By Gabriel Joyce
Mantra recently gained traction in crypto as a community-enhanced decentralized finance (DeFi) platform for lending, staking, and governance.
MANTRA aims to leverage DeFi to grant users more financial power. OM, the native token, has real utility and can be utilized to stake governance and gain access to DeFi services.
Mantra’s Components Explained
MANTRA is a single-stop shop for everything concerning crypto, combining various features to offer users a seamless ride in the crypto world.
Each of the constituents belowplays a critical input within the OMniverse ecosystem:
Mantra Nodes
These are OMniverse’s backbone. They enhance the system by providing ways to acquire rewards across several blockchains.
Mantra Nodes boost Mantra’s growth by setting up shop on old and new blockchain networks. People can utilize them to join the network and acquire rewards by aiding in security and validation.
- Acquire rewards: Earn rewards on various blockchains
- Ecosystem development: Aids in expanding Mantra’s reach
- Multi-blockchain support: Functions with different blockchain networks
Mantra Chain
This is a major part of the Mantra setup, which was developed for the Cosmos network. It utilizes the Inter-Blockchain Communication (IBC) protocol to partner with other blockchains in the Cosmos network, making it an excellent place for developers to develop new decentralized exchange applications.
- Cosmos network: Utilizes IBC for working with other blockchains
- Developer tools: Providers resources for developers’ decentralized applications and exchanges
- Application building: Motivates the creation of new applications to enhance the ecosystem.
Mantra Finance
MANTRA Finance resembles a link between conventional finance and decentralized finance. It provides a platform that merges DeFi’s speed and transparency with familiarity with traditional finance.
Users can issue, trade, and earn from digital assets without foregoing control. As such, financial transactions become open to all people with internet connections.
- Open access: Provides financial services without conventional gatekeepers
- DeFi meets conventional finance: Merges the best of the two worlds.
- Non-custodial trading: Trade digital assets without giving up control
Mantra OM is developed to empower crypto space users. It offers the infrastructure and tools required for a robust, decentralized system, illustrating what Mantra OM entails.
Importance of OM Token Explained
The OM token is the Mantra community’s heart and soul. It is the ticket to acquiring awards, making decisions, and lending within the platform.
Besides watching an increase in numbers, holding OM tokens entails having a voice. An OM holder can suggest changes, vote on new ideas, and mold the Mantra DAO’s future.
One can compare OM to being a shareholder with more direct control. Staking OM tokens is similar to putting one’s money to work.
A person can acquire new tokens and airdrops from partner decentralized autonomous organizations (DAOs). This provides an opportunity to get in early on new projects.
Besides, staking improves a person’s voting power, thus making their voice louder.
If one is into crypto investing or trading, monitoring MANTRA’s market performance is critical. It offers insights into the OM token’s performance and what could be in store for the future.
OM Price and Market Cap
The OM token, Mantra’s cryptocurrency, has an overall supply of 888,888,888 OM, with 793,991,274 OM presently in circulation.
As of May 9, every token was worth $0.6947, adding to a market capitalization of $550,930,821. This places OM at an excellent spot in the world of crypto.
An overview of how the price of OM has shifted over time can reveal its variations. July 21 recorded the highest price ever for OM at $1.41, a 17.06% increase from the present price.
On the contrary, the lowest recorded price was $0.01726 on October 12 last year, a significant 6693.20% reduction from the present price. The considerable variations indicate the possibility for gains and risks involved.
OM is ranked 3rd, and its market capitalization is $973,481,076. The ranking relies on the OM token’s circulating supply multiplied by the token price.
End Thoughts
Comprehending the OM token’s performance in the market is critical if one is considering investing or trading the cryptocurrency. This information should be used to make informed decisions concerning its potential in the wider crypto picture.
