OM, the native token of the DeFi solutions platform Mantra, has emerged as the top gainer among the leading 100 cryptocurrencies, reaching an all-time high of $1.0924.

At the time of writing, OM is still up 13% in the last 24 hours, trading at $1.06. The token experienced a 234% surge in trading volume, bringing it to $168 million within the same timeframe. Additionally, the token’s market cap has surpassed $800 million, making it the 90th largest cryptocurrency.

Mantra’s OM token serves two main purposes within the blockchain platform, which focuses on real-world assets:

  • OM holders can use their tokens for various DeFi activities on the Mantra platform, including lending, borrowing, and earning rewards.
  • Holders also have the right to vote on proposals that influence the platform’s future direction.

The latest surge in OM’s price follows Mantra‘s signing of a Memorandum of Understanding (MOU) with UAE-based bank Zand. Under this agreement, both entities will work together to establish clear rules for RWA tokenization, ensuring compliance with Dubai’s Virtual Asset Regulatory Authority (VARA). This strategic initiative aims to improve the efficiency and transparency of asset management procedures in the UAE.

“We aim to simplify operations, reinforce trust and authenticity in the assets’ legality, and broaden access to the wider market,” said Michael Chan, CEO of Zand.

Earlier in March, Mantra completed an $11 million funding round led by Shorooq Partners, with participation from strategic investors such as Three Point Capital, Forte Securities, and Virtuzone. The funds will be used to advance Mantra’s efforts to promote large-scale RWA tokenization.

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