#近期热币 Reviewing the journey of MANTRA (OM), its transformation from Decentralized Finance to RWA showcases the adaptability of crypto projects, but also exposes the risks of the Token economic model. The supply increase in 2024, although necessary for technological upgrades, exacerbated market concerns about inflation; the collapse in 2025 highlighted the vulnerabilities of high control of the market trend. Investors should learn from this: conduct thorough research on project backgrounds, follow the Token release mechanisms, and be wary of opaque OTC transactions. In the future, the RWA field still holds potential, but stronger regulation and transparency are required to rebuild trust. The rise and fall of MANTRA is a microcosm of the complexities of the crypto market. From the steady progress of early DeFi to the glamorous transformation of RWAfi, and then to the Crisis of Confidence after the collapse, it reminds us that balancing technological innovation with market mechanisms is crucial. Only through open and transparent governance and rigorous due diligence can investors find a foothold in this high-risk, high-reward space.