MANTRA Chain Migrates OM Token to Native Platform
- OM token migration to MANTRA Chain L1 completed, impacting its protocol use.
- Migration shifts OM’s role to staking and gas token.
- Large-scale token burn conducted after a severe price collapse.
MANTRA Chain will cancel its ERC20 OM tokens, migrating entirely to its own L1, establishing OM as the primary staking asset, confirmed by leadership and community vote by February 2024.
This move solidifies MANTRA Chain’s native blockchain position, impacting OM token liquidity and staking dynamics while aligning ecosystem development with regulatory compliance in the UAE and Hong Kong.
MANTRA Chain has officially moved to cancel the ERC20 version of the OM token, migrating it to its native blockchain, MANTRA Chain. This decision was confirmed through governance votes, technical documentation, and official sources.
Key figures involved include John Patrick Mullin, CEO of MANTRA Chain, and the Sherpa Community, the DAO governing body. The migration establishes OM as the native staking and gas asset for MANTRA Chain.
Immediate effects include a revised tokenomics structure, impacting market perceptions and investor strategies. The token supply was increased and a strategic vesting schedule was released to manage the transition effectively.
Financial implications include a significant price drop following a liquidity dump, impacting the wider DeFi landscape. “To stabilize the situation, [I] and ecosystem partners executed a token burn of 300 million OM, representing 16.5% of the total supply. Half of the burned tokens came directly from [my] allocation, a move intended to signal accountability and long-term commitment.” — John Patrick Mullin, CEO, MANTRA Chain.
The ERC20 OM tokens are categorized as legacy assets and are expected to phase out. This recovery stabilizes the tokenomics while enhancing regulatory compliance with strategic regions like UAE and Hong Kong.
Historically, many DeFi protocols have experienced volatility during token migrations. MANTRA’s measures include a token burn, consisting of 300 million OM, to demonstrate commitment to long-term stability and restoring stakeholder confidence. Learn About MANTRA Chain’s OM Crypto and Migration
