OM 90％的价格崩溃之后的Mantra（OM）TVL飙升500％

截至4月15日，Mantra的TVL（用OM）跃升至421万om（约324万美元），比两天前增加了500％以上

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

Mantra的总价值锁定（TVL）每年达到一个高度，即使OM的价格下降了90％。

Mantra TVL surges 500% following OM's crash

OM崩溃后的Mantra TVL飙升了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.

根据数据资源Defillama的数据，截至4月15日，Mantra的TVL（用OM来说）上升到421万OM（约324万美元），比两天前增加了500％以上。

Mantra's cumulative TVL chart. Source: DefiLlama.

咒语的累积TVL图表。资料来源：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上升伴随着OM价格的巨大崩溃，周末下降了90％以上。咒语团队将抛售归因于集中式交流发起的“鲁ck强迫清算”。

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通常表明用户通过Staking，流动性池，贷款或耕种收益或网络参与，将更多的令牌锁定在协议的智能合约中。

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.”

分析师DOM在4月13日的90％OM价格崩溃期间发现了“积极购买”，当时“崩溃发生”时价值3500万美元的OM购买。

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

咒语总计CVD与Binance Pot Price。来源：DOM

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

尽管价格崩溃了90％，但同时进行的TVL Spike和“积极购买”表明某些参与者将崩溃视为购买机会。

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.

在坠机事故中分配了数百万美元的事实，这可能是鲸鱼，内部人士或机会主义的投机者可能会押注反弹或农业激励措施的战术积累。

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的交易高达0.99美元，比周末低点增长了约170％。

OM/USDT daily price chart. Source: TradingView

OM/USDT每日价格图。资料来源：TradingView

97% of Mantra TVL is one DApp

97％的咒语是一个DAPP

Increases in Mantra’s TVL accompany some red flags.

咒语的TVL增加伴随着一些危险信号。

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增长中约有97％来自该协议的原生权交易所Mantra交换。它的自动营销池在TVL中占410万OM，使其成为急剧上升的主要驱动力。

Mantra Swap TVL performance chart. Source: DefiLlama

咒语交换TVL性能图。资料来源：Defillama

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

一个更加分散的生态系统将具有更大的资本分配，并且在贷款市场，Staking Platforms，derivatives等的多个流动性来源中都将具有更大的资本分配。

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

相关：咒语说一种特殊的交换可能导致OM崩溃

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）的全面稀释估值（FDV）为18.8亿美元矮小的总价值锁定（TVL）为324万美元，这是一种明显的断开连接，可能表明潜在的高估。

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

Mantra TVL与FDV（以美元计算）。资料来源：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.

该协议只有在其生态系统中积极部署其理论价值的0.17％，因此资本效率较低，实际使用有限。

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.

这种不平衡表明，市值可能是由猜测而不是采用的驱动，而由于可能仍锁定的代币，因此未来稀释的危险风险很高，因为既得代币被解锁。

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

分析师JamesBitunix认为Mantra的FDV是OM DIP买家的巨大风险，他说：