Mantra’s OM Token Migration Nears Finish Line: Only 7% of Supply Remains on Legacy ERC-20 Chain

Mantra slashes its Ethereum tether, pushing the vast majority of its OM token onto its native chain. The migration drive leaves just a sliver—7% of the total supply—stranded on the old network as the protocol phases out its ERC-20 version for good.

The Great Token Shift

This isn't a gentle upgrade; it's a strategic cutover. The team is actively sunsetting the Ethereum-based contract, rendering the old tokens obsolete. Holders who haven't made the jump are now racing against a silent clock. That unmigrated 7% represents dormant value—capital stuck in a deprecated system while the new ecosystem builds without it.

Why Ditch Ethereum?

Control, cost, and speed. Running on its own chain lets Mantra bypass Ethereum's notorious gas fees and network congestion. It's a move toward sovereignty, allowing for tailored governance and faster transaction finality—critical for a protocol focused on real-world asset tokenization. Call it the DeFi playbook: build where you rule.

The 7% Question

What happens to the holdouts? Protocols typically deploy a final grace period, followed by a hard stop. That leftover supply becomes functionally illiquid, a digital ghost in the machine. It's a stark reminder that in crypto, inertia has a price—usually paid in stranded assets and missed opportunities. (Consider it a voluntary tax on inattention, Wall Street would be proud.)

Migration isn't just a technical step; it's a loyalty test. A 93% adoption rate signals strong community alignment. That remaining 7%, however, is the friction in the system—the cost of doing business with a decentralized, global user base. As Mantra moves forward, it leaves a piece of its past on Ethereum, trading broad compatibility for focused power. The bridge is closing. The question is no longer if you'll cross, but what you leave behind.

OM still trades near three-month lows

OM used to be a top performer among RWA platforms. However, in April 2025, the token crashed by over 95%. The team ascribed the crash to the activities of market makers with one-sided liquidity. 

Since then, OM has not been able to stem its slide, despite proposing buybacks and token burns. OM open interest is down to all-time lows at around $19M, with no signs of recovery. The token also does not have an accumulation of short positions or hope for a short squeeze and a short-term rally.

As the swap period ends, OM traded at $0.07, still down over 37% in the past three months. OM and Mantra have not regained their position, despite the promises for RWA tokenization. The asset is still in the top 100 coins and tokens, but has significantly underperformed the market. 

Mantra restructures the organization, lays off parts of the team

The CEO of Mantra JP Mullin announced the organization will go through restructuring, cutting all possible redundant roles. The launch of its chain and any attempts at recovery failed to produce sufficient business for the platform. 

Mullin cited the April 2025 crash and the worsening market conditions as the main rationale behind the restructuring. 

Today, I’m sharing one of the most difficult decisions we’ve had to make at MANTRA.

After the most challenging year MANTRA has faced for a multitude of reasons, I’ve decided to restructure the company. This includes reducing our team size and parting ways with a number of…

— JP Mullin (🕉, 🏘️) (@jp_mullin888) January 14, 2026

The Mantra team also shed some of its top influencers and contributors. Mullin announced the company had already streamlined its operations, but WOULD need further cuts. Mantra will continue with its core team, but reduce functions in business development, marketing, HR, and other support roles. 

The Mantra chain attracted under $1M in liquidity through its attempts to build a DeFi space. For now, the chain lags far behind other networks, which at least manage to produce predictable fees. 

Mantra has also been displaced by other leaders with market-ready products in tokenization, including Ondo Finance and Solana-based tokenization project XStocks. Despite this, Mullin still hopes to make the project relevant in the next wave of crypto adoption.

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