Mantra, recognized as the second real-world asset token post-Chainlink, experienced a staggering decline of over 90% in just the past 24 hours.
Here’s what we know so far.
Just a few days ago, Mantra (OM) boasted a remarkable 640% increase over the last year. However, its market capitalization of $6 billion has now dropped to around $485 million.
Patrick Mullin, CEO of Mantra, recently discussed with media representatives the company’s commitment to being a fully compliant, comprehensive ecosystem for the tokenization and trading of real-world assets. The firm, having recently obtained a VASP license from VARA in Dubai, aimed to operate legally as a virtual asset exchange.
It remains uncertain whether this recent downturn will hinder those ambitions.
MANTRA Ecosystem Fund
A newly established fund has been created to bolster real-world asset (RWA) and decentralized finance (DeFi) initiatives worldwide for over four years.
The organization, which provides OM-token grants and capital investments, is maintaining its focus on lending and borrowing, trading, asset management, derivatives, and infrastructure development.
Additionally, Mantra has finalized a $1 billion tokenization agreement with DAMAC Group, encompassing sectors like real estate, hospitality, and data centers.
This story is evolving. Stay tuned for more updates.