The little-known altcoin surged more than 45% over the last day as a new community proposal to upgrade the protocol’s token passed.
In a new video update, John Patrick Mullin, CEO of Mantra Chain (OM), said the community has recently: voted Make OM the only token of the project, causing OM to skyrocket.
“We didn’t actually decide to do that. Community members presented proposals to the DAO. Say thank you to OG member The King, who has been one of our community members for a long time. He effectively presented a proposal for the Mantra DAO (Decentralized Autonomous Organization) and called for OM to become the main L1 token on the Mantra Chain.
For those of you who are new to the project, initially there were effectively going to be two tokens and there was a reason to do so, but with some changes and obviously decisions from the community, they felt it was a good idea. “This is to ensure that OM becomes the preeminent and unique token of the ecosystem.”
Mantra Chain is a decentralized finance (DeFi) protocol based on Cosmos (ATOM).
According to Mullin, the community was unanimous in the decision to use OM.
This move led to a surge in OM, with the price of the digital asset rising 123% from $0.15 on February 7 to a high of $0.338 on February 9. The cryptocurrency asset has since been tracking and is moving at $0.315 at the time of writing, an increase of over 40% in the last 24 hours.
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