Coindesk

Analog, a blockchain project looking to improve unified liquidity across multiple networks, said it raised $15 million through a token sale.

Digital asset financier Bolts Capital completed the token purchase to bring Analog’s total backing to $36 million, according to an emailed announcement shared with CoinDesk on Tuesday.

Analog plans to use the capital to develop interoperability tools like Omnichain Analog Token Standard (OATS), which enables transfer of fungible and non-fungible assets across blockchains chains

Also in the pipeline is Firestarter, a real-world asset (RWA) marketplace to tokenize real estate, collectibles and revenue-producing items.

Tokenization of RWAs represents a use case for blockchain technology of considerable interest for traditional financial (TradFi) institutions.

However, fragmented liquidity across multiple ecosystems is a potential roadblock to further adoption that interoperability projects like Analog are looking to demolish.

Bitcoin (BTC) surged to $90,000 for the first time since March 7, adding more than 5% in the past five days as the paths of the largest cryptocurrency and traditional equities diverge.

In comparison, the S&P 500 was trading above 5,700 points on March 7 and has since slipped below 5,200.

Despite the recent bounce, bitcoin remains down more than 5% year to date. It has, however, recovered significantly from its April 8 low, when it was down nearly 20% on the year and more than 30% below its record of around $109,000 in January. That marked the steepest correction of this cycle and eclipsed the August 2024 drawdown, when it slid to $49,000.

From a market structure perspective, the average perpetual funding rate across exchanges is currently negative.

Perpetual funding rates reflect the cost of holding long or short positions in futures markets. When the rate is negative, it means short sellers are paying long holders to maintain their positions, a setup that can accelerate price moves higher because shorts are forced to cover their positions in what’s known as a short squeeze.

Adding to the bullish momentum, Monday marked the largest single-day inflow into U.S. spot bitcoin ETFs since Jan. 30, totaling over $380 million. With the Nasdaq up more than 1% on what some observers are terming “Turnaround Tuesday,” bitcoin may gain further upside, though key technical resistance levels still lie ahead.

Disclaimer: This article, or parts of it, was generated with assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.

UPDATE (April 22, 13:55 UTC): Adds price movement history in third paragraph, market structure starting in fourth.

Tally, a leader in on-chain governance tooling, has secured $8 million in Series A funding aimed at scaling its governance technology to more crypto-native decentralized autonomous organizations (DAOs).

Tally is best known for the Tally Protocol, which powers infrastructure to help leading protocols conduct effective on-chain governance of their DAOs, including Arbitrum, Uniswap DAO, ZKsync, Wormhole, Eigenlayer, Obol and Hyperlane.

“We’ve built this complete stack of software for operating these on-chain organizations,” Dennison Bertram, CEO and co-founder of Tally Protocol, said in an interview with CoinDesk. “We can take you from your idea to launching your token, to distributing your membership or ownership, all the way to the value accrual for your protocol.”

The platform began as a DAO governance tool and has evolved into the most widely adopted software stack for on-chain organizations across the Ethereum and Solana blockchains, it said in a release.

“On-chain governance and capital formation could, in theory, dramatically reduce the complexity and cost of forming and operating organizations by moving these processes entirely into software rather than traditional jurisdictions guided by platforms like Tally,” Bertram said.

One day, on-chain organizations might be seen as a way to compete with nation states, he argued, referencing the costly and lawyer-intensive process of registering foundations and other legal entities typically used for crypto.

“Whoever embraces crypto really fully might actually be embracing fully the future,” he said.

Fixing vote turnout for better governance

One issue that Tally aims to tackle with funding from the Series A is low voter participation and apathy in DAO governance, which has led to sometimes controversial outcomes.

Last year, for example, a group of CompoundDAO token holders, called Golden Boys, successfully passed a controversial proposal to create a yield-bearing product called goldCOMP.

Despite initially gaining traction, the proposal faced significant controversy due to perceived irregularities, low voter turnout and a lack of widespread community engagement.

