Mantra’s OM Soars 45% While Hyperliquid Delisting Vote Looms

OM rockets higher—even as a major exchange considers kicking it to the curb.

The Contradiction Play

It's the crypto market's favorite paradox: bad news that somehow fuels a rally. Mantra's OM token just staged a 45% surge, a move that defies the immediate narrative. The catalyst? A looming community vote on Hyperliquid that could see the asset delisted entirely. Traders aren't just ignoring the risk; they're buying it aggressively.

Vote of No Confidence, Price of Full Belief

The mechanics are simple. Hyperliquid's governance put a delisting proposal on the table, typically a death knell for liquidity and sentiment. Yet OM's chart tells the opposite story—a vertical climb suggesting either monumental indifference to the vote or a calculated bet that it will fail. It highlights the sector's unique appetite for high-stakes drama, where existential threats become speculative fuel.

The Resilience Narrative

This isn't just a pump. It's a statement. The surge signals that a segment of the market views OM's fundamental value as decoupled from a single exchange's listing status. Whether that's wisdom or folly depends on the vote's outcome, but for now, the price action screams resilience—or perhaps just the timeless finance classic of 'buying the rumor, selling the news,' in reverse.

Broader Implications & That Cynical Jab

Watch this space. A successful vote to delist could trigger a violent reversal, proving today's buyers were simply catching a falling knife with extra steps. Conversely, a failed vote may cement this rally as a masterclass in contrarian positioning. It's a stark reminder that in crypto, the most reliable indicator is often capital flow itself, logic be damned—after all, what's a little delisting risk between friends when there are gains to be printed?

The token suffered a massive drop in April 2025 in a matter of minutes, eventually causing top exchanges like KuCoin to delist token pairs. However, the sudden increase suggests that investors are not moved by the turbulence and back the protocol’s position and regulatory compliance.

When will Hyperliquid vote to delist Mantra’s OM token?

Hyperliquid validators are scheduled to vote on the delisting of the OM token on February 23, 2026. The voting will make use of the platform’s new on-chain voting system, added earlier this year, allowing permissionless stake-based delisting decisions that kick in immediately when a quorum is reached. 

With the new voting system, once enough validators decide to remove an asset, the asset’s trading contracts are closed using the last average market price before it is removed. 

Once the token is removed, all active trades are automatically settled, and all open orders on the token are canceled. After the decision is finalized, traders will be given an hour to close their positions themselves or leave them to be closed automatically. 

The vote takes place just as MANTRA is undergoing major changes in its ecosystem, which has caused other major exchanges like KuCoin to delist the OM token effective on February 20. 

Additionally, Digitalexchange.id also made similar moves in December 2025, informing users to close their positions by January 15. 

Why is Mantra rebranding? 

Mantra’s rebrand was inspired by its switch from a multi-chain DeFi platform to an independent LAYER 1 blockchain dedicated to real-world asset tokenization. The project is switching from its Ethereum-based ERC-20 OM tokens to its native MANTRA token, introducing a 1:4 token split to ensure no one loses asset value on the transition. 

The MOVE (initially set for January 19) was pushed back to March 2 for exchanges to complete their system integrations and allow the project to complete security checks on its smart contracts. 

This allows users who hold OM as an ERC-20 token to convert it using the Mantra bridge portal. On the other hand, users who already hold the OM token on the Mantra don’t need to bother, as the token will be automatically converted. 

OM rising despite delisting risks 

The price movement may be regarded as investors’ belief in Mantra’s future plans and regulatory compliance since securing its VASP license from Dubai’s VARA. Investors on that side of the aisle believe that Mantra’s key value outweighs the short-term risks from being removed from a couple of exchanges. 

For Hyperliquid, the validator vote is a test of how well decentralized governance actually works. The vote allows users who have a stake in the outcome to choose what works best for the system. 

Whatever is decided shows how well community-led platforms deal with controversial assets.

Whichever way the result goes, Mantra’s strong surge while facing possible delisting suggests that certain investors have more faith in its long-term strategy than in the short-term exchange benefits.

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