Mantra $OM sees the Devil Candle.

One of the most-talked-about events last week in the crypto ecosystem was the massive crash of Mantra ($OM), a Real-World Asset (RWA) protocol. On April 13, 2025, Mantra’s OM token plummeted by over 90%, dropping from around $6 to $0.55 within hours. Market cap sank from $5.9 billion to just $500 million, triggering widespread panic and trading halts on several exchanges.

The crash was initially met with fears of a rug pull or insider dumping, fueled by the fact that large transfers of OM tokens to centralized exchanges were observed in the days leading up to the crash. However, the Mantra team and key investors denied any insider selling, attributing the crash primarily to forced liquidations by centralized exchanges during a period of low liquidity, which caused a cascade of margin calls and a sudden flood of sell orders that the market could not absorb

In response, Mantra rolled out a recovery plan, including a comprehensive token burn program aimed at reducing supply and regaining community trust. Token burns refer to the process of permanently removing a proportion of a cryptocurrency's supply from circulation in order to increase the value of the tokens that remain.

CEO John Mullin also pledged to burn his personal token allocation. Alongside the burn, Mantra will launch an ecosystem fund and a live tokenomics dashboard to improve transparency.

As the dust settles, all eyes are on how Mantra navigates this rebuild and whether the crypto community is ready to give it a second chance.

The broader market remains sensitive to macroeconomic factors including Federal Reserve policy, the ongoing US-china trade tensions, and liquidity conditions. Bitcoin traded steadily between approximately $83,300 and $86,100, showing a mild upward momentum with a 1.5% gain over the week

In today’s update, we explore how the RWA sector fared last week.

Let’s dive in!

RWA CRYPTO SECTOR RECAP

Last week, the Real-World Asset (RWA) sector shed over $8 billion in market capitalization, dropping from $48B to $40.82B, a 12.8% decline, as reflected in the 7-day chart above.

The sharp dip was largely triggered by the dramatic crash of Mantra ($OM), which plunged by over 90%.

Meanwhile, trading volume also saw a significant drop, falling 38.14% to $1.28B, signaling reduced market activity and investor hesitation.

Despite the price action, Total Value Locked (TVL) in the RWA sector continues to demonstrate strength, now holding firm above $11B, showing sustained user confidence in the underlying protocols.

TOKENIZED ASSET OVERVIEW

(RWA ONCHAIN)

Total assets on-chain continue to grow, adding a fresh $1.2 billion last week, a 6% increase from the $19.78B recorded for the week before.

RWA TOKENIZATION NEWS RECAP

1. Ethena Labs, Securitize unveil 'Converge' network roadmap, Converge will allow both permissioned and permissionless projects to build on the tokenized real world asset-focused blockchain network. Link

2. Securitize Acquires MG Stover's Unit to Become Largest Digital Asset Fund Administrator Link

3. Blocksquare, Vera Capital Partner to Tokenize $1B in US Real Estate.  The first property to be tokenized under this initiative is a $5.4 million commercial building in Fort Lauderdale that offers a 5% annual return and redevelopment potential. Link

4. Argentina just approved a tokenization sandbox. The framework will allow for the tokenization of various assets, including stocks, within a sandbox structure that will be active for an entire year. Link