Mantra's total-value-locked (TVL) surged 500%, reaching a yearly high of 4.21 million OM ($3.24 million), despite a staggering 90% drop in OM's price. The spike in TVL coincided with aggressive buying, where traders purchased around 35 million OM tokens during the price collapse on April 13. Analysts caution that this could indicate a bull trap, as 97% of the TVL increase was attributed to Mantra Swap, the protocol's native DEX, highlighting a concentration of capital in one source. Additionally, the fully diluted valuation (FDV) of Mantra was reported at $1.88 billion, significantly outweighing the TVL, suggesting potential overvaluation and low capital efficiency. Traders entering at what they perceived as a bottom may face risks of further corrections as the market adjusts.

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