OM, the native token of defi solutions platform Mantra, has risen as the top gainer among the leading 100 cryptocurrencies as it attained its all-time high of $1.0924.

OM holders can use their tokens to engage in various defi activities on the Mantra platform, including lending, borrowing, and earning rewards.

defi solutions platform Mantra (OM) has attained its all-time high on Friday, emerging as the top gainer among the leading 100 cryptocurrencies.

At press time, OM is still up 13% during the last 24 hours, exchanging hands at a price of $1.06. The token also encountered a 234% surge in its trading volume, bringing it to $168 million within the same timeframe.

Moreover, the token’s market cap also crossed $800 million, ranking it as the 90th largest cryptocurrency at the time of reporting.

Mantra's OM token serves two key roles within the blockchain platform, which is centered around real-world assets:

OM holders can utilize their tokens to engage in various defi activities on the Mantra platform, such as lending, borrowing, and earning rewards. They also get the right to vote on proposals that will influence the platform’s future direction.

The latest OM surge follows after Mantra signed a Memorandum of Understanding (MOU) with the UAE-based bank Zand.

? #Zand Bank and #MANTRA Sign MOU for RWA Compliance in the UAEMANTRA and Zand will focus on defining clear frameworks for #RWA tokenization, in compliance with the Virtual Asset Regulatory Authority of Dubai (VARA). This move will ensure seamless #tokenization of real world… pic.twitter.com/rOS8HYF982

According to the agreement, both entities will work closely together to frame clear rules for RWA tokenization to ensure compliance with Dubai’s Virtual Asset Regulatory Authority (VARA).

The strategic initiative will facilitate the seamless tokenization of real-world assets in the UAE, thereby enhancing the efficiency and transparency of asset management procedures.

Michael Chan, the CEO of Zand, disclosed that the collaboration marks a crucial step in their journey to integrate blockchain technology with their robust financial offerings.

Through the integration, the bank aims to provide its clients with greater control over their investments, enhanced security, and clearer insights into the lifecycle of their transactions.

“We aim to simplify operations, reinforce trust and authenticity in the assets’ legality, and broaden access to the wider market,” added Chan.

Earlier in March, Mantra completed an $11 million funding round, which was led by Shorooq Partners. The round also saw participation from strategic investors like Three Point Capital, Forte Securities, and Virtuzone.

The funds will be utilized to double down on Mantra’s efforts to promote large-scale RWA tokenization.