Ultimately, the Golden Boys agreed to cancel goldCOMP, which highlighted the broader issue of governance apathy within DAOs rather than any technical exploit or malicious intent.

“Many of the people that you should expect to vote ‘no’ on something like this didn’t show up,” Bertram said in an earlier interview. “What it shows is that the democratic process of governing a DAO is imperfect and needs improvement.”

To address this, Tally has developed staking mechanisms designed to reward active governance participants economically. Users can stake their governance tokens to receive Tally Liquid Staked Tokens (tLSTs), earning passive, auto-compounding yields while retaining voting rights within DAOs.

“This fundraise is really about leaning into the original vision,” Bertram said. “Now that we’ve proven that this works, that you can have these large organizations, it’s time to really scale it up.”

Institutions are getting involved in DAOs

Bertram also emphasized that recent regulatory clarity and shifts in attitude toward crypto governance in the U.S. have opened the door for increased institutional participation in DAOs.

“With this clarity, we’re going to get a lot more participation, not necessarily from average Joe token holders, but actually from large organizations that depend on the infrastructure they’re building on,” he said. “These organizations are going to need and want the ability to actually govern the infrastructure that they operate on.”

Ultimately, Bertram sees Tally’s role as pivotal in advancing decentralized governance and unlocking greater economic value for token holders by directly rewarding active, informed participants.

“Given the new acceptance of crypto as a key driver of future value in America, it’s time to scale it beyond crypto and make it a core primitive for creating new organizations,” he said.

The round was led by Appworks and Blockchain Capital with participation from BitGo amongst others.

Tally previously raised $7.5 million in 2021 across two funding rounds.

Dutch bank ING is working on a stablecoin, looking to take advantage of Europe’s new cryptocurrency regulations that came into force last year, according to two people with knowledge of the plans.

ING’s stablecoin project could take the form of a consortium effort involving other banks and crypto service providers, both people said.

“ING is working on a stablecoin project with a few other banks. It’s moving slow as multiple banks need board approval to set up a joint entity,” one of the sources said.

ING declined to comment.

Europe’s Markets in Crypto Assets regime [MiCA] requires stablecoin issuers across EU member countries to hold an authorization license, while promoting the potential of euro-denominated stablecoins (the vast majority of the stablecoins in circulation are pegged to the U.S. dollar).

MiCA’s stablecoin rules, which also require issuers to maintain significant reserves in banks based in Europe, have strengthened compliant offerings like Circle’s euro stablecoin EURC over its main rival Tether, according to a note early this year from JPMorgan.

Banks like ING entering the European stablecoin space means French lender Société Générale, the first big bank to offer a stablecoin through its SG Forge innovation division, will soon have some competition.

Read more: Stablecoin Market Could Grow to $2T by End-2028: Standard Chartered

Aave users can start supplying and borrowing Ripple’s RLUSD stablecoin on the decentralized lending platform’s V3 Ethereum Core market, Aave said in a Monday post on X.

The peer-to-peer loans market has a supply cap of 50 million RLUSD and a borrow cap of 5 million RLUSD.

RLUSD is a stablecoin pegged 1:1 to the U.S. dollar offered on the XRP Ledger and Ethereum blockchain. It is fully backed by U.S. dollar deposits, short-term U.S. Treasuries, and cash equivalents with each token matched by equivalent fiat value.

Security features make RLUSD appealing to institutional users. An XRP Ledger amendment in January saw a “clawback” feature go live on the network, allowing the issuer to reclaim certain tokens, such as RLUSD, from users’ wallets under specific conditions.

Industry leaders say RLUSD may shift crypto market dynamics, with incumbents such as Tether’s USDT, the largest stablecoin, and Circle’s USDC, the No. 2, seeing competition from Ripple’s product. It is also seen boosting closely related XRP’s appeal among investors.

