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$MANTRA, a real-world asset (RWA) layer-1 blockchain, is an outlier in the crypto market today, outperforming all major cryptocurrencies with a notable 11% gain.
With gains coming on the back of a major platform milestone, the native OM token reached $0.89 on Thursday. These are gains that helped $MANTRA recoup most of the losses suffered when the altcoin dropped to $0.68 on Wednesday.
$MANTRA surges after major RWA partnership
$MANTRA launched its native token in October 2020, and has recently witnessed a major shift in sentiment as the RWA narrative strengthened.
This tokenization drive saw a major bullish flip on July 3 when $MANTRA announced a partnership with MAG Group Holding, a United Arab Emirates real estate giant.
In its announcement of the groundbreaking deal, $MANTRA said it will help to tokenize $500 million worth of real estate assets for the Dubai-based conglomerate. Investors will earn yields in stablecoins and the native token OM.
“By combining $MANTRA’s secure RWA-focused blockchain with MAG’s established presence in the UAE’s real estate market, we aim to unlock the full potential of RWA compliance within the Middle Eastern region and beyond,” $MANTRA wrote in a blog post.
OM token rose after the news and has continued to outpace the top 100 cryptocurrencies by market cap. Per CoinMarketCap, $MANTRA is currently the top gainer ahead of Pendle (PENDLE) and Safe (SAFE) – both with less than 2% gains in the past 24 hours.
OM is likely to reach a new all-time high if bulls remain in control as prices hold near the current $0.80 level. Notably, $MANTRA price rose to its ATH of $1.09 on June 10, 2024 amid another partnership in the UAE.