Analysis of the Current Status of MANTRA Token Migration and the OM Spin-off Proposal
Key Points
Mainnet Migration Status : The MANTRA Chain mainnet was successfully launched in October 2024, and there is currently no imminent mainnet migration. The current "migration" refers to the migration of ERC-20 OM tokens to protogenesis tokens, which will end on January 15, 2026. OM Split Proposal : 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. Community Reaction : 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.
Mainnet and Token Migration Status
MANTRA Chain operating status
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 mantrachain 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.
Key operating indicators :
- Validator network : more than 100 validators, including institutional nodes such as Binance and Nansen
- Block production : approximately 6 seconds block time, over 1 million blocks produced since genesis
- RWA Deployment : EleveX luxury real estate tokenization project launched on mainnet on October 21, 2025
- Layer 2 Expansion : Inveniam Chain (focused on private real estate data management) testnet has been launched
ERC-20 Token Migration Process
The current process is to migrate OM tokens from ERC-20 to the native MANTRA Chain, rather than the traditional mainnet migration.
| Migration indicators | data |
|---|---|
| Migration Deadline | January 15, 2026 |
| Migrated quantity | Approximately 585 million OM (66% of total supply) |
| Migration method | Destroy ERC-20 tokens and mint an equal amount of tokens in the protogenesis link |
| Incentives | The APR for protogenesis link staking is approximately 17.06%, and ERC-20 staking will be discontinued in June 2025. |
OM Token Split Proposal Details
Core content of the proposal
On October 23, 2025, MANTRA released a token reconstruction draft on the official governance forum, which was the first formal discussion of token splitting.
Spin-off plan :
- Token Rename : $OM → $MANTRA
- Split ratio : 1:4 (holding 1 OM will get 4 MANTRA)
- Supply Adjustment : Maximum supply increased from 2.5 billion to 10 billion
- Value preservation : zero dilution, market capitalization and FDV remain unchanged
Implementation Mechanism and Timetable
| stage | time | Specific content |
|---|---|---|
| Community Discussion | October 23-30, 2025 | Governance forum to gather feedback |
| On-chain voting | Early November 2025 | Stake-weight-based governance voting |
| Technical Implementation | After January 2026 | Chain upgrade automatically converts balance |
Technical details :
- Most wallets (Keplr, Leap) will automatically convert balances
- Tokens locked in smart contracts may require manual manipulation
- Exchange futures positions require special handling by each platform
Community reaction and market sentiment
Supporting Views
The positive responses mainly revolved around brand unification and ecosystem development:
- Brand coordination : unify token symbols and MANTRA ecosystem (MANTRA Chain, MANTRA Finance, etc.) x.com
- Token economics alignment : consistent with the 10 billion supply standard of mainstream projects such as SUI, ONDO, and ARB
- Market accessibility : Lower unit prices after the spin-off may improve liquidity for retail investors
Questioning voices
Criticisms have focused primarily on operational transparency and historical performance:
- Historical trust issues : OM plummeted 90% in April 2025, and some community members are cautious about the team's decision-making .
- “Memory Wipe” Accusations : Some believe new token symbols and chart resets are intended to obscure past price fluctuations
- Implementation complexity : Technical concerns about locking tokens and exchange compatibility
Overall sentiment analysis
Social media analysis indicates cautious optimism in the community. Long-term "Sherpas" (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.
On-chain data and token economics
Current Token Distribution
According to official data, as of October 23, 2025:
| Allocation Category | Quantity (million OM) | Proportion | Unlocked status |
|---|---|---|---|
| Legacy Token Pool | 888.9 | 41.6% | 585MB has been migrated to protogenesis links |
| Upgrade Incentives | 311.1 | 14.6% | Linear release until October 2028 |
| Core Contributors | 300.0 | 14.1% | Released from April 2027 |
| Inflation Rewards | 214.3 | 10.0% | Daily release for staking |
| Presale Rounds | 190.0 | 8.9% | Partially unlocked |
Staking and Network Security
Staking Indicators :
- Staking rate : 31.4% (approximately 350-400 million OM)
- Annualized rate of return : 17.06% (7-day average)
- TVL : Approximately $42 million (based on a price of $0.12)
- Major validators : Nansen (16.54% APR), Kiln (15.35%), Cosmostation (16.86%)
Buyback Plan : 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.
in conclusion
MANTRA's "mainnet migration" 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's brand alignment and token economics standardization, in preparation for global RWA expansion.
The community'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's ultimate implementation will depend on the degree of community consensus.
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.