The MANTRA team remains fully functioning and committed to taking all measures to address this period of market turmoil.  The most important fact in this analysis is that there were no sales by the MANTRA team during this period of market distress.

On 13 April at approximately 18:28 UTC, the OM token experienced significant and unexpected downward price action, resulting in a 92% decline over a period of approximately one hour. This unusual market activity has raised questions within our community, and we acknowledge the concerns expressed by our token holders during this period of market volatility.

Since then, the MANTRA team has been conducting a thorough investigation into this event. This analysis aims to:

1. State the key factors contributing to the rapid price movement; and

2. Present verifiable data confirming the current OM token circulating supply.

Our objective is to deliver a fact-based assessment that addresses community questions and outlines measures to strengthen market resilience. While our investigation remains ongoing, we are committed to sharing verified information in a timely and transparent manner.

We appreciate the community's patience as we compile a comprehensive understanding of this market event.

OM Circulating Supply Facts

The most important fact in this analysis is that there were no sales at all by the MANTRA team during this period of market distress.  100% of MANTRA’s Mainnet OM team and advisory allocation remain locked.   As explained below, ERC-20 tokens are in public circulation and reside outside of the team's control. Please find the details below:

1. Legacy ERC-20 OM Tokens (Fully Circulating)

The original OM token (ERC-20) was launched in August 2020 with a fixed total supply of 888.88 million OM. As of 15 April, 2025, 99.995% of these tokens are in public circulation, held by more than 123,000 wallets, meaning they are fully liquid and tradable on the open market. Key allocations from the original OM ERC-20 tokens — including public/private sales, team/advisors, grants, reserves, referrals, and staking rewards—have all been fully distributed.  This means market activity for these tokens is driven by holders and external trading dynamics.  Further details on the ERC-20 OM buckets and balances can be found in Appendix A.

2. MANTRA Chain Mainnet OM Tokens (Limited Circulation)

In October 2024, the launch of MANTRA Chain introduced an additional 888.88 million OM coins minted natively on the new blockchain, alongside an onchain inflation mechanism. Currently, 77.5 million OM of these MANTRA Chain coins are in circulation. There are currently over 200,000 mainnet OM wallets.

Further details on the Mainnet OM buckets and balances can be found in Appendix B.

3. Combined Supply Snapshot

The total OM supply stands at 1.81 billion tokens, split evenly between legacy ERC-20 and new Mainnet OM. Of this:

• 53% (969.61 million OM) is currently circulating.

• Nearly all circulating supply (92%) comes from the fully liquid ERC-20 tokens, with just 8% originating from Mainnet OM.

4. Why This is Relevant

The incident almost exclusively involved ERC-20 OM, as ERC-20 OM represents virtually the entire liquid market.

Market Conditions During The Events on 13 April

MANTRA is now aware that significant amounts of OM tokens were moved onto exchanges for use as collateral. Based on MANTRA’s review of independent observations (here and here) of the incident, it is evident that there were forced OM position closures during a period characterized by reduced market activity (around 02:00 am Monday HKT). These liquidations created excessive selling pressure on the OM token market.

The timing of these forced liquidations—occurring during historically low trading volume hours—initiated a sequential market reaction:

1. Initial forced liquidation sales exerted downward price pressure.

2. The resulting price decline triggered automated liquidation events across exchanges for leveraged positions using OM as collateral.

3. These subsequent liquidations and collateral seizures generated additional downward selling pressure.

4. As illustrated in the chart below, a divergence on OM spot price between OKX and Binance was noted in hours commencing around 18:00 UTC. 

A self-reinforcing market cycle developed, significantly and negatively impacting token price. 

Source:  https://x.com/daeeee3e/status/1911969370072629495

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Conclusions

• There were no sales by the MANTRA team during this period of market distress. 

• Data suggests a number of significant OM traders were liquidated by centralized exchanges. 

• We are confident that further information from our exchange partners will provide more clarity on these events.

Planned Actions

• MANTRA will release details of its OM Token support plan that will feature both an OM Token buyback and supply burn program.

• John Patrick Mullin, MANTRA CEO, has committed publicly to burn his team allocation. 

• We invite our centralized exchanges partners to collaborate on providing more clarity on trading activities during this time. 

• We will release a Dashboard with live balances of tokenomics buckets for additional market transparency. 

Appendix A - ERC-20 OM

Source: https://mantrachain.medium.com/om-token-v2-circulating-supply-emission-schedule-update-december-18th-2020-5da5bb7d7f0d

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Appendix B - Mainnet OM

For further information, read our recent transparency report.