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An obscure altcoin has seen a surge of over 45% in the last day following the approval of a new community proposal to elevate the protocol’s token. John Patrick Mullin, the CEO of Mantra Chain (OM), explained in a recent video update that the community recently voted to make OM the project’s sole token, which led to a price increase for OM.
Community-Driven Decision Leads to Price Surge
Mullin stated in his remarks:
“We didn’t make this decision; instead, it was proposed by a community member within the DAO. I want to acknowledge The King, a long-standing and original member of our community, who championed the proposal within the Mantra DAO (decentralized autonomous organization) for OM to be the primary L1 token for Mantra Chain.”
For those new to the project, there were initially plans for two tokens, and we had our reasons for this approach. However, after some adjustments and ultimately based on community consensus, it was seen as beneficial for OM to be the dominant and sole token for the ecosystem.”
Mantra Chain operates as a decentralized finance (DeFi) protocol based on Cosmos (ATOM). According to Mullin, the community unanimously decided to use OM.
Unanimous Community Support Elevates OM
The cryptocurrency OM was just at $0.02 two months ago. Today, it has reached $0.35, continuing its impressive rise. The aforementioned move caused OM to soar rapidly. At the time of writing, OM is trading at $0.31961.
Mantra Chain aims to streamline its ecosystem by consolidating its token under OM and directly responding to the desires of community members, thereby increasing its utility. This bold move represents a significant milestone in the project’s development and highlights the power of decentralized decision-making in the cryptocurrency space.
As Mantra Chain continues to innovate and adapt, the crypto community’s eyes are fixed on the project’s progress. There is also a growing excitement to witness the impact of community-focused initiatives on the future trajectory of the sector.