By James Van Straten (All times ET unless indicated otherwise)

“There are decades where nothing happens; and there are weeks where decades happen.” Vladimir Ilyich Lenin

Few quotes better capture the current turbulence in global markets. For decades, the classic portfolio of 60% equities and 40% bonds was considered the cornerstone of balanced investing. This allocation typically offered protection in downturns through bonds, while equities drove returns in times of economic growth.

We saw this play out during crises like 2008 and 2020, when iShares 20+ Year Treasury Bond ETF (TLT) surged amid global uncertainty. Today, that dynamic has been upended. With persistent geopolitical tension ignited by President Donald Trump’s tariffs, stubborn inflation and slowing growth, Treasury yields have climbed and bond prices fallen. TLT is now down some 50% from its 2020 highs.

The equity side of the portfolio isn’t faring much better. U.S. stocks are underperforming, caught in what some are calling a broader “Sell America” trade. Even the dollar, which typically strengthens in risk-off environments, is weakening as capital flows shift toward the yen and euro.

In this new regime, alternative assets are taking center stage. Gold has surged to $3,500 an ounce for the first time, cementing its role as a haven. To underscore its meteoric rise: the precious metal has added about $6 trillion in market cap this year, triple the market cap of bitcoin (BTC) at its all-time high. Gold ETF inflows, measured over a 90-day rolling period, are approaching 9 million ounces, the biggest surge since 2022 and among the largest in the past decade.

Bitcoin, while lagging behind gold, is also reasserting itself. It has reached new highs in dominance within the crypto market and is beginning to diverge from U.S. tech stocks. It’s increasingly behaving like an uncorrelated asset, valuable in a diversified portfolio. This Friday, $6.7 billion in bitcoin options are set to expire, including $330 million in call options at the $100,000 strike price, setting the stage for a potentially volatile final week of April. Stay alert!

What to Watch

• Crypto:
  • April 22: The Lyora upgrade goes live on the Injective (INJ) mainnet.
  • April 25, 1 p.m.: U.S. Securities and Exchange Commission (SEC) Crypto Task Force Roundtable on “Key Considerations for Crypto Custody“.
  • April 28: Enjin Relaychain increases active validator slots to 25 from 15, to enhance decentralization.
  • April 29, 1:05 a.m.: BNB Chain (BNB) — BSC mainnet hardfork.
  • April 30, 9:30 a.m.: ProShares expects its XRP ETF, offering exposure through futures and swap agreements, to begin trading on NYSE Arca.
  • April 30, 10:03 a.m.: Gnosis Chain (GNO), an Ethereum sister chain, will activate the Pectra hard fork on its mainnet at slot 21,405,696, epoch 1,337,856.
• Macro
  • Day 2 of 6: World Bank (WB) and the International Monetary Fund (IMF) spring meetings in Washington.
  • April 22, 8:30 p.m.: Statistics Canada releases March producer price inflation data.
    • PPI MoM Est. 0.3% vs. Prev. 0.4%
    • PPI YoY Prev. 4.9%
  • April 22, 6 p.m.: Fed Governor Adriana D. Kugler will deliver a speech titled “Transmission of Monetary Policy.”
  • April 23, 8 a.m.: Mexico’s National Institute of Statistics and Geography releases retail sales data.
    • Retail Sales MoM Prev. 0.6%
    • Retail Sales YoY Prev. 2.7%
  • April 23, 9:45 a.m.: S&P Global releases (flash) U.S. April purchasing managers’ index (PMI) data.
    • Composite PMI Prev. 53.5
    • Manufacturing PMI Est. 49.4 vs. Prev. 50.2
    • Services PMI Est. 52.8 vs. Prev. 54.4
• Earnings (Estimates based on FactSet data)
  • April 22: Tesla (TSLA), post-market
  • April 30: Robinhood Markets (HOOD), post-market
  • May 1: Block (XYZ), post-market

