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<h3>Fireline Report</h3>
<p>The MANTRA chain is about to migrate to mainnet. The OM token will be renamed MANTRA and split 1:4, with the total supply adjusted to 10 billion. The total value of holders' assets will remain unchanged. A governance proposal has been opened for community discussion, and the token conversion must be completed before the mainnet migration.</p>
<h3>Trading Guide</h3>
<p>OM short-term is suitable for range T, refer to the high and low points of the range to quickly enter and exit, try a small position, and gradually increase the position if it falls back without breaking the lower edge. Stop loss when it fails, and avoid holding overnight positions. It is suitable for aggressive style. Since there is no trend catalyst, focus on intraday fluctuations<span class="source"><a href="fx://followin.io/Feed?id=21011009"><img src="https://static.fwimg.io/img/user/1aa5d79b75fc10b34cc5e07528696278.jpg" width="20" height="20" /></a><a href="fx://followin.io/Feed?id=21009564"><img src="https://static.fwimg.io/img/user/1aa5d79b75fc10b34cc5e07528696278.jpg" width="20" height="20" /></a><a href="fx://followin.io/Feed?id=21008312"><img src="https://static.fwimg.io/img/user/1aa5d79b75fc10b34cc5e07528696278.jpg" width="20" height="20" /></a></span>.。</p>
<p style="margin-top: 20px; text-align: left; opacity: 0.4; padding: 0 42px"><small>Updated at 10-24 15:53</small><br><small>AI-generated summary, not investment advice</small></p></div>

<h1>Analysis of the Current Status of MANTRA Token Migration and the OM Spin-off Proposal</h1><h2> Key Points</h2><p> <strong>Mainnet Migration Status</strong> : The MANTRA Chain mainnet was successfully launched in October 2024, and there is currently no imminent mainnet migration. The current &quot;migration&quot; refers to the migration of ERC-20 OM tokens to protogenesis tokens, which will end on January 15, 2026. <strong>OM Split Proposal</strong> : A governance proposal released on October 23, 2025, proposed renaming $OM to $MANTRA and implementing a 1:4 split, increasing the maximum supply from 2.5 billion to 10 billion without diluting holder value. <strong>Community Reaction</strong> : Optimism about the brand unification and the development of the RWA ecosystem was expressed, but there was disagreement regarding the operational intent of the token restructuring.</p><h2> Mainnet and Token Migration Status</h2><h3> MANTRA Chain operating status</h3><p> MANTRA Chain is a layer-one blockchain based on the Cosmos SDK, focused on the tokenization of real-world assets (RWAs). The mainnet has been fully operational since October 2024. The <a href="https://www.mantrachain.io/">mantrachain</a> network supports the MultiVM execution environment (EVM + CosmWasm) and became the first RWA-specific blockchain to natively support the Ethereum Virtual Machine on September 17, 2025.</p><p> <strong>Key operating indicators</strong> :</p><ul><li> <strong>Validator network</strong> : more than 100 validators, including institutional nodes such as Binance and Nansen</li><li> <strong>Block production</strong> : approximately 6 seconds block time, over 1 million blocks produced since genesis</li><li> <strong>RWA Deployment</strong> : EleveX luxury real estate tokenization project launched on mainnet on October 21, 2025</li><li> <strong>Layer 2 Expansion</strong> : Inveniam Chain (focused on private real estate data management) testnet has been launched</li></ul><h3> ERC-20 Token Migration Process</h3><p> The current process is to migrate OM tokens from ERC-20 to the native MANTRA Chain, rather than <a href="https://www.mantrachain.io/">the</a> traditional mainnet migration.</p><table><thead><tr><th> Migration indicators</th><th> data</th></tr></thead><tbody><tr><td> <strong>Migration Deadline</strong></td><td> January 15, 2026</td></tr><tr><td> <strong>Migrated quantity</strong></td><td> Approximately 585 million OM (66% of total supply)</td></tr><tr><td> <strong>Migration method</strong></td><td> Destroy ERC-20 tokens and mint an equal amount of tokens in the protogenesis link</td></tr><tr><td> <strong>Incentives</strong></td><td> The APR for protogenesis link staking is approximately 17.06%, and ERC-20 staking will be discontinued in June 2025.</td></tr></tbody></table><h2> OM Token Split Proposal Details</h2><h3> Core content of the proposal</h3><p> On October 23, 2025, MANTRA released a token reconstruction draft on the official governance forum, which was the first formal discussion of token splitting.