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The Mantra (CRYPTO: OM) price had a stellar performance in 2024, surging by over 6,800% and becoming one of the best-performing cryptocurrencies during the year. It started the year trading at less than $0.05, but it soared to over $3.38 by December. As a result, it became one of the biggest cryptocurrencies in the industry, with a market cap of over $3.38 billion.
But what led to this strong performance by the OM token? Here are three possible reasons.
1. Real World Asset Tokenization: Mantra is a blockchain network that aims to become a big player in the emerging field of Real World Asset (RWA) tokenization. The technology will revolutionize the financial services industry by converting most illiquid assets into liquid assets that can be moved around.
For example, Mantra has already inked a deal with a large real estate company in the United Arab Emirates (UAE) to tokenize its real estate assets. This will make it easier for investors from around the world to buy and sell these assets.
2. MantraChain Launch: Another reason for the strong performance by the OM token was the launch of MantraChain, a layer-1 network for building tokenization projects. Unlike other networks that handle a wide range of projects, MantraChain is specifically designed for RWA tokenization.
As a dedicated chain for this industry, Mantra hopes to gain a substantial market share in the sector.
3. Staking Rewards: Finally, the OM token price also surged because of its strong staking numbers, which are higher than other networks. According to data on StakingRewards, it shows that Mantra has a yield of about 15%, which is higher than most other networks.
At this rate, a $10,000 staked in these pools will generate a return of about $1,500 a year. This yield is significantly lower than where it was a few months ago.
Other Solutions: In addition to the above, Mantra also introduced other solutions like Mantra Zone, a platform that allows users to swap and bridge tokens. It also enables users to stake OM across multiple pools, some of which have a yield of over 17%.
More Catalysts: The Mantra price has more catalysts that could push it higher in the next few months. For one, the network recently passed a proposal to boost its tokenomics for the network. The proposal was for an adjustment of the OM upgrade and vesting schedule, where all participants who have earned it will be eligible.
After a community vote, it was decided that there will be a 10% unlock claimable from March next year, followed by a 6-month cliff through September 2025. It also introduced new features to burn more OM tokens, boosting the value of the remaining tokens.
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