Mantra Ends Token Migration: 7% Supply Locked on Ethereum

- Migration closes with 7% of OM tokens stuck on Ethereum. - Platform faces liquidity struggles, layoffs, and declining value. On January 15, 2026, Cryptopolitan reported that Mantra concluded its OM token migration. The process left 7% of the supply stranded as ERC-20 tokens on Ethereum. This event marks the end of the ERC-20 version, as users transition their holdings to the project's native blockchain. These unmigrated tokens are now permanently locked on Ethereum, creating additional challenges for the platform's already low liquidity. This announcement comes during a difficult period for Mantra. A severe market crash in April 2025 caused the OM token to lose over 90% of its value. Despite interventions like buybacks and burns, the token remains subdued. It currently trades at $0.07, a decline of over 37% in the past three months. This underperformance highlights Mantra's ongoing struggles in the competitive real-world asset (RWA) tokenization market. In response to these hardships, CEO JP Mullin recently unveiled a restructuring plan to streamline operations. The plan includes staff layoffs in business development, marketing, HR, and other support roles. Mullin stated that deteriorating market conditions and the need to adapt to a challenging environment made the restructuring necessary. The end of the migration period further compounds Mantra's difficulties. The 7% of OM tokens stuck on Ethereum adds to liquidity constraints on the native chain, hindering efforts to attract applications and users to the platform. As Mantra faces ongoing market pressures and operational restructuring, its ability to recover is critical. The platform must address its liquidity challenges and establish a stronger foothold in the RWA space.