TL;DR
- Locked Supply: Around 7% of OM remains stuck as ERC-20 tokens after Mantra closed its migration window, leaving a portion of the supply unmigrated and potentially permanently locked.
- Market Decline: OM continues to struggle after its April 2025 crash of over 95%, with open interest at $19M and no signs of recovery despite buyback and burn proposals.
- Restructuring Moves: CEO JP Mullin announced significant staff cuts as the chain attracted under $1M in liquidity and fell behind tokenization competitors, though he still hopes for a future revival.
The Mantra project has officially closed its token migration window, marking the end of a months-long effort to shift OM from Ethereum to its native chain. As the deadline passed, around 7% of the total OM supply remained unmigrated, leaving a notable portion of tokens locked as ERC-20 assets on the old network. The stalled migration highlights the project’s ongoing struggle to regain momentum after a prolonged downturn.
MANTRA enters a new era.
Today is officially the last day to migrate your ERC20 OM to MANTRA mainnet.
— MANTRA | Tokenizing RWAs (@MANTRA_Chain) January 15, 2026
Unmigrated Tokens Leave Supply Fragmented
Mantra confirmed that the remaining ERC-20 OM will stay locked on Ethereum, as holders failed to complete the swap before the final cutoff. The team noted that the migration may have effectively reduced OM’s circulating supply, with the unmigrated 7% potentially stuck indefinitely. Kraken played a key role in facilitating the swap and became one of the earliest holders of OM on the new main net. Despite the transition, OM continues to be viewed as a risky asset due to the native chain’s difficulty attracting users and applications.
OM’s Decline Accelerates After 2025 Crash
OM was once a standout performer in the RWA sector, but its trajectory shifted sharply in April 2025 when the token crashed by more than 95%. The team attributed the collapse to market makers providing one-sided liquidity. Since then, OM has failed to recover, even after proposals for buybacks and token burns. Open interest has fallen to an all-time low near $19M, and the market shows no signs of a short squeeze or speculative rally.
Price Weakness Persists Despite Migration Efforts
As the migration period ended, OM traded at $0.07, down over 37% in the past three months. The token remains in the top 100 assets but has significantly underperformed the broader market. Promises of RWA tokenization have not translated into renewed demand, and the launch of Mantra’s chain has not generated the expected business activity.
Restructuring Signals Deeper Challenges Ahead
CEO JP Mullin announced a restructuring plan aimed at cutting redundant roles after the platform failed to gain traction. The team has already reduced its roster of influencers and contributors and will continue downsizing across business development, marketing, HR, and support functions. The Mantra chain has attracted under $1M in liquidity and trails far behind competitors like Ondo Finance and Solana-based XStocks. Even so, Mullin maintains hope that Mantra can reemerge during the next wave of crypto adoption.