Token Events

• Governance votes & calls
  • Aave DAO is discussing partnering with Ether.fi to create a custom Aave market on EVM layer 2 to “facilitate on-chain credit for everyday payments through the Ether.fi Cash credit card program.”
  • April 23, 9 p.m.: Manta Network to host a townhall meeting with its founders.
  • April 24, 8 a.m.: Alchemy Pay to host an Ask Me Anything (AMA) session on its 2025 roadmap.
  • April 30, 12 p.m.: Helium to host a community call meeting.
• Unlocks
  • April 30: Optimism (OP) to unlock 1.89% of its circulating supply worth $21.83 million.
  • May 1: Sui (SUI) to unlock 2.28% of its circulating supply worth $170.93 million.
  • May 1: ZetaChain (ZETA) to unlock 5.67% of its circulating supply worth $10.46 million.
  • May 2: Ethena (ENA) to unlock 0.73% of its circulating supply worth $11.92 million.
  • May 7: Kaspa (KAS) to unlock 0.56% of its circulating supply worth $13 million.
  • May 9: Movement (MOVA) to unlock 2.04% of its circulating supply worth $11.23 million.
• Token Launches
  • April 22: Hyperlane to airdrop its HYPER tokens.
  • April 22: BNB to be listed on Kraken.
  • April 23: Zora to airdrop its ZORA tokens.
  • April 24: Initia (INIT) to be listed on Binance, CoinW, WEEX, KuCoin, MEXC, and others.

Conferences:

• CoinDesk’s Consensus is taking place in Toronto on May 14-16. Use code DAYBOOK and save 15% on passes.
• Day 1 of 3: Money20/20 Asia (Bangkok)
• April 23: Crypto Horizons 2025 (Dubai)
• April 23-24: Blockchain Forum 2025 (Moscow)
• April 24: Bitwise’s Investor Day for Bitcoin Standard Corporations (New York)
• April 26: Crypto Vision Conference 2025 (Manilla)
• April 26-27: Harvard Blockchain in Action Conference (Cambridge, Mass.)
• April 27: N Crypto Conference 2025 (Kyiv)
• April 27-30: Web Summit Rio 2025
• April 28-29: Blockchain Disrupt 2025 (Dubai)
• April 28-29: Staking Summit Dubai
• April 29: El Salvador Digital Assets Summit 2025 (San Salvador)
• April 29: IFGS 2025 (London)

Token Talk

By Shaurya Malwa

• Pope Francis’ death on Easter Monday triggered significant activity in crypto markets and prediction platforms as traders aimed to capitalize on the news.
• LUCE, a Solana-based memecoin tied to the Vatican’s Holy Year 2025 mascot, surged 45% in value, reaching $0.013, according to CoinGecko data.
• Daily trading volume in the token skyrocketed to $60.27 million from $5 million the previous day, despite the price being down 95% from its November peak of 30 cents.
• Although unaffiliated with the Vatican, LUCE has attracted around 44,800 holders.
• Meanwhile, a Polymarket bet on who will be the next pope has attracted over $3.5 million in volumes since going live on Dec. 31, with over 18 candidates in the mix.
• As of Tuesday morning, Pietro Parolin leads odds at 37%, followed by Luis Antonio Tagle at 23% and Matteo Zuppi at 11%.

Derivatives Positioning

• HBAR, XLM and TRX have seen the most growth in perpetual futures open interest among major tokens in the past 24 hours. However, only TRX has seen a positive cumulative volume delta, implying an influx of new money predominantly on the bullish side.
• BTC’s open interest in has increased to 695K BTC, the most since March 25. ETH’s open interest held shy of the recent record above 11.9 million ETH.
• Perpetual funding rates for most major tokens remain marginally positive in a sign of cautiously bullish sentiment.
• On Deribit, BTC’s short and near-dated calls are now trading at par or a slight premium to puts, another sign of renewed bullishness. ETH puts, however, continue to trade at a premium to calls.
• Block options flows have been muted on Paradigm, with calendar spreads and April put spreads lifted in BTC and ETH.

