Mantra (OM) jumps 12% as Republic joins network as validator
Since the beginning of 2024 OM has surged 40%
Amid a widespread crypto market downturn and a 20-25% crash in many altcoins, blockchain network Mantra, focused on real-world asset (RWA) tokenization, posted a 12% daily gain.
As of writing, Mantra (OM) rose 12.4% in 24 hours to $5.67. The unexpected price surge, despite the broader market slump, is attributed to Republic joining the Mantra network as a validator.
Mantra price dynamics for 24 hours on February 3. Source: CoinMarketCap
According to its website, Republic has invested over $3 billion in various startups since 2016, with Revolut being its most notable partnership.
Republic is backed by major industry players, including Coinbase, Avalanche, Polygon, and Binance, and serves as a validator for blockchains like Sui, Near, and Mina Protocol.Other top Mantra validators include Allnodes, Enigma, and QuantNode.
The OM price also benefited from increased trading activity, as open interest in Mantra futures hit $422 million on February 3, just shy of its all-time high of $434 million.
Growth backed by market tailwinds
The RWA sector, where Mantra has positioned itself as a key player, is gaining traction, driven by interest from institutional giants like BlackRock.
Mantra has already secured major real estate tokenization deals with leading Middle Eastern companies MAG and DAMAC.
Since the beginning of 2024, OM has surged 40%, nearing its all-time high of $5.92. Over the past 12 months, OM has skyrocketed by 3,300%, making it one of the top-performing altcoins in the market.
As we wrote, real-world assets (RWAs) are physical or financial assets, such as real estate, commodities, or stocks, converted into digital tokens on the blockchain. This allows these assets to be bought, sold, and managed online while keeping their original value from the physical or financial world.
