dailyhodl.com
A little-known altcoin is surging over 45% during the last day as a new community proposal passes to upgrade the protocol’s token.
In a new video update, John Patrick Mullin, the chief executive of Mantra Chain (OM) says that the community recently voted on making OM the project’s sole token, causing OM to spike.
“We actually didn’t decide to do that, a community member issued a proposal on the DAO. Shout out to The King, one of our community members from a long time ago, an OG member, who effectively put forth the proposal on the Mantra DAO (decentralized autonomous organization) and asked for OM to become the main L1 token for Mantra Chain.
For those that are newer to the project, initially, there was going to be effectively two tokens, and we had reasons for doing this, but due to some changes and obviously due to what the community decided, they felt that it was a good idea to have OM be the preeminent and only token for the ecosystem.”
Mantra Chain is a Cosmos (ATOM)-based decentralized finance (DeFi) protocol.
According to Mullin, the community was unanimous in its decision to use OM.
The move caused OM to skyrocket as the digital asset went from a price of $0.15 on February 7th to a peak of $0.338 on February 9th, a 123% gain. The crypto asset has since retraced and is moving for $0.315 at time of writing, an over 40% gain during the last 24 hours.