Market Movements:

• BTC is up 1.45% from 4 p.m. ET Monday at $88,539.04 (24hrs: +1.16%)
• ETH is up 3.43% at $1,628.60 (24hrs: -0.84%)
• CoinDesk 20 is up 1.49% at 2,544.64 (24hrs: -0.3%)
• Ether CESR Composite Staking Rate is up 3 bps at 2.98%
• BTC funding rate is at -0.0058% (-2.1353% annualized) on Binance

• DXY is up 0.1% at 98.38
• Gold is up 4.28% at $3,456.97/oz
• Silver is up 0.5% at $32.57/oz
• Nikkei 225 closed -0.17% at 34,220.60
• Hang Seng closed +0.78% at 21,562.32
• FTSE is up 0.49% at 8,315.81
• Euro Stoxx 50 is down 0.28% at 4,922.48
• DJIA closed on Monday -2.48% at 38,170.41
• S&P 500 closed -2.36% at 5,158.20
• Nasdaq closed -2.55% at 15,870.90
• S&P/TSX Composite Index closed -0.76% at 24,008.86
• S&P 40 Latin America closed unchanged at 2,384.47
• U.S. 10-year Treasury rate is unchanged at 4.42%
• E-mini S&P 500 futures are up 0.98% at 5,235.75
• E-mini Nasdaq-100 futures are up 1.02% at 18,105.00
• E-mini Dow Jones Industrial Average Index futures are up 0.87% at 38,660.00

Bitcoin Stats:

• BTC Dominance: 64.39% (-0.09%)
• Ethereum to bitcoin ratio: 0.01839 (1.88%)
• Hashrate (seven-day moving average): 840 EH/s
• Hashprice (spot): $45.0 PH/s
• Total Fees: 6.56BTC / $572,645
• CME Futures Open Interest: 139,765 BTC
• BTC priced in gold: 25.5 oz
• BTC vs gold market cap: 7.22%

Technical Analysis

• If you feel gold’s rally is overstretched or overdone, think again.
• The ratio between gold’s spot price and its 200-day simple moving average, currently 1.3, is well below highs seen in 2011-2012 when the yellow metal rose to its then-record price of $2,000.
• The ratio went as high as 5.80 in the 1980.
• Bitcoin tends to follow gold with a lag of couple of months.

Crypto Equities

• Strategy (MSTR): closed on Monday at $317.76 +0.18%), up 2.02% at $324.19 in pre-market
• Coinbase Global (COIN): closed at $175 (-0.02%), up 1% at $176.75
• Galaxy Digital Holdings (GLXY): closed at C$15.38 (+0.13%)
• MARA Holdings (MARA): closed at $12.29 (-2.92%), up 2.36% at $12.59
• Riot Platforms (RIOT): closed at $6.29 (-2.63%), up 2.07% at $6.42
• Core Scientific (CORZ): closed at $6.39 (-3.62%)
• CleanSpark (CLSK): closed at $7.47 (-0.53%), up 2.68% at $7.67
• CoinShares Valkyrie Bitcoin Miners ETF (WGMI): closed at $11.74 (-2.49%)
• Semler Scientific (SMLR): closed at $29.83 (-8.17%)
• Exodus Movement (EXOD): closed at $36.59 (+0.03%), unchanged in pre-market

ETF Flows

Spot BTC ETFs:

• Daily net flow: $381.3 million
• Cumulative net flows: $35.86 billion
• Total BTC holdings ~ 1.11 million

Spot ETH ETFs

• Daily net flow: -$25.4 million
• Cumulative net flows: $2.24 billion
• Total ETH holdings ~ 3.30 million

Source: Farside Investors

Overnight Flows

Chart of the Day

• The chart shows the price of eggs in the U.S. has increased by over 200% since 2024, outperforming BTC’s 100% surge. Gold and the S&P 500 have gained 46% and 21%, respectively, over the same period.
• In other words, asset price growth has failed to compensate holders for the inflation on Main Street.

