Mantra Dao (OM) crypto: Why is it rallying today?

Highlights

• Mantra Dao (OM) crypto is a multi-blockchain protocol that primarily acts as a community governed Defi platform that concentrates on staking, lending, and decentralised services. 
• Launched in October 2020, the OM crypto was co-founded by John Patrick Mullin and Will Corkin. Built on the RioChain blockchain, it offers a platform for Web 3.0 development.
• The OM crypto on Monday was trading at US$0.113965 with a trading volume of US$82,227,617, according to CoinMarketCap.

Mantra Dao (OM) crypto is a multi-blockchain protocol that primarily acts as a community governed Defi platform that concentrates on staking, lending, and decentralised services. Launched in October 2020, the OM crypto was co-founded by John Patrick Mullin and Will Corkin. Built on the RioChain blockchain, it offers a platform for Web 3.0 development.

On 25 April, OM crypto is gaining attention as it was up by over 15% and enjoyed a volume gain of over 500%. 

Why is OM crypto rallying? 

Although the exact reason for OM’s rally is still unknown, the Mantra Dao protocol recently announced its version 2.0 roadmap, which suggested that it will be focussing on developing products and reducing stress on the developer team. 

Also read: Hedera (HBAR) crypto: How soon can it come out of its bearish phase?

Due to its staking facility, it provides an opportunity to the users to grab 25% of staking rewards. Recently it partnered with Binance exchange for its staking rewards of up to 106.57% APY through OM locked staking on Binance. The users can lock stake for 30, 60, or 90 days on Binance Earn to boost your rewards APYs. 

OM crypto’s price performance

The OM crypto on Monday was trading at US $0.113965 with a trading volume of US$82,227,617, according to CoinMarketCap. The OM crypto was up by 17.98% in the last 24 hours. The OM token enjoys a live market cap of US$52,351,863 and 459,366,963 OM coins in circulation.

Also read: How long can the Exeedme (XED) rally sustain? 

One of the uniqueness of the Mantra Dao protocol is that it offers multiple options, such as collecting interest on loans, offering the staking-as-a-service option, and providing business-to-business access to its products. Backed by numerous firms, which provide services such as initial membership offering, it gives the users more than they ask for. 

OM’s rally has been consistent over the past 30 days, witnessing green zone almost daily. In the past 30 days, it has garnered gains of over 42.6%. In the last one week, it was gained by 30% as per CoinGecko.

But though the rally has been impressive, one must also keep in mind that crypto markets can be pretty fickle and can change at any time. Therefore, one must tread into the domain only after proper market research and carefully studying the trends. 

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