Less than a year after Mantra’s OM token inexplicably plummeted 90% in minutes, OM is up 33% today after the Real World Assets (RWA) protocol was rebranded into a new token and MEXC announced support for token swaps.
OM’s market cap jumped from $55 million to $72 million after the cryptocurrency exchange announced it would support the upcoming migration from OM to MANTRA. MEXC will accept OM deposits, which will be exchanged for MANTRA at a ratio of 1:4.
Despite gaining 33%, OM is still down 99% from its all-time high of $8.5 in February 2025, currently trading at $0.06.
About market capitalization chart – CoinGecko
The rebrand comes just a month after Mantra announced job cuts amid a corporate restructuring.
It remains to be seen whether this restructuring and token migration will help Mantra repair its tarnished image, but other protocols that have taken the token migration route have fared poorly.
The most notable examples include Polygon’s MATIC to MATIC migration. $POLFantom’s migration and pivot from FTM to Sonic and its S token.
MATIC reached its highest ever fully diluted valuation (FDV) of $29.2 billion in December 2021. $POL It is currently trading at an FDV of $1 billion. FTM also hit an all-time high in December 2021, achieving an FDV of $11 billion, while S’s trading price is currently only $171 million.