While You Were Sleeping

• Bitcoin, Euro Options Signal Bullishness Against Dollar Amid Equity and Bond Market Downturns (CoinDesk): Preference for BTC and euro call options over dollar exposure suggests investors are rotating out of U.S. assets and into bitcoin, the euro and gold.
• Dow Headed for Worst April Since 1932 as Investors Send ‘No Confidence’ Signal (The Wall Street Journal): Scott Ladner, chief investment officer at Horizon Investments, said the Trump administration’s policies have made the U.S. economy increasingly unstable and difficult to gauge, deterring investment.
• Bitcoin Runs Into Resistance Cluster Above $88K. What Next? (CoinDesk): Behavioral aspects of trading could influence whether bitcoin rallies further or faces a new downturn from the resistance zone.
• Bearish Dollar Bets Move Toward Levels That Raise Risk of Recoil (Bloomberg): Despite widespread bets against the dollar, steady demand for Treasuries and technical signals suggest a rebound is likely, though gains may be limited or short-lived if negative news continues.
• Japanese Investors Sold $20B of Foreign Debt as Trump Tariffs Shook Markets (Financial Times): Much of Japan’s selling likely involves U.S. Treasuries and mortgage-backed securities guaranteed by the U.S. government, said Tomoaki Shishido, senior rates strategist at Nomura.
• Bitcoin, Stablecoins Command Over 70% of Crypto Market as BTC Pushes Higher (CoinDesk): Bitcoin dominance rose to 64.6%, the highest since January 2021, as ether slumped and the ETH-to-BTC ratio fell to a five-year low of 0.01765.

In the Ether

Bitcoin (BTC) is on the cusp of breaking out relative to the Nasdaq 100 Composite, with the current BTC/Nasdaq ratio sitting at 4.96. This means it now takes nearly five Nasdaq units to match the value of one bitcoin. The previous record of 5.08 was set in January 2025, when bitcoin hit its all-time high of over $109,000.

Historically, each market cycle has seen the ratio reach new highs—2017, 2021, and now 2025—highlighting bitcoin’s continued outperformance against the Nasdaq.

Across multiple timeframes, bitcoin is increasingly diverging from U.S. tech stocks. Year-to-date, bitcoin is down just 6%, compared to the Nasdaq’s 15% decline. Since Donald Trump’s election victory in November 2024, bitcoin has rallied 30%, while the Nasdaq has fallen 12%.

When measured against the “Magnificent Seven” mega-cap tech stocks, bitcoin remains around 20% below its all-time high from February this year. This indicates that while bitcoin has shown strength, the top tech names are holding up better than the broader Nasdaq Composite.

Strategy (MSTR), a well-known proxy for bitcoin exposure, is also holding up better than the U.S tech stocks. Since joining the QQQ ETF on Dec. 23, MSTR is down 11%, while the ETF itself has dropped over 16%. The divergence has become more pronounced in 2025: MSTR is up 6% year-to-date, compared to QQQ’s 15% decline.

This is a daily technical analysis by CoinDesk analyst and Chartered Market Technician Omkar Godbole.

Bitcoin’s (BTC) bullish advance has encountered a resistance zone above $88,000, marked by crucial levels that could make or break the ongoing recovery rally.

The resistance cluster’s first and perhaps most critical level is the 200-day simple moving average (SMA) at $88,356. The SMA is widely regarded as a key indicator of long-term momentum. Early this month, Coinbase institutional analysts called the downside break of the 200-day SMA in March a sign of the onset of a potential crypto winter.

So, a fresh move above the 200-day SMA could be taken to represent a renewed bullish shift in momentum.

Such a move would trigger a dual breakout, as the Ichimoku cloud’s upper end is located close to the 200-day SMA. A move above the Ichimoku cloud is also said to reflect a bullish shift in momentum.

