OM Migration Clash with OKX Intensifies as Mantra CEO Sounds Alarm
Mantra's token migration hits a wall—and OKX is on the other side. The CEO's public warning signals a high-stakes infrastructure battle that could leave users stranded.
The Core Conflict: Network vs. Exchange
This isn't just a technical hiccup. It's a fundamental clash between a blockchain's governance roadmap and a major exchange's operational timeline. Mantra is pushing its OM holders to migrate to a new chain, a critical upgrade for its ecosystem. But OKX, a gatekeeper for countless retail investors, hasn't flipped the switch to support the new tokens on its platform.
The result? A dangerous limbo. Users who hold OM on OKX can't migrate. Their assets are stuck, potentially missing key governance votes or staking rewards on the new network. The CEO's alarm isn't about FUD—it's about fractured liquidity and broken user promises.
Why This Migration Mess Matters
Token migrations are the plumbing of crypto—invisible until they leak. A smooth transition requires perfect sync between project developers, wallet providers, and crucially, exchanges. When that sync fails, trust evaporates. Users don't care about Byzantine fault tolerance; they care that their money works where it's supposed to.
This standoff exposes the delicate power balance. Projects can build revolutionary tech, but exchanges still control the ramps. It's a stark reminder that in crypto, your roadmap is only as good as your weakest CEX integration—a truth as old as the first Bitcoin fork.
The Ripple Effect: More Than Just OM
Watch this space. How OKX and Mantra resolve this clash will set a precedent. Will exchanges demand more lead time or impose new fees for chain upgrades? Will projects start designing migrations specifically to appease listing teams? The outcome could dictate how the next hundred evolutions play out.
For now, the alarm is sounding. The message is clear: in the race to upgrade, don't leave your users behind at the exchange's door. After all, what's the point of building a decentralized future if a centralized middleman can still press pause? Just another day where the 'finance' in decentralized finance needs a serious reality check.
Governance mismatch and conflicting dates
The central issue is OKX’s assertion that the OM migration will occur between December 22 and December 25, 2025. According to MANTRA, the official governance proposal states that migration can only begin after the ERC-20 OM token has been fully deprecated. The deprecation deadline is January 15, 2026.
On December 5, 2025, OKX published a statement entitled “OKX to support OM crypto migration”. This statement contained multiple factual errors and misrepresentations not present in official MANTRA governance proposals. We are incredibly concerned by this development, which shows…
— JP Mullin (🕉, 🏘️) (@jp_mullin888) December 8, 2025
Proposal 26 also states that the migration date is conditional on the completion of additional technical review and does not assign any December dates to the conversion process.
The project also pointed out that OKX had announced several dates in December that were not discussed with MANTRA, including trading services, deposits, withdrawals, and a December 22 snapshot.
MANTRA claimed that no dates have been finalized regarding migration and emphasized that since April 13, the exchange has not communicated with the project regarding the specifics of migration.
Exchange-imposed suspension schedule
The December 5 announcement by OKX details significant changes to how OM trading will work. With OM, borrowing was to close on December 5, and between December 12 and December 19, the OM/USDT margin trading was to be suspended. OM-linked perpetual futures were to be delisted on December 15. Trading Bots linked to the affected markets would gradually decrease in activity before each suspension.
OM pairs were to be paused in the spot market between December 19 and 22, and OKX said that all deposits, withdrawals and transfers WOULD end at 03:00 UTC on December 22. The user balance record was recorded at the same time, with OKX stating that the migration would continue until December 25.
The exchange explained that no accounts with a balance below 10 OM would be converted and that only users with a KYC Level 2 or higher would be able to convert. During the migration period, OKX reported that information regarding OM valuation would be unavailable.
MANTRA CEO advises users to retain direct custody
Reacting to this, the MANTRA CEO encouraged users to take their OM out of OKX and migrate it through the official project channels as soon as the process becomes accessible. According to MANTRA, this method will ensure that their governance decisions are based on their own timeline, rather than an exchange-issued timeline, which aligns with Proposal 26.
The team added that every other big exchange has been aligning their preparations with MANTRA, and that the only exchange to announce dates without liaising with the project was OKX. MANTRA further indicated that it is determined to work with all OM retail holders during the transition and will continue to collaborate with the exchanges to ensure that the migration process is accurate and consistent.
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