Lower than a yr after Mantra’s OM token inexplicably plummeted 90% in minutes, the real-world asset (RWA) protocol is rebranding to a brand new token, and OM is up 33% in the present day after MEXC introduced its help for the token swap.
OM’s market capitalization jumped from $55 million to $72 million after the crypto alternate stated it could help the upcoming migration from OM to MANTRA. MEXC will settle for deposits of OM, which can be swapped 1:4 to MANTRA.
Regardless of rallying 33%, OM remains to be down 99% from its all-time excessive of $8.5 in February 2025 and at present trades at $0.06.
OM Market Cap Chart – CoinGecko
The rebranding comes only one month after Mantra introduced employees cuts amidst an organization restructuring.
Whereas it stays to be seen whether or not this restructuring and token migration will assist restore Mantra’s tarnished picture, different protocols which have taken the token migration route haven’t fared nicely.
Essentially the most notable examples embrace Polygon’s migration from MATIC to $POL, and Fantom’s migration and pivot from FTM to Sonic and its S token.
MATIC reached an all-time excessive absolutely diluted valuation (FDV) of $29.2 billion in December 2021, and $POL now trades at a $1 billion FDV. FTM additionally reached its earlier all-time excessive in December 2021, attaining an $11 billion FDV, however S now trades at simply $171 million.