Developed by a Japanese journalist in the 1960s, the Ichimoku cloud is a technical analysis indicator that offers a comprehensive view of market momentum, support, and resistance levels. The indicator comprises five lines: Leading Span A, Leading Span B, Conversion Line or Tenkan-Sen (T), Base Line or Kijun-Sen (K) and a lagging closing price line. The difference between Leading Span A and B forms the Ichimoku Cloud.

The third and final level forming the resistance cluster is the high of $88,804 on March 24, from where the market turned lower and fell back to $75,000.

A make-or-break resistance zone?

Behavioural aspects of trading come into play when an asset approaches a resistance zone, especially at key levels like the 200-day SMA and the Ichimoku cloud.

Prospect theory suggests that people are typically risk-averse with respect to gains and risk-seeking with respect to losses, known as the “reflection effect.” So, as traders, people tend to be risk-averse while locking in profits and keep losing trades open.

This tendency is amplified when an asset encounters a significant resistance zone. Traders who entered the bitcoin market around $75K, anticipating a rebound, may feel pressured to take profits as the price approaches this resistance. Such selling could, in turn, slow the price ascent or even trigger a new downturn.

Conversely, if bitcoin successfully breaks through the resistance zone, the fear of missing out could prompt more traders to make bullish bets, further fueling bullish momentum and pushing the price higher.

Mantra, the real-world asset tokenization platform whose OM token crashed earlier this month, is pushing to burn as much as 16.5% of its total supply valued about $160 million to boost staking rewards after talks with key partners.

The proposal to burn as many as 300 million of its 1.8 billion tokens will drop the bonded ratio from 31.47% to 25.30%. It includes a confirmed tranche of 150 million OM, or about $80 million, belonging to founder John Patrick Mullin and an additional set of tokens owned by “ecosystem partners.” Specifics were not shared in a Monday update.

Mullin’s tokens are part of his team allocation that were staked when the network first started in October 2024. The burn process, which requires unstaking, will wrap up by April 29, when the tokens hit the network’s burn address.

“The process of unstaking 150 million tokens from the Team and Core Contributor bucket has now begun,” the team said.

The move follows the OM’s brutal 90% price crash on April 13, which erased over $5 billion in market value in just hours. The Mantra team pinned the collapse on “reckless liquidations” by exchanges at the time amid speculation some investors were liquidating their positions.

Mantra lets users tokenize real-world assets (RWAs) like real estate and commodities, enabling compliant digital investments in tangible assets. Its OM token facilitates transactions and governance.

In January, Mantra partnered with DAMAC Group, a UAE-based conglomerate, to tokenize $1 billion in assets, including real estate, hospitality and data centers, boosting the OM token’s value.

OM was among the biggest market gainers in 2024, rising more than 400% on relatively low public conversation on crypto-related social media. The strength of the move intrigued traders and investors alike.

The OM price is down 3.3% over the past 24 hours despite the burn announcement, indicative of a steep hit in investor confidence.

WazirX, the crypto exchange hit hard by a $234.9 million hack last year, says it’s gearing up to restart operations and begin creditor payments after a key Singapore court hearing on May 13.

The exchange’s Singapore-based parent company, Zettai, has wrapped up all prep work for the hearing, where the court will decide on approving WazirX’s restructuring and user compensation plan.

“While we’ve worked to stay aligned with the previously shared timelines, court proceedings operate independently, and we respect that process. After the Scheme is sanctioned, the First Distribution and restart will follow within 10 business days from the Effective Scheme Date, as outlined earlier,” WazirX said in an X post.

A North Korean attack on WazirX last year wiped out nearly 45% of user assets from a Safe Multisig wallet, forcing the platform to halt withdrawals and file a restructuring plan to partly return assets.

Earlier this month, 93.1% of creditors — holding 94.6% of the $196 million in approved claims — backed the restructuring plan in a vote. The plan involves issuing tradable Recovery Tokens with periodic buybacks and launching a decentralized exchange.

WazirX’s WRX tokens are little-changed in the past 24 hours.