OM 90％的價格崩潰之後的Mantra（OM）TVL飆升500％

截至4月15日，Mantra的TVL（用OM）躍升至421萬om（約324萬美元），比兩天前增加了500％以上

Mantra’s total-value-locked (TVL) reached a yearly high even as OM saw its price collapse by 90%.

Mantra的總價值鎖定（TVL）每年達到一個高度，即使OM的價格下降了90％。

Mantra TVL surges 500% following OM's crash

OM崩潰後的Mantra TVL飆升了500％

As of April 15, Mantra’s TVL (in OM terms) rose to 4.21 million OM (around $3.24 million), an increase of over 500% from two days prior, according to data resource DefiLlama.

根據數據資源Defillama的數據，截至4月15日，Mantra的TVL（用OM來說）上升到421萬OM（約324萬美元），比兩天前增加了500％以上。

Mantra's cumulative TVL chart. Source: DefiLlama.

咒語的累積TVL圖表。資料來源：Defillama。

Interestingly, the TVL rise accompanied a dramatic collapse in OM prices, which plunged over 90% during the weekend. The Mantra team attributed the sell-off to “reckless forced liquidations” initiated by centralized exchanges.

有趣的是，TVL上升伴隨著OM價格的巨大崩潰，週末下降了90％以上。咒語團隊將拋售歸因於集中式交流發起的“魯ck強迫清算”。

A rising TVL typically indicates that users are locking more tokens into a protocol’s smart contracts via staking, liquidity pools, lending, or farming for yield or network participation.

上升的TVL通常表明用戶通過Staking，流動性池，貸款或耕種收益或網絡參與，將更多的令牌鎖定在協議的智能合約中。

Analyst DOM spotted “aggressive buying” on crypto exchanges during the 90% OM price crash on April 13, amounting to $35 million worth of OM purchases when “the collapse was happening.”

分析師DOM在4月13日的90％OM價格崩潰期間發現了“積極購買”，當時“崩潰發生”時價值3500萬美元的OM購買。

Mantra total aggregated spot CVD vs. Binance spot price. Source: DOM

咒語總計CVD與Binance Pot Price。來源：DOM

Despite the 90% price crash, the simultaneous TVL spike and “aggressive buying” suggest that certain participants viewed the collapse as a buying opportunity.

儘管價格崩潰了90％，但同時進行的TVL Spike和“積極購買”表明某些參與者將崩潰視為購買機會。

The fact that millions of dollars were deployed while the crash unfolded points to tactical accumulation, possibly by whales, insiders, or opportunistic speculators betting on a rebound or farming incentives.

在墜機事故中分配了數百萬美元的事實，這可能是鯨魚，內部人士或機會主義的投機者可能會押注反彈或農業激勵措施的戰術積累。

As of April 15, OM was trading as high as $0.99, up around 170% from the weekend lows.

截至4月15日，OM的交易高達0.99美元，比周末低點增長了約170％。

OM/USDT daily price chart. Source: TradingView

OM/USDT每日價格圖。資料來源：TradingView

97% of Mantra TVL is one DApp

97％的咒語是一個DAPP

Increases in Mantra’s TVL accompany some red flags.

咒語的TVL增加伴隨著一些危險信號。

For instance, around 97% of Mantra’s TVL growth came from Mantra Swap, the protocol’s native decentralized exchange. Its automated market-making pools accounted for 4.11 million OM in TVL, making it the primary driver behind the sharp uptick.

例如，Mantra的TVL增長中約有97％來自該協議的原生權交易所Mantra交換。它的自動營銷池在TVL中佔410萬OM，使其成為急劇上升的主要驅動力。

Mantra Swap TVL performance chart. Source: DefiLlama

咒語交換TVL性能圖。資料來源：Defillama

A more decentralized ecosystem would have greater capital distribution with multiple liquidity sources across lending markets, staking platforms, derivatives, etc.

一個更加分散的生態系統將具有更大的資本分配，並且在貸款市場，Staking Platforms，derivatives等的多個流動性來源中都將具有更大的資本分配。

Related: Mantra says one particular exchange may have caused OM collapse

相關：咒語說一種特殊的交換可能導致OM崩潰

Additionally, Mantra’s fully diluted valuation (FDV) of $1.88 billion dwarfs the total value locked (TVL) of $3.24 million, a glaring disconnect that could signal potential overvaluation.

此外，曼特拉（Mantra）的全面稀釋估值（FDV）為18.8億美元矮小的總價值鎖定（TVL）為324萬美元，這是一種明顯的斷開連接，可能表明潛在的高估。

Mantra TVL vs. FDV (in dollar terms). Source: DefiLlama

Mantra TVL與FDV（以美元計算）。資料來源：Defillama

With only 0.17% of its theoretical value actively deployed in its ecosystem, the protocol shows low capital efficiency and limited real-world usage.

該協議只有在其生態系統中積極部署其理論價值的0.17％，因此資本效率較低，實際使用有限。

This imbalance suggests the market cap is likely driven more by speculation than adoption, and with a large portion of tokens likely still locked, there’s a high risk of future dilution as vested tokens are unlocked.

這種不平衡表明，市值可能是由猜測而不是採用的驅動，而由於可能仍鎖定的代幣，因此未來稀釋的危險風險很高，因為既得代幣被解鎖。

Analyst JamesBitunix posed Mantra’s FDV as a huge risk to OM dip buyers, saying:

分析師JamesBitunix認為Mantra的FDV是OM DIP買家的巨大風險，他說：