7% of OM supply remains unmigrated as Mantra phases out ERC-20 version

The Mantra project announced the end of its token migration period. Around 7% of the OM token supply remained locked in the form of ERC-20 tokens. 

The Mantra project is making the last call for migrating its OM tokens from Ethereum to its native chain. The team announced the last day of the migration period, leaving the remaining tokens locked on Ethereum. 

The migration may have decreased the supply of OM, as around 7% of the supply remains unmigrated and may remain stuck on the old chain. The token swap was facilitated by Kraken, which was one of the first holders of OM on the new native main net. 

OM is seen as a risky asset, with slim chances of recovery, as the native chain still struggles to attract apps and users.

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. 

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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