RWA Tokenization Network Mantra (OM) Retests All-Time High Ahead of Mainnet Launch

Mantra (OM), a blockchain network focused on real-world asset tokenization, retested its all-time high on Oct. 10, surging 9.2% to reach $1.46.

The cryptocurrency market has seen a varying degree of interest in different asset classes throughout the year. One segment that has gained attention is Real World Assets (RWA), which has seen a significant increase in its representation within the decentralized finance (DeFi) sector.

According to data from DeFi Llama, RWAs now account for around 4% of the Total Value Locked (TVL) in DeFi, up from 1.77% in 2023. This growth is largely attributed to the increasing demand for tokenized real-world assets, such as those backed by real estate, commodities, and carbon credits.

Among the RWA tokens, those pertaining to real estate have seen a substantial rise in interest, with several tokens, including BlockEstate (できました) and Ondo (ONDO), rallying massively over the past 30 days.

Another notable performer in the RWA space is Mantra (OM), which has surged over 42% in the past 30 days, outperforming key RWA tokens such as Ondo (ONDO) and Pendle (PENDLE). Notably, OM has also risen over 2400% since the start of 2024.

The token, which serves as the native asset of the RWA-focused blockchain network Mantra, recently retested its all-time high on Oct. 10, surging 9.2% to reach $1.46. The altcoin’s market capitalization crossed $1.2 billion, with daily trading volumes around $56 million, predominantly concentrated on Binance and XT.COM.

A closer look at OM’s price action reveals a strong uptrend, with a recent breakout from a descending triangle pattern and a subsequent retest of the resistance line as support.

The price action also aligns with a rebound in OM’s futures open interest, which has climbed to a multi-month high of $40.06 million. The jump in open interest showcases strong investor demand for the asset.

One of the key factors driving OM’s rally is Mantra’s upcoming mainnet launch, which is set to take place later this month and has sparked increased community interest in the project.

According to the developers, the mainnet will solidify Mantra’s position as a key platform for developers in the rapidly growing RWA tokenization space.

Adding to the momentum is a recent proposal by the Mantra DAO to update its tokenomics. The proposal includes adjustments to token allocations, vesting periods for team members and early investors, a fixed inflation rate, and staking rewards.

It also features community-driven incentives like the “GenDrop” airdrop and enhanced staking rewards, all of which aim to bolster enthusiasm as the mainnet launch approaches.

The uptick in price for OM also comes amid a broader surge in interest for Real World Assets, which are gaining attention for their potential to diversify crypto portfolios and hedge against inflation.

This interest has led to a substantial increase in the representation of RWAs in the decentralized finance (DeFi) sector.

Moreover, an upcoming airdrop will distribute 50 million OM tokens to ATOM stakers on the Mantra node, participants in the Mantra Zone competition, and select NFT holders, further fueling excitement around the project.