30 days, surging 51.3%. The token has been among the best market performers yearly, soaring nearly 5000%.
MANTRA Gaining Traction in the RWA Sector
MANTRA is an RWA Layer 1 blockchain designed to meet and enforce real-world regulatory requirements. In other words, the protocol seeks to provide a permissionless (public) blockchain for permissioned (private) applications targeted at institutions and developers alike.
The OM token is central to MANTRA's ecosystem. It allows holders to participate in various DeFi activities such as lending, borrowing, and earning rewards. OM holders can also vote on proposals that shape the platform's future.
The recent price surge follows MANTRA's announcement of a partnership in the UAE. The DeFi platform signed a Memorandum of Understanding (MOU) with Zand, a UAE-based digital bank, to establish frameworks for the tokenization of real-world assets (RWAs) in compliance with the Virtual Asset Regulatory Authority of Dubai (VARA).
The protocol stated that the collaboration would streamline the tokenization of RWAs in the UAE, ensuring adherence to regulatory standards and investor protection measures.
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