</p><p> <strong>Spin-off plan</strong> :</p><ul><li> <strong>Token Rename</strong> : $OM → $MANTRA</li><li> <strong>Split ratio</strong> : 1:4 (holding 1 OM will get 4 MANTRA)</li><li> <strong>Supply Adjustment</strong> : Maximum supply increased from 2.5 billion to 10 billion</li><li> <strong>Value preservation</strong> : zero dilution, market capitalization and FDV remain unchanged</li></ul><h3> Implementation Mechanism and Timetable</h3><table><thead><tr><th> stage</th><th> time</th><th> Specific content</th></tr></thead><tbody><tr><td> <strong>Community Discussion</strong></td><td> October 23-30, 2025</td><td> Governance forum to gather feedback</td></tr><tr><td> <strong>On-chain voting</strong></td><td> Early November 2025</td><td> Stake-weight-based governance voting</td></tr><tr><td> <strong>Technical Implementation</strong></td><td> After January 2026</td><td> Chain upgrade automatically converts balance</td></tr></tbody></table><p> <strong>Technical details</strong> :</p><ul><li> Most wallets (Keplr, Leap) will automatically convert balances</li><li> Tokens locked in smart contracts may require manual manipulation</li><li> Exchange futures positions require special handling by each platform</li></ul><h2> Community reaction and market sentiment</h2><h3> Supporting Views</h3><p> The positive responses mainly revolved around brand unification and ecosystem development:</p><ul><li> <strong>Brand coordination</strong> : unify token symbols and MANTRA ecosystem (MANTRA Chain, MANTRA Finance, etc.) <a href="https://x.com/MANTRA_Chain/status/1980612559427498043">x.com</a></li><li> <strong>Token economics alignment</strong> : consistent with the 10 billion supply standard of mainstream projects such as SUI, ONDO, and ARB</li><li> <strong>Market accessibility</strong> : Lower unit prices after the spin-off may improve liquidity for retail investors</li></ul><h3> Questioning voices</h3><p> Criticisms have focused primarily on operational transparency and historical performance:</p><ul><li> <strong>Historical trust issues</strong> : OM plummeted 90% in April 2025, and some community members are cautious about the team&#39;s decision-making <a href="https://x.com/MANTRA_Chain/status/1980915297583337870">.</a></li><li> <strong>“Memory Wipe” Accusations</strong> : Some believe new token symbols and chart resets are intended to obscure past price fluctuations</li><li> <strong>Implementation complexity</strong> : Technical concerns about locking tokens and exchange compatibility</li></ul><h3> Overall sentiment analysis</h3><p> Social media analysis indicates cautious optimism in the community. Long-term &quot;Sherpas&quot; (MANTRA holders) support the expansion of the RWA ecosystem, but remain wary of token restructuring due to historical price fluctuations in 2025. Governance forum discussions are moderately active, with 426 page views on the first day.</p><h2> On-chain data and token economics</h2><h3> Current Token Distribution</h3><p> According to official data, as of October 23, 2025:</p><table><thead><tr><th> Allocation Category</th><th> Quantity (million OM)</th><th> Proportion</th><th> Unlocked status</th></tr></thead><tbody><tr><td> <strong>Legacy Token Pool</strong></td><td> 888.9</td><td> 41.6%</td><td> 585MB has been migrated to protogenesis links</td></tr><tr><td> <strong>Upgrade Incentives</strong></td><td> 311.1</td><td> 14.6%</td><td> Linear release until October 2028</td></tr><tr><td> <strong>Core Contributors</strong></td><td> 300.0</td><td> 14.1%</td><td> Released from April 2027</td></tr><tr><td> <strong>Inflation Rewards</strong></td><td> 214.3</td><td> 10.0%</td><td> Daily release for staking</td></tr><tr><td> <strong>Presale Rounds</strong></td><td> 190.0</td><td> 8.9%</td><td> Partially unlocked</td></tr></tbody></table><h3> Staking and Network Security</h3><p> <strong>Staking Indicators</strong> :</p><ul><li> <strong>Staking rate</strong> : 31.4% (approximately 350-400 million OM)</li><li> <strong>Annualized rate of return</strong> : 17.06% (7-day average)</li><li> <strong>TVL</strong> : Approximately $42 million (based on a price of $0.12)</li><li> <strong>Major validators</strong> : Nansen (16.54% APR), Kiln (15.35%), Cosmostation (16.86%)</li></ul><p> <strong>Buyback Plan</strong> : MANTRA announced a $45 million buyback plan to repurchase approximately 110 million OM (approximately 10% of the circulating supply) and stake it on the protogenesis chain to enhance network security.</p><h2> in conclusion</h2><p> MANTRA&#39;s &quot;mainnet migration&quot; refers to the ERC-20 to protogenesis token migration, which is 66% complete. The mainnet itself has been operating stably since October 2024. The OM token split proposal represents a strategic shift in the project&#39;s brand alignment and token economics standardization, in preparation for global RWA expansion.</p><p> The community&#39;s reaction to the proposal is divided, with supporters emphasizing brand alignment and the potential of the RWA ecosystem, while skeptics focus on historical performance and operational transparency. With the week-long discussion period underway and the upcoming on-chain governance vote, the proposal&#39;s ultimate implementation will depend on the degree of community consensus.</p><p> The current OM price is $0.121759, down 98.65% from its all-time high of $9.002 in February 2025, with a market capitalization of $133 million. The project has shifted its focus to RWA infrastructure development, including Layer 2 collaboration with Inveniam and real-asset tokenization deployments like EleveX, demonstrating a shift from speculation to practical application.</p>
