After a fall from grace last year, Mantra is seemingly attempting a comeback with a rebrand.
Less than a year after Mantra’s OM token inexplicably plummeted 90% in minutes, the real-world asset (RWA) protocol is rebranding to a new token, and OM is up 33% today after MEXC announced its support for the token swap.
OM’s market capitalization jumped from $55 million to $72 million after the crypto exchange said it would support the upcoming migration from OM to MANTRA. MEXC will accept deposits of OM, which will be swapped 1:4 to MANTRA.
Despite rallying 33%, OM is still down 99% from its all-time high of $8.5 in February 2025 and currently trades at $0.06.
The rebranding comes just one month after Mantra announced staff cuts amidst a company restructuring.
While it remains to be seen whether this restructuring and token migration will help restore Mantra’s tarnished image, other protocols that have taken the token migration route have not fared well.
The most notable examples include Polygon’s migration from MATIC to POL, and Fantom’s migration and pivot from FTM to Sonic and its S token.
MATIC reached an all-time high fully diluted valuation (FDV) of $29.2 billion in December 2021, and POL now trades at a $1 billion FDV. FTM also reached its previous all-time high in December 2021, achieving an $11 billion FDV, but S now trades at just $171 million.