Mantra, known as the second real-world asset token after Chainlink, nosedived over 90% over the past 24 hours.

Here’s what we know.

Just a couple of days ago, Mantra (OM) touted a 640% gain in 12 months. At last check, its $6-billion market cap fell to about $485 million.

Patrick Mullin, Mantra’s CEO, recently spoke to crypto.news about being a fully compliant, end-to-end ecosystem for RWA tokenization and trading. The company, fresh from securing a VASP license from Dubai’s VARA, had plans to legally operate as a virtual asset exchange.

Its unclear whether the recent downtrend will stymie those plans.

MANTRA Ecosystem Fund

A newly launched fund has been established to support RWA and DeFi projects globally for over four years.

The company, which offers OM-token grants and capital investments, remained focused on lending/borrowing, trading, asset management, derivatives, and infrastructure.

Mantra also inked a $1-billion tokenization deal with DAMAC Group, covering real estate, hospitality, data centers.

This is a developing story. Stay tuned for more coverage.