MANTRA’s OM Token Gains 33% After MEXC Announces Support for Token Swap
The real‑world asset (RWA) platform is rebranding its native token to “MANTRA” and has secured a migration pathway on the MEXC exchange. The move sparked a short‑term rally, but the token remains far below its historic peaks.
Overview
Less than a year after the OM token endured a dramatic 90 % plunge in minutes – a crash that wiped roughly $5 billion from its market capitalization – Mantra is attempting to revive its market perception through a token rebrand. The company announced that MEXC will facilitate the migration of OM to a new token named MANTRA on a 1‑to‑4 ratio (four MANTRA tokens per OM). Following the exchange’s statement, OM’s price jumped about 33 % and its market cap rose from roughly $55 million to $72 million.
The Swap Details
- Exchange support: MEXC will accept OM deposits and automatically convert them to MANTRA at the prescribed ratio.
- Conversion rate: 1 OM → 4 MANTRA.
- Market impact: The announcement lifted OM’s price to approximately $0.06, a 33 % intra‑day increase, yet this level still represents a 99 % decline from the token’s all‑time high of $8.50 recorded in February 2025.
Context
Mantra’s recent activities have been marked by considerable turbulence:
- 2023 crash: The token’s rapid 90 % drop was attributed to a combination of market stress and internal concerns, eroding investor confidence.
- Organisational restructuring: In the month preceding the swap announcement, the firm disclosed a reduction in staff as part of a broader restructuring plan.
- RWA focus: The protocol continues to position itself as a bridge between traditional assets and decentralized finance, a niche that remains capital‑intensive and sensitive to regulatory developments.
Comparative Perspective
Token migrations are not a guaranteed path to recovery. Historical precedents illustrate mixed outcomes:
| Protocol | Original Token | New Token | FDV at Peak (Dec 2021) | Current FDV |
|---|---|---|---|---|
| Polygon | MATIC | POL | $29.2 bn | ≈ $1 bn |
| Fantom | FTM | SONIC (S) | $11 bn | ≈ $171 m |
| Mantra | OM (≈ $5 bn) | MANTRA | – (not yet established) | $72 m (post‑swap) |
Both Polygon and Fantom saw their fully diluted valuations shrink dramatically after rebranding, underscoring the risk that a token swap may not translate into sustained market confidence.
Market Reaction
- Short‑term rally: The 33 % price increase appears to be a direct response to the assurance of a migration path on a major exchange, offering liquidity to holders who were previously locked out of trading OM.
- Liquidity considerations: MEXC’s involvement opens a new order book for the token, potentially narrowing spreads and attracting speculative buying.
- Long‑term outlook: The token’s price remains heavily discounted relative to its historic high, and the broader market sentiment toward RWA protocols remains cautious amid macro‑economic uncertainties.
Analyst Takeaways
- Exchange backing mitigates immediate liquidity risk – MEXC’s support provides a clear conversion mechanism, reducing the “stranded asset” perception that has plagued OM since the crash.
- Rebranding alone is insufficient for a full recovery – Historical migrations suggest that without substantive product upgrades or clear utility enhancements, a new token may inherit the historic baggage of its predecessor.
- Fundamental metrics still lag – Even after the swap announcement, MANTRA’s market cap sits at a fraction of its former valuation, and the token’s price is still far below its past peak, indicating lingering skepticism.
- RWA niche continues to face headwinds – Regulatory scrutiny and the need for real‑world collateral provisioning keep capital requirements high, limiting rapid upside unless the protocol demonstrates differentiated performance.
Outlook
Mantra’s token swap represents a strategic attempt to restore confidence and liquidity after a turbulent period. While the immediate price reaction was positive, the long‑term success of the MANTRA token will depend on more than an exchange listing—it will require demonstrable improvements in protocol utility, robust RWA integration, and a clear narrative to differentiate it from prior missteps. Investors should monitor subsequent trading volumes on MEXC, any governance updates from the Mantra team, and broader market trends affecting RWA‑focused DeFi projects.
Source: https://thedefiant.io/news/defi/mantra-jumps-33-after-mexc-supports-token-swap
