📊 Mantra Sinks 93% in Just Minutes

gm Defiers!

Mantra’s OM token took a 93% dive over the weekend with no clear explanation, even as the broader tokenized real-world assets (RWA) market surged past $20 billion in value.

In other news, Babylon launched its Layer 1 mainnet causing the BABY token to surge.

Meanwhile, state lawmakers across the U.S. are pushing forward new crypto-friendly legislation.

✍️ In today’s newsletter:

Mantra’s OM token plunges 93% in minutes
Tokenized RWAs pass $20B milestone
Crypto markets surge following positive macro data
BABY token surges 25%
Three states propose new pro-crypto legislation
Vitalik Buterin unveils plan for improving privacy on Ethereum
Abstract DEX trading volumes surge

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📊Mantra Plummets 93%, Loses $5 Billion of Market Cap in 20 Minutes

Mantra’s OM token plummeted over 90% in minutes on Sunday afternoon without warning, dropping from $5.50 to $0.35 before partially recovering to $0.69. The cause remains unclear.

📈Tokenized Real-World Assets Cross $20 Billion in Onchain Value

The tokenized real-world assets (RWA) market has surpassed $20 billion in on-chain value, driven by a 12% monthly increase and rising investor interest. BlackRock’s BUIDL tokenized Treasury fund led the surge with a 190% jump in market cap.

📣Bitcoin and Ether Gain as Broader Market Fizzles, OM Craters

The cryptocurrency market recorded slight gains Monday following President Trump’s exemption of smartphones and computers from reciprocal tariffs.

Cooling inflation, as reflected in PPI and CPI data, also drove the gains with Bitcoin increasing 0.2% to $84,200.

⬆️BABY Surges 25% After Top Bitcoin DeFi Protocol Babylon Launches L1

Babylon, a Bitcoin staking protocol, launched its Layer 1 mainnet, Genesis, on April 10 and announced an integration with interoperability platform Axelar. Its native token, BABY, surged over 25% shortly after the launch.

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Stablecoins are exploding, projected to hit $230 billion in 2025, bridging traditional finance and blockchain. Leaders like Tether and Circle, alongside innovations like Ethena’s yield-generating USDe, are driving adoption. They’re slashing cross-border payment times and costs, and powering DeFi’s growth. But are they a valuable inroad for institutions or a Trojan horse? As on-chain finance continues to grow and innovate, banks and other established financial institutions face a choice: adapt or risk obsolescence. Will stablecoins empower traditional finance to capitalize on the new value being generated by Web3, or serve as the seed for decentralization? Platforms like Stellar that enable compliant issuance may offer a middle path.

📢 US States Push Forward on Pro-Crypto Legislation

Legislators in North Carolina, New York, and Arizona are pushing forward new crypto-friendly legislation, signaling growing government interest in digital assets. Proposals include using crypto for tax payments, paying state fees, and protecting home crypto mining and AI operations.

🗣️Vitalik Buterin Unveils Roadmap for Improving Privacy on Ethereum

Ethereum co-founder Vitalik Buterin has proposed a nine-step “maximally simple” roadmap to enhance user privacy on the blockchain with minimal changes to Ethereum’s consensus.

His plan begins by integrating tools like Privacy Pools and Railway’s Private DeFi Wallet into existing wallets.

🆙Abstract DEX Trading Volumes Hit Highest Level Since Launch

Ethereum Layer 2 network Abstract recorded a spike in DEX volume on April 10, hitting $21 million—its highest since launch—thanks to the onchain DeFi game Bigcoin.